What is the primary function of insurance?

"To protect against potential financial losses" "To generate investment income" "To provide tax benefits" "To guarantee a certain level of wealth"

What is a key factor to consider when choosing an insurance plan?

"The company's marketing budget" "The policy's aesthetic design" "The amount of coverage provided" "The number of celebrity endorsements"

What is the term for the maximum amount an insurer will pay in case of a loss?

"Premium" "Deductible" "Policy Limit" "Coverage Cap"

What type of insurance is specifically designed to cover medical expenses?

"Life Insurance" "Auto Insurance" "Health Insurance" "Liability Insurance"

What type of life insurance offers coverage for a specific period and does not include a savings component?

"Whole Life Policy" "Endowment Plan" "Term Insurance" "Money Back Policy"

What is a deductible in insurance?

"The amount paid by the insurer for a claim" "The regular payment made by the policyholder" "The out-of-pocket expense paid by the policyholder before receiving the claim" "The maximum amount covered by the insurance policy"

What factor influences auto insurance premiums?

"The insured's favorite color" "The car's fuel efficiency" "The insured's driving record" "The car's interior design"

What type of life insurance combines investment and insurance components?

"Term Insurance" "Money Back Policy" "Endowment Plan" "Unit Linked Insurance Plan (ULIP)"