2.6 Ethics in Insurance – Past and Present FINAL EXAM

Academically, ethics is a field of:

This course discusses ethics in relation to:

Every insurance practitioner (agents, underwriters, adjusters, etc.) owes an ethical duty to:

Which of the following activities does not require purchasing insurance?

_________ and ___________ information lies at the heart of every aspect of insurance.

Insurance is an industry based on the law of large ___________:

Priceless is not an insurance term; all things insurance related must be valued ____________:

Risk is what separates actuarily sound insurance from:

What is the definition of “exposure”

Insurance is said to be an “aleatory” contract because:

Insurance is considered a “contract of adhesion” because:

A “peril” is:

In order for a loss to be insurable, the loss must be fortuitous, which means _________ and _________:

Historically, one of the earliest types of insurance that dates all the way back to the middle ages was:

The biblical concept of “eye for eye, tooth for tooth” represents the earliest concept of :

The state insurance commissioners association that acts as a forum to exchange information and develop uniform regulatory practices is known as the:

What federal act of law established that state regulation and taxation of the insurance industry was in the public interest, and that as long as the states actively regulate insurance, the federal government cannot do so?

Which of the following is a relatively new buzzword within the risk industry?

At the end of the 20th century, the corporate title CRO was created. CRO stands for:

Which of the following is a responsibility of a CRO?

Hold harmless agreements, indemnification clauses, and waivers of subrogation all:

Which of the following institutions does not provide education and designations for insurance professionals?

Insurance is primarily regulated at the _____________ level.

The underwriting practice of redlining is _____________ in most states.

What is the definition of “pure premium”?

Underwriting decisions must be based on _______________ and __________________.

Which of the following ratios are not part of the “combined ratio”?

A customers’ desire to purchase more insurance than he needs may be an indication of ____________.

Standard liability and workers compensation policies reserve the right and duty to settle or defend for the ______________, not the _____________.

The need to attract new ____________ is a constant in the marketing and production side of insurance.

Which of the following practices is unethical?

Which of the following is a criteria for contracts?

A insurer’s duty to provide full and complete information about its coverage, its claim processes, and its settlement decisions is the definition of:

___________ is the absolute minimum standard of behavior; _____________ is the highest standard of behavior.

A physician submitting false medical bills to insurers for services they did not provide is an example of:

Which of the following is an example of “soft fraud”?

A cross between official rules or laws and standards of behavior is the definition of:

Few ethical issues will garner as much attention in the twenty-first century as that of what?