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Basic and General Insurance

Authored by Mubiana Mubiana

Others

12th Grade

Used 3+ times

Basic and General Insurance
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100 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is insurance? _________

Transfer of the possibility of loss (risk) to an insurance company.

A way to increase your income quickly.

A method to avoid paying taxes.

A process to guarantee profits in business.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a risk? _________.

The uncertainty of financial loss.

A guaranteed way to make profit.

A type of insurance policy.

A fixed interest rate.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the two types of loss? _________

Pure and Speculative

Direct and Indirect

Physical and Emotional

Temporary and Permanent

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which risk is insurable? Pure Why? _________

Loss must be financial and uncertain. No financial gain can occur.

Loss must be certain and profitable.

Risk must be speculative and controllable.

Only risks with guaranteed outcomes are insurable.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes a loss? _________.

Peril; such as fire, accident or flood.

Profit from investments.

Increase in property value.

Government regulations.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What causes a peril? ________. What is a hazard? _________.

A hazard. Increases the likelihood of a loss; such as smoking.

A peril. Reduces the risk of loss; such as insurance.

A hazard. Eliminates all risks; such as safety measures.

A peril. Prevents losses from occurring; such as fire alarms.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are the 6 elements that make pure risk insurable?

Loss must be due to chance, Loss must be definite and measurable, Loss must be statistically predictable, Loss cannot be catastrophic, Loss exposure must be large and insurance must not be mandatory.

Loss must be intentional, Loss must be immeasurable, Loss must be unpredictable, Loss can be catastrophic, Loss exposure must be small and insurance must be mandatory.

Loss must be due to certainty, Loss must be indefinite and immeasurable, Loss must be unpredictable, Loss can be catastrophic, Loss exposure must be small and insurance must be optional.

Loss must be due to chance, Loss must be indefinite and immeasurable, Loss must be unpredictable, Loss can be catastrophic, Loss exposure must be small and insurance must be mandatory.

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