Session 5 Practice Exam
Insurance Knowledge Quiz
Test your understanding of the insurance industry with this comprehensive 24-question quiz. Ideal for aspiring insurance professionals or anyone looking to enhance their knowledge about various insurance concepts, terms, and processes.
Key Features:
- Multiple choice questions
- Focus on key roles and processes in insurance
- Self-assessment and learning tool
It is sold either directly by Insurance companies or their representatives.
Warranty
Insurance
Representation
Reimbursement
It is a person who sells insurance products for an insurance company or companies.
Producer
Adjuster
Underwriter
Broker
It is a legal relationship that is formed when one party, the Insurance company, authorizes another party, the agent, to act as a legal representative of the Insurance company.
Representation
Agency
Authorization
Business
They are legal representatives of the insurance company or companies for which they have contractual agreements to sell insurance.
Insurance adjusters
Insurance underwriters
Insurance agents
Insurance brokers
It is an independent business owner of firm that sells insurance by representing customers rather than insurers.
Insurance agents
Insurance brokers
Insurance adjusters
Insurance underwriters
It is an independent business organization that appoints and supervises independent agents for insurance companies that use the independent agency system.
Managing General Agency (MGA)
Multiobjective Genetic Agency (MGA)
Microsoft Genuine Agency (MGA)
Multiple Group Agency (MGA)
It functions almost as a branch office for one or more insurance companies.
Business Owners Policy (BOP)
Managing General Agency (MGA)
Emergency Medical Services (EMS)
Certificate of Need (CON)
This type of writing system of insurance marketing uses sales representatives who are employees of an insurance company.
Direct
Indirect
Formal
Informal
It is the amount of money an insurance company charges in return for providing coverage for a particular risk.
Claim
Annuity
Premium
Pension
These premiums on policies put into effect or written during a given period.
Written premiums
Earned premiums
Unearned premiums
Periodical premiums
This premium for a particular policy is the portion of the written premium that applies to the part of the policy period that has already occurred.
Unearned premium
Verbal premium
Earned premium
Written premium
It is the portion of the written premium that applies to the part of the policy period that has not yet occurred.
Earned premium
Written premium
Unearned premium
Portion premium
It is the process of selecting insureds, pricing coverage, determining insurance policy terms and conditions, and then monitoring the underwriting decisions made.
Underwriting
Gathering
Business Process
Policy lines
An insurance company employee who evaluates applicants for insurance, selects those that are acceptable to the insurer, prices coverage, and determines policy terms and conditions.
Broker
Adjuster
Underwriter
Regulator
Select the correct sequence of steps in underwriting process:
Making the underwriting decision, Implementing that decision, Monitoring the decision, Gathering the necessary information
Gathering the necessary information, Making the underwriting decision, Implementing that decision, Monitoring the decision
Gathering the necessary information, Monitoring the decision, Making the underwriting decision, Implementing that decision
Gathering the necessary information, Making the underwriting decision, Monitoring the decision, Implementing that decision
It is a demand by a person or business seeking to recover from an insurance company for a loss that might be covered by an insurance policy.
Pension
Annuity
Claim
Warranty
A person responsible for investigating, evaluating, and settling claims.
Claimant
Broker
Underwriter
Adjuster
Anyone who submits a claim to an insurance company.
Claimant
Broker
Underwriter
Adjuster
A third party that has suffered a loss and seeks to collect for that loss from an insured.
Underwriter
Claimant
Broker
Adjuster
In this type of claim, the claimant is the insured (the first party).
Subrogation claim
First party claim
Property claim
Personal claim
Select the correct sequence of steps in claim handling process:
Investigation, Valuation, Negotiation and settlement
Investigation, Settlement, Negotiation, Valuation
Investigation, Negotiation and settlement, Valuation
Investigation, Settlement, Valuation, Negotiation
It is the process in which the Insurance company manages the financial transactions required to keep policies in force.
Billing process
Claim process
Underwriting process
Annuity process
It is the first step in the billing life cycle for a policy.
Receive policy details
Create invoice items
Schedule invoice items on invoices
Settle the policy
It is the last step in the billing life cycle for a policy.
Pay commissions
Settle the policy
Process payments
Create invoice items
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