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WorksheetsInsurance Basics
Total questions: 10
Worksheet time: 5mins
The reason businesses purchase insurance is to
Make a profit
provide financial protection
reduce taxes
increase sales
Insurance that provides coverage for claims by others based on damages suffered as a result of business operations, employees, or products is
Health Insurance
Property Insurance
Vehicle Insurance
Liability Insurance
Premium
a policyholder's request for payment for a loss
the amount the policyholder must pay for insurance coverage
the possibility of incurring a loss
the profit made from insurance
Which of the following is not a type of economic risk
Personal Risk
Property Risk
Liability Risk
All are economic risk
Using another business to complete a risky is known as ____?______ the risk
Assuming
Avoiding
Transferring
Insuring
True or False. Every risk you face results in a loss
True
False
True or False. To be insurable, the same type of risk must be shared by a large number of businesses or individuals.
True
False
A policyholder is
Another term for an insurance company
The person or company buying the insurance policy
The amount paid for insurance coverage
Insurance that provides payment to employees who are not able to work for a long time due to serious illness or injury
Disability Insurance
Health Insurance
Life Insurance
Property Insurance
Insurance that provides compensation for ongoing business expenses that occur if a business temporarily shuts down due to a covered hazard.
Liability Insurance
Vehicle Insurance
Health Insurance
Business Interruption Insurance
