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FBLA Insurance & Risk Management Test
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FBLA Insurance & Risk Management Test
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25 Questions

1. What information is contained in the insuring agreement of an insurance policy?
2. Taylor Tobacco Company is concerned that the company may be held liable in a court of law and forced to pay a large damage award. The characteristics of the judicial system that increase the frequency and severity of losses is known as:
3. __________ is the likelihood that an event will occur.
4. The most important factor in an insurance company's decision on the price you pay for homeowners insurance is:
5. This form amends a property-liability insurance policy that reflects any changes to the standard policy.
6. An insurance agent that sells insurance policies from a variety of different companies is:
7. Blossom buys a universal life policy and names her friend Brittany, who has a special needs child, as beneficiary. For the first year she invests $150 a month into the policy. How much has Blossom paid into the account at the end of a year?
8. Insurance must, by law in most states, meet all but one of the following requirements.
9. The cash value option allows the insured to:
10. Most Americans buy an auto insurance policy designed for personal use of a private passenger vehicle usually called:
11. All of the following statements about business objectives in designing a rating system are true except the rating system should:
12. RST Insurance is an interesting company. It doesn't have any agents! Rather, the company sells insurance through radio ads, telemarketers, and newspaper and magazine inserts. This distribution method is called:
13. Which one of the following types of loss exposures are best met by the use of avoidance?
14. The unethical practice of making false or misleading statements with the intent to deceive or be unfair is called:
15. Which of the following does not involve a moral hazard?
16. The best way to protect a small child in an automobile is:
17. Insurance that protects a car owner against financial loss resulting from a wreck or rollover is called:
18. Coverage that protects policyholders from claims or judgments made against them resulting from their personal activities other than ownership, maintenance, or use of automobiles is:
19. Judy is found to be 70 percent to blame and Don 30 percent to blame in an accident in which Judy suffers a loss of $1,000 and Don suffers a loss of $10,000. Under the doctrine of comparative negligence Don recovers:
20. To be properly classified as 'insurance' an arrangement also must have all but one of the following elements.
21. An agent who has authority to perform only a specific act or function is called a:
22. Maxine's hands hurt so badly from typing that she could hardly move her thumbs. The workers' compensation insurer did not dispute the injury and agreed to pay for treatment. After a $20,000 operation and 18 physical therapy sessions at $150 apiece, how much did the insurer pay?
23. The worst loss that is likely to happen is referred to as the:
24. One item that appears on an insurance company's financial statements is a liability that represents an estimate of the claims reported and adjusted but not yet paid, claims reported and filed but not yet adjusted, and claims incurred but not yet reported to the company. This liability is called the insurers:
25. A life insurance policy limited to a specific length of time is known as:

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