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FBLA Insurance & Risk Management Test 2
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FBLA Insurance & Risk Management Test 2
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25 Questions

1. Antonio is a claims adjustor for LMN Insurance Company. After the insurer is notified that there has been a loss, Antonio meets with the insured. The first step in the claims process that Antonio should follow is to:
2. The doctor designated by the insured to be most directly responsible for his or her care is called:
3. A higher deductible results in:
4. A misrepresentation:
5. This cost is to rebuild a structure or replace a piece of destroyed property.
6. Which method would be more useful to discover a dollar estimate of losses?
7. An insurance agent who sells the products of only one insurance company is known as a(n):
8. COBRA is a law dealing with:
9. A life insurance company based in Canada was licensed to operate in Massachusetts. When operating in Massachusetts, the Canadian insurer would be considered a(n):
10. The policy provision requiring the filing of proof of loss with the insurer is an example of a(n):
11. In what career would a person develop business strategies and presentations to promote the sale of different insurance products?
12. What is reinsurance?
13. Seat belts:
14. 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:
15. Insurance authors have traditionally defined risk as:
16. By misrepresenting the true facts, Gretchen was able to convince a client to drop a life insurance policy with another company and to purchase a policy from the company that Gretchen represents. Gretchen has engaged in the practice of:
17. Which one of the following statements about mutual insurers is true?
18. Abandoning an existing loss exposure is an example of:
19. Which one of the following is not a way to reduce auto insurance costs?
20. This is auto insurance coverage that compensates insured's for damages caused by someone with insufficient limits of coverage for the insured's losses.
21. When using the needs approach, several 'special needs' should be considered. One special need is money to cover unexpected events, such as major car repairs, dental bills, or home repairs. Money set aside for this purpose is called a(n):
22. This type of life insurance policy provides lifetime-long insurance protection.
23. A false statement made by an applicant for insurance is an example of a:
24. What is a decrease in or disappearance of value?
25. This federal retirement insurance program pays monthly benefits to eligible workers in retirement.

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