1.Insurance companies’ ability to pay the claims of policyholders is termed as _______
A. Solvency
B. Schedule
C. Retrospective Rating
D. credit life
A. Solvency
Explanation:
Solvency refers to an enterprise’s capacity to meet its long-term financial commitments.
2.________ is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.
A. Nursing Home Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Travel Insurance
D. Travel Insurance
Explanation:
Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while travelling.
3.A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as ______
A. Salvage
B. Schedule
C. Retrospective Rating
D. Unbundled Contracts
D. Unbundled Contracts
Explanation:
By using unbundled contracts, we can choose optional features in the contract.
4.Risks for which it is difficult for someone to get insurance is called ______
A. Partial Risk
B. Uninsurable Risk
C. Covariant Risk
D. Pure Risk
B. Uninsurable Risk
Explanation:
A situation that you cannot protect yourself against by buying insurance because it is impossible to calculate how likely it is to happen, or how much damage it will cause.
5.Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers is known as _______
A. Nursing Home Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
D. Uninsured Motorist Coverage
Explanation:
Uninsured motorist coverage is designed to provide the injured party with compensation above what is allotted by the at-fault party’s policy.
A. Solvency
B. Schedule
C. Retrospective Rating
D. credit life
A. Solvency
Explanation:
Solvency refers to an enterprise’s capacity to meet its long-term financial commitments.
2.________ is an insurance to cover problems associated with travelling, generally including trip cancellation due to illness, lost luggage and other incidents.
A. Nursing Home Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Travel Insurance
D. Travel Insurance
Explanation:
Travel insurance is insurance that is intended to cover medical expenses, trip cancellation, lost luggage, flight accident and other losses incurred while travelling.
3.A form of annuity contract that gives purchasers the freedom to choose among certain optional features in their contract is known as ______
A. Salvage
B. Schedule
C. Retrospective Rating
D. Unbundled Contracts
D. Unbundled Contracts
Explanation:
By using unbundled contracts, we can choose optional features in the contract.
4.Risks for which it is difficult for someone to get insurance is called ______
A. Partial Risk
B. Uninsurable Risk
C. Covariant Risk
D. Pure Risk
B. Uninsurable Risk
Explanation:
A situation that you cannot protect yourself against by buying insurance because it is impossible to calculate how likely it is to happen, or how much damage it will cause.
5.Portion of an auto insurance policy that protects a policyholder from uninsured and hit-and-run drivers is known as _______
A. Nursing Home Insurance
B. Kidnap/Ransom Insurance
C. Inland Marine Insurance
D. Uninsured Motorist Coverage
D. Uninsured Motorist Coverage
Explanation:
Uninsured motorist coverage is designed to provide the injured party with compensation above what is allotted by the at-fault party’s policy.
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