ENT200 Chap 3
Quiz
•
Business
•
University
•
Practice Problem
•
Hard
Aina Insyirah
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insurance is an agreement whereby a group of individuals facing similar risk can share the fortuitous of the unlucky few by transferring such risks to the insurer who agrees to compensate the losses.
TRUE
FALSE
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The operation of Common Pool in insurance are below except for:
Premium
Authentic
Loss
Common fund
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one is the common pool mechanism ?
i) insurance uses a common pool concept
ii) an insurance company set itself up to operate the pool
iii) it takes contributions, in the form of insurance premium , from the many insured and pays for the losses of a few
iv) insurance uses a payback concepts
I, II, III
I, II, IV
I, III, IV
All above
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Amount of a loss can be measured before it takes place by using :
Premium
Loss
Authentic
Common pool
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
This are concept of Common pool except for :
Creation of the common pool
Equitables premium
Law of large numbers
Refundable premium
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one are characteristics of insurable risk ?
i. public policy
ii. pure risks
iii. particular risks
iv. financial need
I, III, IV
I, II, III
I, II, IV
II, III, IV
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Insurance is concerned with pure risk because most of pure risks are easily predictable.
Insurance is concerned with pure risk because most of pure risks are easily predictable.
TRUE
FALSE
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