Insurance Industry Quiz

What is the role of a Claims Adjuster in the insurance industry?

• A policy that is standardized to have the same limitations and exceptions

• Investigate insurance claims by interviewing the claimant and witnesses, and inspecting property damage

• Manage insurance claims from patients in doctors' offices and insurance companies

• A large company that provides insurance and assumes the risk covered in the policies

What does Reinsurance mean?

• A policy provision that eliminates coverage for some type of risk

• Insurance that is purchased by an insurance company, in which some part of its own insurance liabilities is passed on to another insurance company

• Types of coverage that help protect the stuff you own

• An alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself

Which term describes a policy or bond that covers the insured against certain hazards and applies only to loss or damage in excess of a stated amount or specified primary or self-insurance?

• Standard Insurance

• Captive Insurance Company

• Excess Insurance

• Property/Casualty

What is a Captive Insurance Company?

• A large company that provides insurance and assumes the risk covered in the policies

• A policy that is standardized to have the same limitations and exceptions

• An alternative to self-insurance in which a parent group or groups create a licensed insurance company to provide coverage for itself

• Insurance that is purchased by an insurance company, in which some part of its own insurance liabilities is passed on to another insurance company

What is the primary purpose of Underwriting in the insurance industry?

• To determine the insurance rates and premiums for clients

• To sell insurance policies to new customers

• To assess the risk of insuring a particular person or asset and decide the terms of the insurance policy

• To manage and invest the funds collected from premiums

What does the term 'Actuary' refer to in the insurance sector?

• A legal advisor specializing in insurance claims and disputes

• A professional who assesses and manages the risks of financial investments, insurance policies, and other potentially risky ventures

• An agent who sells insurance policies

• A customer service representative in an insurance company

What is 'Liability Insurance' primarily used for?

• Protecting the insured against claims resulting from injuries and damage to people and/or property

• Covering the costs associated with the theft or damage of the insured's property

• Providing life insurance coverage to the insured's beneficiaries

• Insuring goods being transported over long distances