Question

TRUE / FALSE. Protection against possible financial loss is referred to as insurance.

a) True

b) False

A risk sharing firm that assumes financial responsibility for losses that may result from an insured risk is called a insurance company.

a) True

b) False

Risk, peril, and hazard are not the same thing.

a) True

b) False

A claim is a request for payment to cover a financial gain.

a) True

b) False

Vehicle insurance premiums are based on all of the following factors, except:

a) net worth

b) vehicle type

c) rating territory

d) driver classification

Answer 1

False - An insurance company is the right term for a firm that takes care of losses from insured risks.

True - Risk, peril, and hazard are different things in the world of insurance.

False - A claim is a request to get money to cover a loss, not to gain money.

Vehicle insurance costs can depend on things like the type of vehicle, where you live, and your driving record. They usually don't care about how much money you have (net worth).

Step-by-step explanation:

:)