1. Which one of the statements is false? a. Both gambling and insurance transfer risk and reward

b. Insurance transactions offer the possibility of either a loss or a gain. c. Gambling creates losers and winners

d. Insurance transactions do not present the possibility of gain.

2. Which one of the following is not an importance of insurance to individual?

a. Insurance a Profitable Investment

b. Insurance Provides Risk Cover c. Insurance is a Source of Peace Mind

d. Insurance Accelerates the Process of Economic Growth

3. .......is a contract between the policyholder and the insurer, where the insurer agrees to pay of money upon the occurrence of the policyholder's death or disability.

a. Non-Life Insurance

b. Health Insurance

c.Social Insurance

d. Life Insurance