Insurance Concepts and Coverages Quiz

Coverage for fire damage to property.

The amount paid for insurance coverage.

Optional coverage extension to a policy.

Limitation on coverage for specified risks.

Owner of the insurance policy.

To share the cost of claims with the insured.

Shared risk and cost between the insured and insurer.

Adjusting or adding coverage to an existing policy.

Seeking reimbursement from a third party for a paid claim.

Increased risk-taking due to insurance protection.

Overall coverage limit of an insurance policy.

Percentage of claim paid by the insured.

Modifying or adding coverage to a policy.

Inadequate coverage for the insured's needs.

Summary of important policy details.

Compensation for losses incurred.

Initial amount paid by the insured before coverage starts.

Coverage for liability beyond standard policy limits.

Event or cause of loss covered by insurance.

Insurance bought by insurers to manage their risk exposure.

Assessment of risk to determine insurance eligibility.

Ratio of claims paid to premiums collected.

Coverage for major disaster-related damage.

Funding potential losses internally instead of buying insurance.

Determining the payment amount for a claim.