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What is the purpose of an automobile insurance plan? How does an auto plan generally work?
Briefly explain the role of the courts and the law in providing consumer protection relative to insurance products.
Which of the following statements about the insurance market is not correct?
A) Compulsory insurance laws make the insurance market more efficient.
B) The insurance market has many buyers and sellers.
C) Insurance companies do not...
Which of the following statements about insurance commissioners is not correct?
A) Insurance commissioners interpret the state's insurance laws.
B) Insurance commissioners enforce the state's insurance laws.
C) Insurance...
A lack of insurance for high-risk drivers:
A) makes the insurance market more efficient
B) should change their behavior
C) makes insurance costs go up
D) reduces regulation in the insurance market
Which of the following is true about the supply and demand curves for insurance?
A) The demand for insurance is very elastic and sensitive to price.
B) As price declines, the demand for insurance increases dramatically.
C) The supply...
David and Kathy have asked you about A.M. Best Reports services. They specifically want to know if there are any criticisms of Best's and other rating agencies. You would be correct if you told them:
A) all the agencies tend to agree on the...
When choosing the right amount of life insurance to purchase, the consumer should first consider:
A) how much money she can afford for monthly premiums
B) her financial goals and reasons for buying it in the first place
C) how many...
When choosing the proper amount of insurance:
A) one should always insure those exposures that occur most frequently
B) one should always take a little bit less insurance than the agent recommends to save some money in the long run
CPCU stands for:
A) Certified Property and Casualty Underwriter
B) Claims, Property, and Casualty Underwriter
C) Chartered Property Casual Underwriter
D) Chartered Professional Claims Underwriter
One of the reasons why there is not sufficient supply for high-risk insurance applicants is:
A) consumers will not buy insurance if prices are increased
B) the existence of joint underwriters associations
C) regulators have limited...
Which of the following is a primary reason that insurance consumers are not well-informed?
A) Insurers have not made much effort to inform consumers.
B) The rewards of making informed decisions are not worth the cost of obtaining the needed...
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