Secondary revision · Commerce - G12
Insurance
Question 1 of 4
Grade: Twelve - G12
Q1
Essay · up to 5 points
Mention the steps followed when taking out an insurance policy. (b)Explain the factors that are considered when determining the premiums.
Worth up to 5 points
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About this topic
Elevate your Commerce exam preparation by understanding the significance of insurance. Learn how insurance offers protection and financial security. Take our quiz to excel in your Commerce exams and grasp the essentials of insurance!
What you'll practise (4 questions)
- What is insurance? (b) Give the meaning of the following terms as used in insurance: i. Premium ii. Insurer iii. Insured iv. Risk v. loss vi. A Policy vii. Actuary viii. An Assessor ix. A pool x. Sum insured xi. Under insurance xii. Over insurance xiii. Surrender value xiv. Co-insurance xv. Re-insurance xvi. Proposal form xvii. Insurable risks xviii. Non-insurable risks
- Mention the steps followed when taking out an insurance policy. (b)Explain the factors that are considered when determining the premiums.
- What is the difference between insurance and assurance? (b) What is the role of insurance companies in the development of the country?
- What is gambling? (b) What are the differences between insurance and gambling?
Answer each question above to see the correct answer and a full explanation.