Insurance Quiz

What is insurance primarily used for?

• To increase profits

• To hedge against the risk of a contingent, uncertain loss

• To avoid paying taxes

• To ensure legal compliance

Who is the insurer in an insurance agreement?

• The person buying the insurance policy

• The company selling the insurance

• The government

• The bank

What is the term for the amount charged for insurance coverage?

• Deductible

• Premium

• Interest

• Fee

What is the primary purpose of insurance?

• To increase wealth

• To manage risk

• To avoid taxes

• To provide loans

What does the insured receive that details the conditions and circumstances for financial compensation?

• A receipt

• A warranty

• An insurance policy

• A bill of sale

Who makes a payment to cover costs in case of problems?

• The insurer

• The government

• The insured

• The bank

Which of the following events might equine businesses hold?

• Open days/demonstrations

• Music concerts

• Art exhibitions

• Food festivals

Why might insurance be necessary for equine businesses?

• To cover potential risks during events

• To increase profits

• To attract more customers

• To reduce taxes

What does Public Liability insurance cover?

• Bodily injury to third parties and damage to third party property

• Bodily injury to employees

• Damage to personal property

• Loss of business income

What does Employers Liability insurance cover?

• Bodily injury to third parties

• Bodily injury to employees

• Damage to third party property

• Personal health insurance