Risk transfer through risk pooling is called ________.
Savings
Investments
Insurance
Renewal premium receipt
The measures to reduce chances of occurrence of risk are known as _____.
Risk retention
Loss prevention
Risk transfer
Risk avoidance
Which of the following documents is an evidence of the contract between insurer and insured?
Proposal form
Policy document
Prospectus
Claim form
Which element of a valid contract deals with premium?
Offer and acceptance
Consideration
Free consent
Capacity of parties to contract
Identify the form of insurance that is depicted in the following scenario. Scenario: Patient pays the health provider and is subsequently reimbursed by the health insurance company.
Service Benefit
Direct contracting
Indemnity
Casualty
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