Insurance for Business ICEV

Which of the following is not a factor affecting the cost of insurance?

Business management style

Which type of vehicle insurance covers damage due to vandalism

Comprehensive

Which of the following is not a type of property insurance?

Credit insurance

Which of the following terms is used to describe the amount the insured is required to contribute before the insurer pays the rest?

Deductible

Which step includes consulting am insurance expert, taking an inventory of the business and setting insurance goals?

Determining coverage needed

Which type of insurance would protect a manager sued for harassment by an employee?

Director and officer coverage

How many steps are in the process which should be used to obtain business insurance?

Four

Mark intentionally deceived his insurance company to receive money and other benefits not rightfully owed to him. This is known as which of the following?

Fraud

Which of the following is the most popular form of health and medical coverage?

Group health insurance

Which of the following is the term used to describe anything which will increase the likelihood of loss through some peril

Hazard

Which of the following is not a possible consequence of inadequate insurance coverage

Increased credibility

Which of the following is an example of a speculative risk

Investing in stocks

Which type of insurance protects a business against damages for which it may be held legally responsible?

Liability insurance

Which of the following is not a possible penalty for committing fraud?

Loss of right to own the business

If a business owner knows about defective wiring and fails to fix it, it is considered what

Negligence

According to the Insurance Research Council, what percentage of employed workers says they have been aware of fraud in their workplace?

One in five

Which type of risk management is used when a business takes steps to prevent a risk from occurring

Risk reduction

When a risk cannot be insured or the known loss of a risk will be extremely small, which type of risk management is generally used

Risk retention

Which is the most common type of risk management

Risk transfer

Which of the following is an example of risk avoidance

Running background checks on employees

Which of the following is not a factor affecting the claim process?

The cause of damage

Which of the following is true about pure risks

They provide no chance of gain

Which of the following is not a type of risk discussed in the segment

Threat

Allowing the insurance adjuster to evaluate damage is which step in the insurance claim process?

Three

The segment recommends performing research on at least how many insurance companies?

Three