Importance of Insurance for Businesses (Grade 12 NSC Matric Business Studies): Quizzes
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Practise the questions
10 questions from this quiz
What is the primary mechanism by which insurance protects businesses?
What is the primary mechanism by which insurance protects businesses?
Transferring risks to the insurance co.
Which of these can business property insurance cover?
Which of these can business property insurance cover?
Theft, fire, floods, and storms
What must a business have to insure something?
What must a business have to insure something?
Insurable interest showing financial loss
Which of these is an example of a non-insurable risk?
Which of these is an example of a non-insurable risk?
Losses caused by war and military conflict
What is a key characteristic of compulsory insurance?
What is a key characteristic of compulsory insurance?
Required by law for qualifying businesses
What percentage of salary do employers contribute to UIF?
What percentage of salary do employers contribute to UIF?
2% of each employee's salary
What is the minimum work requirement to qualify for UIF contributions?
What is the minimum work requirement to qualify for UIF contributions?
At least 24 hours per month
Who cannot claim UIF unemployment benefits?
Who cannot claim UIF unemployment benefits?
Employees who resign or are dismissed
How is the Road Accident Fund (RAF) funded?
How is the Road Accident Fund (RAF) funded?
Through levies collected on fuel purchases
Who pays into the COIDA Compensation Fund?
Who pays into the COIDA Compensation Fund?
Only employers pay into the fund