Insurance Trivia: MCQ Quiz!
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The principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he or she occupied before the loss occurred, no better or no worse.
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Insurable Interest
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Insurance
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Indemnity
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Implied Warranties
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Insurance Trivia: MCQ Quiz tests knowledge on key insurance principles like indemnity, ownership of mutual insurance, necessary policies for landlords, and specific historical data about insurance companies. It's ideal for enhancing understanding of insurance basics and risk exposure.
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A mutual insurance company is owned by who?
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Stockholders
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Reciprocals
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Executive Board
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Insureds
Correct Answer
A. InsuredsExplanation
A mutual insurance company is owned by the insureds. In a mutual insurance company, the policyholders are also the owners of the company. They pool their resources by paying premiums and in return, the company provides them with insurance coverage. The insureds have a say in the company's operations and may be entitled to receive dividends or refunds based on the company's financial performance. This ownership structure ensures that the company's focus is on serving the best interests of its policyholders rather than maximizing profits for stockholders.Rate this question:
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- 3.
You own the home, but you rent it to others. What type of policy do you need?
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Dwelling Fire
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Homeowners
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Renters
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Personal Umbrella
Correct Answer
A. Dwelling FireExplanation
If you own a home but rent it to others, you would need a Dwelling Fire insurance policy. This type of policy is specifically designed for property owners who rent out their homes. It provides coverage for the structure of the home, as well as any detached structures, against specific perils such as fire, lightning, and explosions. It does not provide coverage for the personal belongings of the tenants, as that would be their responsibility to insure.Rate this question:
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What do you call a condition or situation that presents a possibility of loss?
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Pure Risk
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Speculative Risk
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Loss
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Exposure
Correct Answer
A. ExposureExplanation
Exposure refers to a condition or situation that presents a possibility of loss. It represents the vulnerability or potential harm that an individual or organization may face due to various risks. This can include risks such as financial losses, physical damage, legal liabilities, or reputational harm. By understanding and managing exposure, individuals and organizations can take appropriate measures to mitigate potential losses and protect themselves against adverse events.Rate this question:
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- 5.
What year did NYCM open the Amsterdam branch office?
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1979
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1989
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1999
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2009
Correct Answer
A. 1989Explanation
The correct answer is 1989. This is the year when NYCM opened the Amsterdam branch office.Rate this question:
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- 6.
What year was A. Central Insurance Company launched?
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1999
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2000
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2001
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2002
Correct Answer
A. 2001Explanation
The correct answer is 2001. This means that A. Central Insurance Company was launched in the year 2001.Rate this question:
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Which insurance company uses this slogan? "Without it, no insurance is complete."
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Amica
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Geico
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Progressive
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AFLAC
Correct Answer
A. AFLACExplanation
The correct answer is AFLAC. AFLAC is an insurance company that uses the slogan "Without it, no insurance is complete." This slogan emphasizes the importance of AFLAC insurance in providing comprehensive coverage.Rate this question:
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- 8.
Which insurance company uses this slogan? "You're in good hands"
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Geico
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Allstate
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Amica
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Progressive
Correct Answer
A. AllstateExplanation
The correct answer is Allstate. Allstate is the insurance company that uses the slogan "You're in good hands." This slogan implies that customers can trust Allstate to take care of their insurance needs and provide reliable coverage.Rate this question:
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- 9.
Which of the following is NOT a NYCM Homeowner discount?
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Gated Community Discount
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Retirement Discount
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Early Signing Discount
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Renovation Discount
Correct Answer
A. Early Signing DiscountExplanation
The Early Signing Discount is not a NYCM Homeowner discount. This discount is typically offered by insurance companies to encourage homeowners to sign up for a policy early. It provides a financial incentive for customers to secure coverage before their current policy expires or before they purchase a new home. NYCM may offer other homeowner discounts such as the Gated Community Discount, Retirement Discount, and Renovation Discount, but the Early Signing Discount is not one of them.Rate this question:
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- 10.
Which year did NYCM Insurance acquire the independent adjusting firm A. F. Stager Inc?
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1990
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1991
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1992
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1993
Correct Answer
A. 1991Explanation
In 1991, NYCM Insurance acquired the independent adjusting firm A. F. Stager Inc.Rate this question:
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As of June 2017, which company does NYCM lose most of its personal lines business to?
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Geico & Allstate
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Allstate & Travelers
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State Farm & Travelers
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Farmers & Allstate
Correct Answer
A. Geico & AllstateExplanation
For NYCM Auto and Home, we lose the most business (the carrier acquiring cancellations) to GEICO and Allstate respectively. Earlier in the year, Travelers took the most business on Auto, but GEICO is now the top carrier.Rate this question:
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Quiz Review Timeline (Updated): Mar 20, 2023 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Mar 20, 2023Quiz Edited by
ProProfs Editorial Team -
Jun 09, 2017Quiz Created by
KMayne1
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