Managing Risk (LC 2027) (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What is a premium in insurance?
What is a premium in insurance?
A regular fee for insurance coverage
How many fundamental principles govern all insurance policies?
How many fundamental principles govern all insurance policies?
Three
What must the insured do under the principle of utmost good faith?
What must the insured do under the principle of utmost good faith?
Make full disclosure of material facts
What does the principle of indemnity ensure?
What does the principle of indemnity ensure?
Cannot profit from insurance claim
Which insurance type is legally required for businesses?
Which insurance type is legally required for businesses?
Employer's liability insurance
What does fidelity guarantee insurance protect against?
What does fidelity guarantee insurance protect against?
Employee dishonesty or fraud
A house worth £500,000 insured for £400,000 has £20,000 fire damage. What compensation is paid?
A house worth £500,000 insured for £400,000 has £20,000 fire damage. What compensation is paid?
£16,000
What is subrogation in insurance?
What is subrogation in insurance?
Insurer takes possession after full payout
How does insurance help businesses with financial planning?
How does insurance help businesses with financial planning?
Converts uncertain large losses to certain small payments
What does an actuary do for an insurance company?
What does an actuary do for an insurance company?
Uses statistics to calculate loss probability