Which organization, founded in 1706, is widely regarded as the first life insurance company?
Answer
Amicable Society for a Perpetual Assurance Office
80 Insurance Industry Trivia Questions with Answers
80 public questions with answers, drawn from the well. How many can you answer?
Who was insured in the first known life insurance policy, issued in England in 1583?
Answer
William Gibbons
Which London disaster in 1666 helped spur the development of modern fire insurance?
Answer
Great Fire of London
Which U.S. law, enacted in 1945, confirmed that insurance regulation generally belongs to the states?
Answer
McCarran–Ferguson Act
Which reinsurer was founded in Munich in 1880 by Carl von Thieme?
Answer
Munich Re
Which company, founded in Philadelphia in 1752, is the oldest surviving property insurance company in the United States?
Answer
Philadelphia Contributionship
Which organization founded in 1762 is widely regarded as the world's first mutual life insurer?
Answer
Society for Equitable Assurances
Which London market began at Edward Lloyd’s coffee house and became famous for marine insurance?
Answer
Lloyd's of London
Which international organization develops global principles for insurance supervision?
Answer
International Association of Insurance Supervisors
What is the insurance term for coverage that protects a professional against claims of negligence or errors?
Answer
Professional liability insurance
Which organization publishes the annual World Insurance market report known as Sigma?
Answer
Swiss Re Institute
Which 1965 U.S. law created both Medicare and Medicaid?
Answer
Social Security Amendments of 1965
Which insurance market uses the term “syndicate” for groups of members that accept risks?
Answer
Lloyd’s of London
What is the insurance term for a contract that pays benefits when a policyholder dies?
Answer
Life insurance
Which U.S. federal law created the Terrorism Risk Insurance Program after the September 11 attacks?
Answer
Terrorism Risk Insurance Act
What insurance term describes coverage for damage caused by earthquakes?
Answer
Earthquake insurance
Which international insurance regulator association was founded in 1994?
Answer
International Association of Insurance Supervisors
Which insurance product covers losses when customers fail to pay their commercial invoices?
Answer
Trade credit insurance
What type of insurance protects a business when a key employee’s death disrupts operations?
Answer
Key person insurance
What is the insurance metric that adds the loss ratio and expense ratio?
Answer
Combined ratio
Which U.S. company, founded in 1792, was the nation’s first stock insurance company?
Answer
Insurance Company of North America
Which U.S. agency administers the National Flood Insurance Program?
Answer
Federal Emergency Management Agency
Who founded the U.S. insurer Prudential Insurance Company of America in 1875?
Answer
John Fairfield Dryden
In insurance, what principle requires both parties to disclose all material facts honestly?
Answer
Utmost good faith
Which U.S. law created the federal Pension Benefit Guaranty Corporation in 1974?
Answer
Employee Retirement Income Security Act
What insurance term describes a policy that covers damage to a third party caused by the insured?
Answer
Liability insurance