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WorksheetsSummit 2019 - Industry Quiz
Total questions: 12
Worksheet time: 4mins
What is the main reason why an insurance company may want reinsurance coverage?
Risk transfer
Income smoothing
Revenue smoothing
Money transfer
An insured entity must have a financial loss or financial interest in the property. We call this:
Principle of indemnity
Pure risk
Insurable interest
Property coverage
Which one is NOT an insurable risk?
Damage caused by flooding
Investing in the stock market (speculative risk. Others are pure risks)
Loss of income and employment benefits
Slipping on someone´s driveway
Which one is NOT a mechanism of risk sharing or distribution?
Co-insurance
Reinsurance
Pooling
Bonding
Reinsurer can insure its risk too. We call this:
Re-reinsurance
Retrocession
Insurance
Where does it end?
When an insurance company transfers the risk to SwissRe, we start calling them:
Cedent
Broker
Consumer
Policyholder
Which type of reinsurance is NOT proportional reinsurance?
Quota share
Surplus
Facultative-obligatory
Stop loss
The re-insurer that sets the terms for the contract is called the:
Chief re-insurer
Major re-insurer
Stakeholder re-insurer
Lead re-insurer
What were the names of 3 major hurricanes in 2017?
Harvey, Irma and Maria
Florence, Katarina and Charley
Sandy, Wilma and Erika
Felix, Anita and Dennis
What were the natural catastrophe-related economic losses in 2017?
Around USD 330 billion
Around USD 155 billion
Around USD 92 billion
Around USD 530 billion
The most expensive life insurance policy in the world, worth USD 1.2 billion, belongs to:
Jeff Bezos
Warren Buffett
Steven Spielberg
Bill Gates
Julia Roberts once took out a USD 30 million insurance policy on her:
Acting talent
Hair
Smile
Chihuahua dog
