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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

Relevant Website: http://en.wikipedia.org/wiki/Insurance

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

indemnification is the securing against loss, damage, or penalty

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

Men average more miles driven per year than women, and have a significantly higher rate of accident involvement

True False

These two civilizations were the first to practice modern insurance

Chinese and Babylonian Greek and Roman Mayan and Aztec French and British

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 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

Kidnap and ransom insurance is illegal in Mexico

True False

In 2008, Global insurance premiums grew to approximately

$4.3 trillion $8.9 trillion $6.7 trillion $956 billion

The first insurance company in the United States underwrote ____________

life insurance fire insurance car insurance health insurance

Insurance decreases the rate of fraud in society

True False

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