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Fundamentals Of Insurance (Ins 21): Chapters 1-3 Quiz​

Question 1 of 3

Q1 . _____________ Insurance is intended to protect people who may be responsible for injury to someone else or damage to someone's property.

Q2 . Primary Objectives of Insurance Regulation are

Q3 . Some Federal government program provides coverage for loss exposures that private insurers have avoided largely because of the potential for catastrophic loss. An example such a program is,

Q4 . An insurance policy is a contract that states the rights and duties of

Q5 . Benefits of Insurance Include:

Q6 . Insurance Rates should reflect the Insured's Loss Exposure (True/False)

Q7 . If the Rate is $15 and Having 10 Exposure units, calculate Premium.?

Q8 . Transferring the costs of losses to an insurer would be unnecessary, if there were no

Q9 . _____________ Covers Liability Loss Exposures arising from a business Organization's Premises and Operations, its products, or its completed work.

Q10 . The Process of making and implementing decisions to handle loss exposure is known as __________

Q11 . Identify the below one is not related to State Government Insurance Programs?

Q12 . Expansion of NAIC

Q13 . Net Income Loss is called as_____

Q14 . Stock Insurers comes under

Q15 . Unemployment insurance programs operated by

Q16 . A person who uses complex mathematical methods and technology to analyze loss data and other statistics and to develop systems for determining insurance rates. Who is it?

Q17 . All of the following parties are likely to monitor an insurer's financial performance, EXCEPT:

Q18 . The process by which a mutual insurer, which is owned by its policy holders become stock company, which is then owned by its stockholders called,

Q19 . Private insurers are reluctant to provide coverage for food and crop losses due to the

Q20 . Lloyds belongs to one of major groups called

Q21 . Disability Insurance is primarily income replacement insurance that Pays _____________

Q22 . Excess and surplus lines insurance is usually written by whom?

Q23 . An insurer's income statement shows amounts for all of the following for a particular period, EXCEPT:

Q24 . Which Law refers to "Rates must be filed but do not have to be approved before use"

Q25 . Mid-State Painting Company owns vans, trucks, and cars that carry workers, supplies, and equipment to worksites. On November 1, Mammoth Insurance Company issued a business auto policy with a one-year period to Mid-State Painting Company and the premium was agreed to be paid at the end of each quarter. The premium for the policy is $24,000. What was the unearned premium for Mammoth Insurance as of March the next year?

Q26 . Which one of the following is part of written premiums?

Q27 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's investment income ratio?

Q28 . Term Insurance Provides Coverage for specified period,such as ten or twenty years,with cash values(True/False)

Q29 . Making a profit for the insurance company is a major objective for which one of the

Q30 . Identify the Insurance type, that there main purpose for insurance formed.i.e, "To Earn profit for its individual investors ("Names") and its corporate investors.

Q31 . Personnel Loss Exposures is any condition or situation that presents the possibility of financial loss to ____________

Q32 . Insurers provide insurance for Potential Financial Consequences of Loss Exposures that have following Characters

Q33 . ___________ Provides Life Insurance Protection and a savings Component.

Q34 . Which is the below one provding most of the property & liability insurance in US?

Q35 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's combined ratio?

Q36 . _____________ Insurance is intended to protect people who may be responsible for injury to someone else or damage to someone's property.

Q37 . Primary Objectives of Insurance Regulation are

Q38 . Some Federal government program provides coverage for loss exposures that private insurers have avoided largely because of the potential for catastrophic loss. An example such a program is,

Q39 . An insurance policy is a contract that states the rights and duties of

Q40 . Benefits of Insurance Include:

Q41 . Insurance Rates should reflect the Insured's Loss Exposure (True/False)

Q42 . If the Rate is $15 and Having 10 Exposure units, calculate Premium.?

Q43 . Transferring the costs of losses to an insurer would be unnecessary, if there were no

Q44 . _____________ Covers Liability Loss Exposures arising from a business Organization's Premises and Operations, its products, or its completed work.

Q45 . The Process of making and implementing decisions to handle loss exposure is known as __________

Q46 . Identify the below one is not related to State Government Insurance Programs?

Q47 . Expansion of NAIC

Q48 . Net Income Loss is called as_____

Q49 . Stock Insurers comes under

Q50 . Unemployment insurance programs operated by

Q51 . A person who uses complex mathematical methods and technology to analyze loss data and other statistics and to develop systems for determining insurance rates. Who is it?

Q52 . All of the following parties are likely to monitor an insurer's financial performance, EXCEPT:

Q53 . The process by which a mutual insurer, which is owned by its policy holders become stock company, which is then owned by its stockholders called,

Q54 . Private insurers are reluctant to provide coverage for food and crop losses due to the

Q55 . Lloyds belongs to one of major groups called

Q56 . Disability Insurance is primarily income replacement insurance that Pays _____________

Q57 . Excess and surplus lines insurance is usually written by whom?

Q58 . An insurer's income statement shows amounts for all of the following for a particular period, EXCEPT:

Q59 . Which Law refers to "Rates must be filed but do not have to be approved before use"

Q60 . Mid-State Painting Company owns vans, trucks, and cars that carry workers, supplies, and equipment to worksites. On November 1, Mammoth Insurance Company issued a business auto policy with a one-year period to Mid-State Painting Company and the premium was agreed to be paid at the end of each quarter. The premium for the policy is $24,000. What was the unearned premium for Mammoth Insurance as of March the next year?

Q61 . Which one of the following is part of written premiums?

Q62 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's investment income ratio?

Q63 . Term Insurance Provides Coverage for specified period,such as ten or twenty years,with cash values(True/False)

Q64 . Making a profit for the insurance company is a major objective for which one of the

Q65 . Identify the Insurance type, that there main purpose for insurance formed.i.e, "To Earn profit for its individual investors ("Names") and its corporate investors.

Q66 . Personnel Loss Exposures is any condition or situation that presents the possibility of financial loss to ____________

Q67 . Insurers provide insurance for Potential Financial Consequences of Loss Exposures that have following Characters

Q68 . ___________ Provides Life Insurance Protection and a savings Component.

Q69 . Which is the below one provding most of the property & liability insurance in US?

Q70 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's combined ratio?

Q71 . _____________ Insurance is intended to protect people who may be responsible for injury to someone else or damage to someone's property.

Q72 . Primary Objectives of Insurance Regulation are

Q73 . Some Federal government program provides coverage for loss exposures that private insurers have avoided largely because of the potential for catastrophic loss. An example such a program is,

Q74 . An insurance policy is a contract that states the rights and duties of

Q75 . Benefits of Insurance Include:

Q76 . Insurance Rates should reflect the Insured's Loss Exposure (True/False)

Q77 . If the Rate is $15 and Having 10 Exposure units, calculate Premium.?

Q78 . Transferring the costs of losses to an insurer would be unnecessary, if there were no

Q79 . _____________ Covers Liability Loss Exposures arising from a business Organization's Premises and Operations, its products, or its completed work.

Q80 . The Process of making and implementing decisions to handle loss exposure is known as __________

Q81 . Identify the below one is not related to State Government Insurance Programs?

Q82 . Expansion of NAIC

Q83 . Net Income Loss is called as_____

Q84 . Stock Insurers comes under

Q85 . Unemployment insurance programs operated by

Q86 . A person who uses complex mathematical methods and technology to analyze loss data and other statistics and to develop systems for determining insurance rates. Who is it?

Q87 . All of the following parties are likely to monitor an insurer's financial performance, EXCEPT:

Q88 . The process by which a mutual insurer, which is owned by its policy holders become stock company, which is then owned by its stockholders called,

Q89 . Private insurers are reluctant to provide coverage for food and crop losses due to the

Q90 . Lloyds belongs to one of major groups called

Q91 . Disability Insurance is primarily income replacement insurance that Pays _____________

Q92 . Excess and surplus lines insurance is usually written by whom?

Q93 . An insurer's income statement shows amounts for all of the following for a particular period, EXCEPT:

Q94 . Which Law refers to "Rates must be filed but do not have to be approved before use"

Q95 . Mid-State Painting Company owns vans, trucks, and cars that carry workers, supplies, and equipment to worksites. On November 1, Mammoth Insurance Company issued a business auto policy with a one-year period to Mid-State Painting Company and the premium was agreed to be paid at the end of each quarter. The premium for the policy is $24,000. What was the unearned premium for Mammoth Insurance as of March the next year?

Q96 . Which one of the following is part of written premiums?

Q97 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's investment income ratio?

Q98 . Term Insurance Provides Coverage for specified period,such as ten or twenty years,with cash values(True/False)

Q99 . Making a profit for the insurance company is a major objective for which one of the

Q100 . Identify the Insurance type, that there main purpose for insurance formed.i.e, "To Earn profit for its individual investors ("Names") and its corporate investors.

Q101 . Personnel Loss Exposures is any condition or situation that presents the possibility of financial loss to ____________

Q102 . Insurers provide insurance for Potential Financial Consequences of Loss Exposures that have following Characters

Q103 . ___________ Provides Life Insurance Protection and a savings Component.

Q104 . Which is the below one provding most of the property & liability insurance in US?

Q105 . The financial report for Hometown Insurer contains the following information: Earned premiums - $4,000,000 Written premiums - $5,000,000 Investment income - $1,000,000 Incurred Losses - $3,000,000 Incurred underwriting expense - $1,000,000 What is Hometown Insurer's combined ratio?