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Insurance and Financial Regulations Quiz

Insurance and Financial Regulations Quiz

Assessment

Flashcard

Business

Professional Development

Hard

Created by

Eddie Emmett

FREE Resource

Student preview

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24 questions

Show all answers

1.

FLASHCARD QUESTION

Front

What does the Gramm-Leach-Bliley Act require financial institutions to do?

Back

B) Explain their information-sharing practices and protect consumers' private information.

2.

FLASHCARD QUESTION

Front

What is the main function of underwriting in the insurance industry?

Back

B) To assess and price the risk of insuring a person or entity.

3.

FLASHCARD QUESTION

Front

Which of the following is an example of a source of underwriting information?

Back

B) A consumer's credit report.

4.

FLASHCARD QUESTION

Front

What does the Terrorism Risk Insurance Act (TRIA) provide?

Back

B) A government backstop for insurance claims related to acts of terrorism.

5.

FLASHCARD QUESTION

Front

What is the purpose of a policy application in insurance?

Back

A) To request insurance coverage.

6.

FLASHCARD QUESTION

Front

What is the purpose of the Lease Gap coverage?

Back

A) To cover the difference between the actual cash value of a leased vehicle and the remaining balance on the lease in the event of a total loss.

7.

FLASHCARD QUESTION

Front

Which part of the Personal Auto Policy provides coverage for damage to the insured's own automobile?

Back

D) Part D – Coverage for damage to your auto.

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