WorksheetsINSURANCE
Total questions: 20
Worksheet time: 20mins
Insurance is necessary because...
assets usually depreciate over time
assets require regular maintenance
assets may be damaged in the course of their use
All of the above
When does a claim arise under an insurance policy?
Whenever the policyholder needs the money
When the insured events happens
When a premium is not paid
Whenever any of the three happen
Insurance helps to..
Prevent adverse situations from occurring
Reduce the financial consequences of adverse situations
Negate all consequences of adverse situations
Make assets continuously productive
The sole purpose of any life insurance is to...
make up loss of earnings due to the death of the person.
pay for urgent medical expenses to save the life of the person.
meet an insured person's debts and other financial commitments in the event of death.
all of the above
The term ‘Risk’ includes:
a. Damage to machinery and property
b. Impact on the health or life of a person
c. Leakage of toxic products into the atmosphere
d. Effect on the healthy life of the neighborhood
e. All of the above
In cases where a Life Insurance Agent collects the premium from the policyholder and remits it to the insurer’s office, he is acting as an agent of _____
the Bank
the Insurance Company
the Policyholder
the broker
The Insurance Commission is a government agency under the
Philippines Stock Exchange
Bangko Sentral ng Pilipinas
Department of Budget and Management
Department of Finance
The document which embodies the contract in insurance is called…………
security
policy
certificate
none of these
……………is insurance companies tying up with banks to sell insurance product
a. franchising
b. merger
c. bancassurance
d. insuranced linked banking
The ________ is the party who agrees to compensate the other person against possible losses.
a) Insurer
b) Insured
c) Assured
d) None
The insurer agrees to compensate the insured in consideration of a sum of money is called
a) Premium
b) Policy
c) Subject matter
d) None
Which of the following insurance contract is not based on the principle of indemnity.
a) Fire insurance
b) Marine insurance
c) Life insurance
d)All
In which Policy, if the policyholder survives till the end of this period, the risk cover lapses, and no insurance benefit payment is made to him/her?
a. Whole Life Insurance Plans
b. Personal Accident Insurance Plan
c. Term Insurance Plans
d. Unit-linked insurance plan
is required in many import-export trade proceedings. Admitting the terms, both parties are liable for the payment of goods under insurance.
Motor Insurance
Health Insurance
Personal Accident Insurance
Marine Insurance
The contract is usually a one-year agreement, during which the insurer will be responsible for paying specific expenses related to illness, injury, pregnancy, or preventative care.
Life Insurance
Term-Life Insurance
Health Insurance
Casualty Insurance
Liability losses are losses that occur as a result of the insured’s interactions with others or their property.
Personal Accident Insurance
Casualty Insurance
Direct Losses
Indirect Losses
Operated to provide insurance at cost to members.
Government
Proprietary Insurers
Cooperative Insurers
Bank
Which of the following is not under the Government-provided insurance?
GSIS
Pag-Ibig
SSS
none of these
"The IC will ________ require bank employees to obtain a license as an insurance agent as such task is merely incidental to their duties as bank employees.”
not
always
sometimes
most of the time
On 15 August 2013, the President of the Philippines signed into law Republic Act No. 10607 or the...
revised Insurance Code of the Philippines
Insurance Code of the Philippines
Insurance Standards of the Philippines
Bancassurance
