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WorksheetsOverview of Risk and Insurance
Total questions: 10
Worksheet time: 3mins
Risk is the possibility of an unusual event that results in unintended damage to people due to UNFORGETING:
Danger of risk
Space and time
Level of risk
Risks
Pure risk involves three possible outcomes: loss, gain and no change
Correct
Wrong
Speculative risk (a) insured
Criteria for assessing the level of risk is
Danger of risk
Frequency of risk occurrence
Sevirity of the risk
Level of risk
(a) allows insurers to accept responsibility for the economic losses of their insured
“The majority compensates for the few” is a principle of
Risk management
Managing risks through insurance
Financial management
Does the risk of unemployment satisfy requirements?
No, it doesn't
Yes, it does
Does the risk of flood peril satisfy requirements?
YES
NO
Which following is not characteristic of insurable risks?
occur by chance
be definite
be significant
be catastrophic
The person or business that applies for an insurance policy is:
policy owner
applicant
beneficiary
