Insurance Pricing Practice Test

Insurance Pricing Practice Test

University

•

25 Qs

quiz-placeholder

Similar activities

คำถาม Tourism Quiz ช่วงที่ 1

คำถาม Tourism Quiz ช่วงที่ 1

University

•

20 Qs

SJAG Bible Quiz

SJAG Bible Quiz

KG - Professional Development

•

20 Qs

CSS- Quiz 2

CSS- Quiz 2

University

•

20 Qs

Kinship and Family in Borneo

Kinship and Family in Borneo

University

•

20 Qs

Candy quiz

Candy quiz

KG - University

•

20 Qs

PLANTS AND THEIR ENVIRONMENT

PLANTS AND THEIR ENVIRONMENT

University

•

20 Qs

Movies & Anime

Movies & Anime

University

•

20 Qs

FINANCIAL MANAGEMENT

FINANCIAL MANAGEMENT

12th Grade - University

•

20 Qs

Insurance Pricing Practice Test

Insurance Pricing Practice Test

Assessment

Quiz

•

Other

•

University

•

Practice Problem

•

Medium

Created by

Xin yuee

Used 2+ times

FREE Resource

AI

Enhance your content in a minute

Add similar questions
Adjust reading levels
Convert to real-world scenario
Translate activity
More...

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a new regulation is introduced that increases the minimum coverage required for certain policies, how might this affect the severity of claims?

It could lead to an increase in the severity of claims due to higher coverage limits.

It would decrease the severity of claims by reducing the number of claims filed.

It would have no effect on the severity of claims.

It would only affect the premiums charged, not the claims themselves.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe how the age of a building can affect its fire insurance premium.

Older buildings are always cheaper to insure than newer ones.

Older buildings may have higher premiums due to increased risk of fire hazards.

Age has no impact on insurance premiums.

All buildings have the same insurance premium regardless of age.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a driver switches from a high-performance sports car to a standard sedan, what is likely to happen to their motor insurance premium?

The premium will decrease because sports cars are less expensive to insure.

The premium will increase because sedans are more common.

There will be no change in the premium as it is based on the driver's age.

The premium is likely to decrease due to lower risk associated with the sedan.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is an insurance premium?

A payment made to an insurance company in exchange for coverage

A payment made to the government for Medicare or Medicaid coverage

A payment made to a healthcare provider for medical services

A payment made to a pharmacy for prescription medications

5.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What should be checked if there is a significant increase in average premiums?

One should check for the number of claims filed by policyholders.

One should check for the total number of insurance policies sold.

One should check for changes in the rate formula or any external environmental changes, such as increases in the sum insured.

One should check for changes in the insurance policy terms only.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How might an increase in loss adjustment expenses affect an insurance company's pricing strategy?

It would have no effect on pricing strategy.

It may lead to higher premiums to cover increased costs associated with managing claims.

It would decrease premiums due to lower risk.

It would only affect the underwriting process.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of an insurance premium?

To provide coverage for the policyholder.

To cover administrative costs only.

To pay for future claims only.

To determine the risk factors of the insured.

Access all questions and much more by creating a free account

Create resources

Host any resource

Get auto-graded reports

Google

Continue with Google

Email

Continue with Email

Classlink

Continue with Classlink

Clever

Continue with Clever

or continue with

Microsoft

Microsoft

Apple

Apple

Others

Others

Already have an account?