WorksheetsITB 33 & 03-04-9 Insurance & Mitigating Risk
Total questions: 47
Worksheet time: 22mins
The possibility of having a loss is ______________.
insurance
liability
protection
risk
Amount a policy holder must pay for insurance coverage?
coverage
premium
deductible
bond
What a person needs to protect against loss; form of risk protection?
insurance
premium
claim
indemnify
Person or company who buys the policy?
policy adjuster
policy holder
insurance agent
adjuster
The risk that one may be sued or held responsible for injury or damage to another is called ______________.
coverage
claim
liability
collision
Person who investigates insurance claims and recommends a settlement?
agent
broker
adjuster
Jake
Amount the insured must pay before the insurance company pays a claim?
$500
premium
$100
deductible
A contract between an insurance company and policy holder that explains the amounts and types of coverage?
policy
term life
insurer
tax form
Request for payment from an insurer for any loss or damages covered by the insurance policy?
policy
deductible
claim
coverage
The company who agrees to supply coverage or protection?
insured
coverage firm
INS
insurer
Participating in insurance is BEST considered an example of risk __________ .
Mitigation
Transfer
Acceptance
Avoidance
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
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
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
The out of pocket cost to the insured when a loss occurs is called...
Premium
Deductible
What information is typically listed on an insurance policy? (hint: choose 3 correct answers)
Name of person or property being insured
Actual Cash Value of the property being insured
Deductible amounts
The policy period
True or False: Insurance is based on the concept of shared risk, or risk pooling.
True
False
What is the main purpose of insurance?
to follow the law
to get weathly
For investment purposes
To reduce risk
Chance of loss
Policy
Policy holder
Premium
Risk
You can manage risk by doing all the following except?
Avoid It
Reduce It
Share It
Do all risky things
Risk is
measures taken to prevent harm
a situation involving danger
obligation to pay
a demand or request
Risk Management is...
likelihood something will happen
one who owns the insurance
actions taken to prevent danger
Insurance is...
obligation to pay
a demand or request to pay
a risk management technique
Coverage is...
a demand to pay
a demand or request for something
the extent of protection by a policy
Liability is...
obligation to pay
a contract between the insurer and insured
likelihood that something will happen
When you do not buy insurance you are using which of the choices below to eliminate risk?
Avoid
Reduce
Transfer
Assume
Installing a burglar alarm at your home is using which of the choices below to eliminate risk?
Assume
Transfer
Avoid
Reduce
Quarterly refers to how many times per year?
6
4
8
2
A cause of loss (earthquake, fire, theft)
liability
peril
risk
deductible
Which word means "danger."
discrepancy
engross
peril
pensive
Which word would means "lasting forever."
burgeon
perpetual
pensive
proficient
