Insurance Vocabulary:

2. Which of these would NOT be concidered an liabitity when writing a policy for a company or factory?
A. Outdated machinery
B. Company patents
C. An enviornmental group's lawsuit naming this firm as plaintif.
D. High worker compensation rates
E. Elevated employee turnover

3.  The charges or prices paid for an insurance policy is called:.
A. Premiums
B. Interests
C. Dividends
D. Loans
E. Deductable

4. Some insurance companies are called mutuals, for example Liberty Mutual. These organizations share both their risks and profits with their customers mutually (hence the name). If they have a good year: because they have chosen responsible clients, had low losses, or even overcharged a little on their policies they return a portion of their profits to their customers. This is called a:

A. Premium
B. Interest
C. Dividend
D. Loan
E. Deductable

5.  Insurance companies don't wish to be bothered with small claims because the costs would be extremely high  since minor damage is far more common then catasrophic . Just the expenses incurred in processing  all these claims would prohibitive, therefore they invented the ___________, in which payments begin after a set limit that the policy holders pay or absorb out of their pockets. .

A. Premium
B. Interest
C. Dividend
D. Loan
E.  Deductable 

  Who would be concerned with:                           
6.  calculating projecting people's life expectancy for creating life insurance policies.
A. Accountant
B. Actuary
C. Claims adjuster
D. Underwriter
E.  Training manager

7. likley works with the balance sheets.
A. Accountant
B. Actuary
C. Claims adjuster
D. Underwriter
E. Training manager

8. approves, denies, or cancels  the issuing of a clients insurance program.
A. Accountant
B. Actuary
C. Claims adjuster
D. Underwriter
E. Training manager

9. acesses and fixes the compensation to be paid for the damage to customer's assets.
A. Accountant
B. Actuary
C. Claims adjuster
D. Underwriter
E. Training manager

10. explains: new pension plans, changes in worker's compensation laws, the advantages of new product lines, etc.
A. Accountant
B. Actuary
C. Claims adjuster
D. Underwriter
E. Training manager

Bonus Question: What is Worker's Compensation, a Pension,, or a Claim?