Budgeting Review

What type of insurance protects you from financial losses suffered when you are held liable for others’ losses?

• Property Insurance

• Liability Insurance

• Financial Insurance

Risk is not the same as "odds."

• True

• False

What type of risk involves situations where there is the potential for gain as well as loss?

• Plain Risk

• Pure Risk

• Speculative Risk

What is the the fee you paid for insurance protection called?

• Premium

• Policy

• Risk

Which of the following factors can reduce the cost of your insurance?

• Deductibles

• Hazard Reduction

• Coinsurance

• Risk

What type of agents represent several insurance companies?

• Independent Agents

• Exclusive Agents

What do you call an event that can cause a financial loss?

• Potential Loss

• Risk Exposure

• Peril

Select the three liability limits that are typically quoted for customers?

• 300

• 250

• 500

• 150

What does Property Insurance protect you from?

• financial losses resulting from damage to your property

• financial losses suffered when you are held liable for someone else's losses

• the uncertainty of an outcome or situation

What is risk management primarily concerned with?

• Increasing company profits at any cost

• Identifying, assessing, and prioritizing risks

• Hiring the most qualified employees