Test: The Insurance Test
Category: Education
Description: How well do you know insurance? Find out with this test!
Keywords: insurance, auto insurance, life insurance, title insurance, history of insurance
Kidnap and ransom insurance is illegal in Mexico
True
False
Title insurance...
provides a guarantee that real property is vested in the purchaser and/or mortgagee, free and clear of liens or en***brances
is designed to protect individuals and corporations operating in high-risk areas around the world against the perils of kidnap, extortion, wrongful detention and hijacking
usually takes the form of first-party coverage for contamination of insured property either by external or on-site sources
is an insurance cover taken by those who travel abroad
Risk which can be insured by private companies typically share one of these common characteristics
Affordable premium
Calculable gain
High risk of catastrophically large losses
Contribution loss
Men average more miles driven per year than women, and have a significantly higher rate of accident involvement
True
False
Vehicle insurance (also known as auto insurance, gap insurance, car insurance, or motor insurance) can cover some or all of the following items:
medical payments, physical damage, third parties, fire and theft
medical payments, psychological damage, third parties, fire and theft
maintanence repairs, weather damage, third parties, fire and theft
maintanence repairs, physical damage, third parties, fire and theft
The first insurance company in the United States underwrote ____________
life insurance
fire insurance
car insurance
health insurance
The business model of insurance is to collect the equal amount in premiums and investment income as that is paid out in losses
The model is to collect more than than what is paid out in losses, no equal
True
False
These two civilizations were the first to practice modern insurance
Chinese and Babylonian
Greek and Roman
Mayan and Aztec
French and British
Insurance decreases the rate of fraud in society
True
False
In 2008, Global insurance premiums grew to approximately
$4.3 trillion
$8.9 trillion
$6.7 trillion
$956 billion
indemnification is the securing against loss, damage, or penalty
True
False
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