Week 3 Flashcards
1
Q
Involves selecting/classifying Insurance Applications
A
Underwriting
2
Q
Transfers Risk
A
Hedging
3
Q
Pays benefits during an event of a death
A
Life Insurance
4
Q
Covers medical expenses
Disability Plans
A
Health Insurance
5
Q
Indemnifies property owners against loss/damage to property
A
Property Insurance
6
Q
Covers legal liability from property damage
A
Liability Insurance
7
Q
Indemnification of loss
Less worry/fear
Loss prevention
A
Societal benefits of insurance
8
Q
Expense load
fraud/inflated claims
A
Societal Costs of Insurance
