Business Insurance IQ Quiz! Trivia

8 Questions | Total Attempts: 405

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Business Insurance IQ Quiz! Trivia

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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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

  • 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

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