BUSINESS ADMINISTRATION
BANKING AND INSURANCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The types of events (losses) that an insurance company would pay for and the amount of money paid for the loss.
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Premium
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Deductible
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Coverage
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Claim
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Explanation:
Detailed explanation-1: -Broadly categorized, the types of losses of concern to risk managers include personnel loss, property loss, time element loss, and legal liability loss.
Detailed explanation-2: -Four types of insurance that most financial experts recommend include life, health, auto, and long-term disability.
Detailed explanation-3: -Amount actually paid in losses during a specified period of time, not including estimates of amounts (i.e., reserves) that will be paid in the future for losses occurring in the specified period.
There is 1 question to complete.