5 Written Questions
5 Matching Questions
- Medical insurance
- Personal Property
- Personal Loss Exposure
- Inland marine insurance
- Business income insurance, or business interruption insurance
- a Any condition or situation that presents that possiblity of a financial loss to an individual or a family by such causes as death, sickness, injury, or unemployment.
- b Insurance tha tcovers medical expenses that result from illness or injury.
- c All tangible or intangible property that is not real property.
- d Insurance that covers miscellaneous types of property, such as movable property, goods in domestic transit, and property used in transportation and communications.
- e Insurance that covers the loss of net income or addtiional expensses incurred by a business as the result of a covered loss to its property.
5 Multiple Choice Questions
- Land, buildings, and other structuress attached to the land or embedded in it.
- A type of health insurance that provides periodic income payments to an insured who is unable to work because of sickness or injury.
- Insurance that covers direct damage to or loss of insured property.
- A mathematical principle stating that as the number of similar but independent exposure units increases, the relative accuray of predictions about future outcomes (losses) based on these exposure units also increases.
- Life insurance that provides lifetime protection, accrues cash value, and has premiums that remain unchanged during the insured's lifetime.
5 True/False Questions
Personnel Loss Exposure → Any condition or situationthat presents the possiblility of a financial loss to a business because of death, disability, retirement, or resignation of key employees.
Universa life insurance → Life insurance that provides lifetime protection, accrues cash value, and has premiums that remain unchanged during the insured's lifetime.
Exposure unit → A measure of the loss exposure assumed by the insurer, used in pricing insurance.
Cash Value → The monetary amount, considered to be a form of savings, that accumulates in a whole life insurance policy.
Liability Loss → An indirect loss caused by a reduction in revenue, an increase in expenses, or both during a given time period.