Risk and Insurance Coverage Quiz

Refers to various risks including underwriting risk, pricing risk, and operational risk.

Amount the insured pays before the insurance coverage kicks in.

Covers legal obligations and expenses arising from damage to third-party property.

Homeowners coverage is unrelated to auto insurance; options include liability, comprehensive, and collision.

Continuation of insurance coverage beyond the original policy term.

Excluded peril often requiring a separate policy for coverage.

Shared cost responsibility between the insured and the insurer.

Risk-sharing strategy between insurance companies to manage exposure.

Non-existent insurance type; life insurance typically categorized as term, whole, or universal.

Specifies events or perils not covered by the insurance policy.

Modifies or adds coverage terms to the original insurance policy.

Assessment of risk to set appropriate insurance terms and conditions.

Utilizes mathematical models to analyze and manage financial risks.

Allows the insurer to seek reimbursement from a third party responsible for the loss.

Concerns intentional actions by the insured that could lead to a loss.

Profit resulting from the difference between premiums collected and claims paid.

Expert responsible for evaluating and managing financial risks in insurance.