What Is Insurance?
The losses it covers are written in a contract, called a policy.
Video coming soon. The lesson video will appear here once it is published on YouTube.
Check yourself: sample questions
Think about each question, pick what you would answer if you like, then select “Show answer” to see the solution and why. Nothing is graded or sent to us. Example numbers are worked examples, not predictions.
1.What is a premium?
The losses it covers are written in a contract, called a policy.
2.What is a deductible?
The four cards are premium, deductible, limit and exclusions.
3.A flood destroys your bicycle but the policy excludes floods. Who pays?
Reading the exclusions is half the job.
Full course: 5 more questions for this lesson
The full course unlocks all self-check questions of all 365 lessons, the daily plan, your progress and the printable learning record. Lessons 1 to 7 are completely free.
See the full course Start the free week
Already bought? Open the course on this device
Sources (2)
- OpenStax, Principles of Economics 3e, Kap. 16.2 Insurance and Imperfect Information
- Eigene Berechnung (Python/
Related lessons
Education only. Not financial advice.