Insurance Principles and Policy Coverage Quiz Test your knowledge on insurance principles, coverage types, and terms. Learn about indemnity, subrogation, perils, and more in this actuarial science quiz.
#1
Utmost Good Faith
Indemnity
Contribution
Guarantee
#2
Health Insurance
Life Insurance
Property Insurance
Liability Insurance
#3
Theft
Insurance agent
Policyholder
Claim form
#4
It is the person who buys insurance
It is the amount paid by the insured to the insurer
It is the cause of a potential loss
It is the legal contract between the insured and the insurer
#5
The total coverage amount provided by the policy
The amount the insured pays for insurance coverage
The maximum limit of coverage under the policy
The amount the insurer pays to the insured in case of a claim
#6
Payment of sum assured
Restoring the insured to the same financial position as before the loss
Cancellation of the policy
Renewal of the policy
#7
Insured must disclose all material facts accurately
Insurer's right to recover the amount paid from a third party
Insurer's promise to pay compensation for losses
Insured's duty to take reasonable care to prevent losses
#8
The total amount of coverage provided by the policy
The amount the insured must pay before the insurer covers the claim
The premium paid by the insured
The maximum limit of coverage under the policy
#9
A person who evaluates insurance claims
An additional coverage added to a basic insurance policy
The person to whom the policy benefits are paid
A type of insurance agent
#10
The cause that is nearest in time to the loss
The cause that is closest in geographical proximity to the loss
The dominant or most significant cause of the loss
The cause that is easiest to identify
#11
Endowment Policy
Health Insurance Policy
Liability Insurance Policy
Term Insurance Policy
#12
A type of coverage that pays for medical expenses
A policy provision that allows the insurer to share the risk with the insured
The process of evaluating insurance applications
The amount of money paid to the beneficiary upon the insured's death
#13
Determining the premium to be charged for a policy
Investigating and assessing the risk associated with insuring a person or property
Paying out claims to policyholders
Issuing insurance policies to customers
#14
Insurance purchased by an insurance company to protect itself from large losses
The process of renewing an insurance policy
The transfer of insurance risks from the insurer to the insured
The legal process of resolving insurance disputes
#15
Handles sales and marketing of insurance policies
Assesses risks and sets premium rates
Processes insurance claims
Manages investments of insurance companies
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