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WorksheetsChapter 5 Risk management & Insurance
Total questions: 15
Worksheet time: 8mins
Participating in insurance is BEST considered an example of risk __________ .
Mitigation
Transfer
Acceptance
Avoidance
You are in a car accident in which you are at fault. The other person requires medical treatment and car repairs as a result. What type of insurance do you need?
Auto insurance (with liability included)
long term care insurance
health insurance
emergency insurance
The technique of assessing, minimizing, and preventing
accidental loss to a business, as through the use of insurance, safety measures, etc.
accidental loss insurance
business management
risk management
auto insurance
A formal request to an insurance company asking for a payment based on the terms of the insurance policy.
Policy
Claim
Risk
Premium
The total amount and type of insurance carried.
Claim
Deductible
Coverage
Insurer
The person, group, or property for which an insurance policy is issued. The condition of having insurance.
Insured
Insurer
Homeowner
Earthquakes, typhoons, and tsunamis are threats, which is also called ______________
Hazard
Disaster
Capacity
Vulnerabilty
Which types of insurance are most appropriate for a single, working, 24-year-old?
Health insurance
Disability insurance
Life insurance
Auto insurance
A stone hits your windshield. Which type of coverage would likely cover this expense?
Collision
Liability
Comprehensive
None
Insurance can help you:
minimize monthly expenses
protect against unexpected accidents
reduce the chances o fgetting into an accident
cover all out of pocket costs
When you participate in takaful, you are following a risk strategy known as risk sharing
True
False
Co-payment refers to ____________
Coordination of benefits
Portion of the cost of service to be paid by the insured (a set dollar amount)
Term of conditions not covered by the insurance company
Provider bill for service
In a takaful contract, if the participant dies within the protection period, his/her beneficiary is entitled to ________________.
A whole amount of paid contributions.
The paid contributions and share of profits made out of the cumulated paid premiums.
The paid contributions, share of profits made out of the cumulated paid contributions and outstanding tabarru' contribution.
The share of profits made from the cumulated paid contributions.
