The Business of Insurance Quiz

The Business of Insurance Quiz

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Question 1 of 4

1. Question
Is this statement true or false? “The premium charged for each risk should be equal or proportionate to the chance of loss”
- True
- False
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Question 2 of 4

2. Question
Using the bucket analogy, what happens if the inputs (premiums, investments) are less than the outputs (claims, operating expenses)?
- The insurance company is not profitable.
- The insurance company is profitable.
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Question 3 of 4

3. Question
When the economic climate is calm and there’s a lot of competition in the marketplace, companies may want to…
- Increase premiums
- Decrease premiums
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Question 4 of 4

4. Question
What tends to happen during a tight economy?
- There is often an increase in the frequency of claims.
- There is often a decrease in the frequency of claims.
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