Insurance and Banking Quiz

What is the term for financial protection purchased to compensate for loss?

• Policyholder

• Premium

• Insurance

• Deductible

Who is the owner of an insurance policy?

• Insurer

• Policyholder

• Insured

• Beneficiary

What is the payment made by the insured to the insurer called?

• Claim

• Deductible

• Premium

• Coverage

What does the term 'probability' refer to in insurance?

• The amount paid on a claim

• The likelihood that an event will occur

• The owner of an insurance policy

• Legal responsibility

What is a situation in which some kind of loss is possible called?

• Risk

• Liability

• Coverage

• Deductible

What is a request to cover losses from a specific event known as?

• Policy

• Claim

• Premium

• Deductible

What is protection against a specific kind of loss called?

• Coverage

• Liability

• Policy

• Insurer

What is the amount an insured pays on a claim before the insurer pays the remainder?

• Premium

• Deductible

• Liability

• Coverage

What is a contract written to protect individuals named in the policy against specific future losses?

• Insurer

• Policy

• Claim

• Premium

Who is an individual covered by an insurance policy, usually but not always the buyer?

• Insurer

• Policyholder

• Insured

• Beneficiary