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Worksheetschapter 14 test
Total questions: 20
Worksheet time: 10mins
Define "risk"
Predictability
the possibility of incurring a loss
loss of personal or business property
Personal, property, liability
what is liability risk?
harm or injury to others or their property
a policyholder’s request for payment for a loss that the insurance policy covers.
I don't know
controlled risk
can not be reduced or eliminated
financial loss
can be reduced or eliminated
Is Weather a controlled risk?
sometimes
yes
no
what are the 4 ways of dealing with risk?
controlled, jail, love, money
harm or injury to others or their property
avoid, transfer, insure, and assume
uncontrollable, weather, tornado and flood
property rights
the exclusive rights to possess and use property and its profits.
exchanges the uncertainty of a possible $ loss for a smaller payment
loss of personal or business property
what is a property right?
counterfeiting
legal uses of intellectual property, patents, trademarks, and copyrights.
illegal uses of intellectual property, patents, trademarks, and copyrights.
the exclusive rights to possess and use property and its profits.
intellectual property, patents, trademarks, and copyrights.
international property rights
Patent
Trademark
Copyright
Counterfeiting
Insuring personnel
Health insurance
Life insurance
Disability insurance
type
quality
Policyholder
Insurance policy
Premium
Claim
What are the 3 major areas that can be covered by business insurance?
Personal
Property,Business operations
Insurable risk
Risk and amount of loss must be predictable
If the cost is too high, businesses must find other ways to deal with those uninsurable risks
reducing risk
transfer
avoid
premium
a policyholder’s request for payment for a loss that the insurance policy covers.
the amount a policyholder must pay for insurance coverage.
claim
a policy stating the conditions to which the insurance company and the policyholder have agreed.
a policyholder’s request for payment for a loss that the insurance policy covers.
disability insurance
my life
insurance policy
: a policyholder’s request for payment for a loss that the insurance policy covers.
.
the amount a policyholder must pay for insurance coverage
a policy stating the conditions to which the insurance company and the policyholder have agreed.
policyholder
policyholder
a contract
insurance
the person/company buying the insurance
insurer
the contract of the insurance
a company that agrees to take on certain economic risks and to pay for losses if they occur.
the amount of money paid for insurance
what is a insurer?
insured
the person or business for which the insurer assumes the risk.
the person buying the insurance
a company that agrees to take on certain economic risks and to pay for losses if they occur.
insurance
car
health
exchanges the uncertainty of a possible $ loss for a smaller payment
the person or business for which the insurer assumes the risk.
pure risk
no chance of failure, gain a lot of money
loss of money
no gain
chance of failure, no opportunity for gain
property risk
loss of personal or business property
transfer and avoid the risk
cheap labor
buying because of loss
personal risk
losses to health or healthy being
ice cream
investment loss
yelling
economic risk
financial loss
losses to health or healthy being
can be reduced or eliminated
