Question 1

International insurance claims are generally less than U.S. claims due to:

Accepted Answer

A)   no punitive damages
B)   fewer claims
C)   international countries are less litigious
D)   All of the above
E)   None of the above

Question 2

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

Accepted Answer

A) True 
 B)False

Question 3

Workers' Compensation:

Accepted Answer

A)   Provides injury-related insurance to those workers who were hurt while on the job
B)   Provides insurance to workers who have been laid off due to cutbacks
C)   Provides insurance to workers who have been terminated for an offense
D)   None of the above.

Question 4

Cyber risk insurance is also known as ____.

Accepted Answer

A)   Business interruption coverage
B)   Cyber insurance coverage
C)   Data Breach coverage
D)   Enterprise Risk coverage

Question 5

An "umbrella" as it relates to insurance:

Accepted Answer

A)   Is the maximum amount that can be paid for all claims during a policy period
B)   Is insurance coverage purchased to supplement primary coverage
C)   Is the maximum amount that will be paid in the event of a single claim
D)   Is the amount of insurance provided by a traditional insurance policy

Question 6

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

Accepted Answer

A) True 
 B)False

Question 7

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Accepted Answer

A) True 
 B)False

Question 8

EPLI insurance provides coverage for all of the following types of claims except _____.

Accepted Answer

A)   Sexual harassment by a manager
B)   Discrimination by a supervisor
C)   Wrongful termination of a key employee
D)   Property damage caused by fire
E)   Retaliation by the housekeeping department

Question 9

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Accepted Answer

A) True 
 B)False  True

Question 10

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Accepted Answer

A) True 
 B)False

Question 11

Data breach insurance coverage will sometimes be included in a business' ______.

Accepted Answer

A)   errors and omissions insurance
B)   workers compensation
C)   general liability coverage
D)   restoration protection coverage A

Question 12

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

Accepted Answer

A)   underwriting
B)   annuity protection
C)   AA ratings
D)   Face sheet protection.

Question 13

The Affordable Care and Patient Protection Act is also known as ____.

Accepted Answer

A)   America's Health Care Act
B)   Obamacare
C)   COBRA
D)   Single Payer Health Care Act

Question 14

Earthquakes and floods are examples of "Acts of God."

Accepted Answer

A) True 
 B)False

Question 15

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

Accepted Answer

A) True 
 B)False

Question 16

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is one of the three primary categories of insurance policy types?

Accepted Answer

A)   Life insurance
B)   Health insurance
C)   Property-casualty insurance
D)   Rental insurance

Question 18

Liability insurance ordinarily provides coverage when a guest slips and falls.

Accepted Answer

A) True 
 B)False  True

Question 19

Financial protection, which comes from property-liability insurance, is also known as indemnification.

Accepted Answer

A) True 
 B)False

Exam 15: Managing Insurance

International insurance claims are generally less than U.S. claims due to:

Correct Answer
verified

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

Correct Answer
verified

Workers' Compensation:

Correct Answer
verified

Cyber risk insurance is also known as ____.

Correct Answer
verified

An "umbrella" as it relates to insurance:

Correct Answer
verified

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

Correct Answer
verified

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Correct Answer
verified

EPLI insurance provides coverage for all of the following types of claims except _____.

Correct Answer
verified

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Correct Answer
verified
True

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Correct Answer
verified

Data breach insurance coverage will sometimes be included in a business' ______.

Correct Answer
verified
A

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

Correct Answer
verified

The Affordable Care and Patient Protection Act is also known as ____.

Correct Answer
verified

Earthquakes and floods are examples of "Acts of God."

Correct Answer
verified

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

Correct Answer
verified

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Correct Answer
verified

Which of the following is one of the three primary categories of insurance policy types?

Correct Answer
verified

Liability insurance ordinarily provides coverage when a guest slips and falls.

Correct Answer
verified
True

Financial protection, which comes from property-liability insurance, is also known as indemnification.

Correct Answer
verified

Exam 15: Managing Insurance

International insurance claims are generally less than U.S. claims due to:

Correct AnswerverifiedShow Answer

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

Correct AnswerverifiedShow Answer

Workers' Compensation:

Correct AnswerverifiedShow Answer

Cyber risk insurance is also known as ____.

Correct AnswerverifiedShow Answer

An "umbrella" as it relates to insurance:

Correct AnswerverifiedShow Answer

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

Correct AnswerverifiedShow Answer

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Correct AnswerverifiedShow Answer

EPLI insurance provides coverage for all of the following types of claims except _____.

Correct AnswerverifiedShow Answer

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Correct AnswerverifiedTrue

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Correct AnswerverifiedShow Answer

Data breach insurance coverage will sometimes be included in a business' ______.

Correct AnswerverifiedA

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

Correct AnswerverifiedShow Answer

The Affordable Care and Patient Protection Act is also known as ____.

Correct AnswerverifiedShow Answer

Earthquakes and floods are examples of "Acts of God."

Correct AnswerverifiedShow Answer

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

Correct AnswerverifiedShow Answer

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Correct AnswerverifiedShow Answer

Which of the following is one of the three primary categories of insurance policy types?

Correct AnswerverifiedShow Answer

Liability insurance ordinarily provides coverage when a guest slips and falls.

Correct AnswerverifiedTrue

Financial protection, which comes from property-liability insurance, is also known as indemnification.

Correct AnswerverifiedShow Answer

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True

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A

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True

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