Business Insurance IQ Quiz! Trivia

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| By LindsP
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LindsP
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Quizzes Created: 1 | Total Attempts: 536
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  • 1/8 Questions
      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.  - ProProfs

      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. 

    • True
    • False
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About This 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.

Business Insurance IQ Quiz! Trivia - Quiz

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  • 2. 
      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. - ProProfs

      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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 3. 
      Insurance Broker is:    Someone that represents one insurance company and does not search the market for appropriate coverage and competitive rates. - ProProfs

      Insurance Broker is:    Someone that represents one insurance company and does not search the market for appropriate coverage and competitive rates.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    A broker usually searches the market for the best rates and policies to fit your needs.

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  • 4. 
      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. - ProProfs

      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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 5. 
      Costello and Son’s Insurance Brokers specializes in:   4 distinct areas: technology companies, venture capital/ private equity firms, realtors, and individuals J - ProProfs

      Costello and Son’s Insurance Brokers specializes in:   4 distinct areas: technology companies, venture capital/ private equity firms, realtors, and individuals J

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 6. 
      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. - ProProfs

      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.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    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.

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  • 7. 
      A deductible is:    The amount you are not responsible for in the event of a loss before coverage is triggered by your policy.  - ProProfs

      A deductible is:    The amount you are not responsible for in the event of a loss before coverage is triggered by your policy. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 8. 
    Hacker Insurance is:Would be protection against losses caused by hackers from businesses dealing in e-commerce but it does not exist.  - ProProfs

    Hacker Insurance is:Would be protection against losses caused by hackers from businesses dealing in e-commerce but it does not exist. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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:

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.

  • Current Version
  • Mar 20, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 03, 2011
    Quiz Created by
    LindsP
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