Insurance Concepts (Grade 12 NSC Matric Business Studies): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the regular payments called that the insured makes to the insurer?
What are the regular payments called that the insured makes to the insurer?
Premiums
What is a key feature of non-compulsory insurance?
What is a key feature of non-compulsory insurance?
Insured has complete freedom to decide
What may the insurer do when property is over-insured?
What may the insurer do when property is over-insured?
Reinstate the item instead of paying cash
What clause applies when assets are insured for less than their market value?
What clause applies when assets are insured for less than their market value?
Average clause
A house worth R2m insured for R1.5m has R100,000 damage. What is the payout?
A house worth R2m insured for R1.5m has R100,000 damage. What is the payout?
R75,000
What is the purpose of an excess payment in insurance?
What is the purpose of an excess payment in insurance?
Keep premiums lower for everyone
Which principle is insurance based on?
Which principle is insurance based on?
Indemnity
What type of events does assurance cover?
What type of events does assurance cover?
Events that will definitely occur
Which is an example of long-term insurance?
Which is an example of long-term insurance?
Life insurance
In over-insurance, what is the maximum compensation the insured can receive?
In over-insurance, what is the maximum compensation the insured can receive?
The market value of the item