Business Insurance IQ Quiz! Trivia
(53).jpg "Business Insurance IQ Quiz! Trivia - Quiz")
Test your knowledge on Business Insurance with this trivia quiz! Covering key concepts like business interruption, non-admitted insurance companies, deductibles, retroactive dates, and the role of insurance brokers. Essential for professionals managing business risks.
Questions and Answers
- 1.
Business Interruption covers is: Profits you would have earned based on past financial records, fixed operating expenses, and temporary location when disaster causes the business location unsuitable.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Business Interruption insurance covers the profits that a business would have earned based on past financial records, as well as fixed operating expenses and temporary relocation costs. This coverage is applicable when a disaster or other event renders the business location unsuitable for operations. Therefore, the statement is true.Rate this question:
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- 2.
A non-admitted insurance company: Does not have the license to do business in that state but can write coverage through excess and surplus lines broker that is licensed.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
A non-admitted insurance company is one that does not have the necessary license to conduct business in a specific state. However, they can still provide coverage through an excess and surplus lines broker who is licensed. This allows the non-admitted insurance company to write policies for unique or high-risk situations that may not be covered by traditional admitted insurers.Rate this question:
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- 3.
A deductible is: The amount you are not responsible for in the event of a loss before coverage is triggered by your policy.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A deductible is the amount that you are responsible for paying when you make a claim. Usually the higher the deductible the lower the premium.Rate this question:
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- 4.
The retroactive date is: A very crucial date on a claim made policy that determines at what point coverage will apply. If a claim occurs prior to this date, there is no coverage. This date varies depending on how long you’ve had continuous coverage.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
The retroactive date is a crucial date on a claim made policy that determines when coverage will apply. If a claim occurs before this date, there will be no coverage. This date can vary depending on how long the policyholder has had continuous coverage.Rate this question:
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- 5.
Claims made are: A policy that covers claims first made (reported or filed) during the year the policy is in force for any incidents that occur during that year or during any previous period covered by claims made policy, subject to the retroactive date.
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
This statement is true. A claims-made policy provides coverage for claims that are first made during the year the policy is in force, regardless of when the incident occurred. It also covers incidents that occurred in previous periods that were covered by the claims-made policy, as long as there is a retroactive date specified.Rate this question:
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- 6.
Insurance Broker is: Someone that represents one insurance company and does not search the market for appropriate coverage and competitive rates.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
A broker usually searches the market for the best rates and policies to fit your needs.Rate this question:
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- 7.
Hacker Insurance is:Would be protection against losses caused by hackers from businesses dealing in e-commerce but it does not exist.
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Hacker insurance does exist and is important in protecting your business and customers. Interested in learning more?
http://www.costelloandsons.com/blogtechnology/2010/11/hacker-coverage-interview-with-bryan-costello/Rate this question:
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- 8.
Costello and Son’s Insurance Brokers specializes in: 4 distinct areas: technology companies, venture capital/ private equity firms, realtors, and individuals J
- A.
True
- B.
False
Correct Answer
A. TrueExplanation
Costello and Son's Insurance Brokers specializes in four distinct areas: technology companies, venture capital/private equity firms, realtors, and individuals. This means that they have expertise and experience in providing insurance services specifically tailored to these industries and individuals.Rate this question:
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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 -
Mar 03, 2011Quiz Created by
LindsP
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