184 cards
This deck introduces the building blocks of how insurance works, from the core idea of pooling risk together to the practical mechanics behind pricing a policy. You'll work through concepts like pure versus speculative risk, moral hazard, underwriting, and how premiums are calculated using components such as pure premiums, risk premiums, and expense loading. Together, these cards lay the groundwork for understanding both why insurance exists and how insurance companies actually make their decisions.
It's a great starting point if you're new to insurance, studying for an industry exam, or simply curious about the financial logic behind the policies you may already own. The questions are designed to build your vocabulary and conceptual understanding step by step, so you don't need any prior background in finance or actuarial science to get value from it.
Because many of these ideas connect to one another, try spacing your review sessions over several days rather than cramming everything at once. When you come across a term like underwriting or an actuarial table, take a moment to think of a real-life example you've encountered, which can help the definitions stick. Revisiting trickier cards the next day will also reinforce the relationships between concepts like risk pooling, classification, and premium components.