Insurance and Financial Regulations Quiz

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.

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.

Front

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

Back

B) A consumer's credit report.

Front

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

Back

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

Front

What is the purpose of a policy application in insurance?

Back

A) To request insurance coverage.

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.

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.

Front

What is the purpose of the Named Non-Owner Coverage endorsement?

Back

B) To provide coverage for individuals who do not own a car but drive borrowed or rented cars.

Front

Which of the following is NOT considered a covered auto under the Personal Auto Policy?

Back

C) A vehicle used for delivery or commercial purposes.

Front

What does the Extended Non-Owned Coverage endorsement provide?

Back

B) Coverage for non-owned autos furnished for the insured’s regular use.