Question 1

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Accepted Answer

A) True 
 B)False  True

Question 2

Liability insurance ordinarily provides coverage when a guest slips and falls.

Accepted Answer

A) True 
 B)False  True

Question 3

Data breach insurance coverage will sometimes be included in a business' ______.

Accepted Answer

A)  errors and omissions insurance 
B)  workers compensation 
C)  general liability coverage 
D)  restoration protection coverage 
A)  errors and omissions insurance 
B)  workers compensation 
C)  general liability coverage 
D)  restoration protection coverage A

Question 4

The Affordable Care and Patient Protection Act is also known as ____.

Accepted Answer

A)  America's Health Care Act 
B)  Obamacare 
C)  COBRA 
D)  Single Payer Health Care Act 
A)  America's Health Care Act 
B)  Obamacare 
C)  COBRA 
D)  Single Payer Health Care Act

Question 5

Cyber risk insurance is also known as ____.

Accepted Answer

A)  Business interruption coverage 
B)  Cyber insurance coverage 
C)  Data Breach coverage 
D)  Enterprise Risk coverage 
A)  Business interruption coverage 
B)  Cyber insurance coverage 
C)  Data Breach coverage 
D)  Enterprise Risk coverage

Question 6

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Accepted Answer

A) True 
 B)False

Question 7

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Accepted Answer

A) True 
 B)False

Question 8

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

Accepted Answer

A) True 
 B)False

Question 9

An "umbrella" as it relates to insurance:

Accepted Answer

A)  Is the maximum amount that can be paid for all claims during a policy period 
B)  Is insurance coverage purchased to supplement primary coverage 
C)  Is the maximum amount that will be paid in the event of a single claim 
D)  Is the amount of insurance provided by a traditional insurance policy 
A)  Is the maximum amount that can be paid for all claims during a policy period 
B)  Is insurance coverage purchased to supplement primary coverage 
C)  Is the maximum amount that will be paid in the event of a single claim 
D)  Is the amount of insurance provided by a traditional insurance policy

Question 10

Earthquakes and floods are examples of "Acts of God."

Accepted Answer

A) True 
 B)False

Question 11

Workers' Compensation:

Accepted Answer

A)  Provides injury-related insurance to those workers who were hurt while on the job 
B)  Provides insurance to workers who have been laid off due to cutbacks 
C)  Provides insurance to workers who have been terminated for an offense 
D)  None of the above. 
A)  Provides injury-related insurance to those workers who were hurt while on the job 
B)  Provides insurance to workers who have been laid off due to cutbacks 
C)  Provides insurance to workers who have been terminated for an offense 
D)  None of the above.

Question 12

Which of the following is one of the three primary categories of insurance policy types?

Accepted Answer

A)  Life insurance 
B)  Health insurance 
C)  Property-casualty insurance 
D)  Rental insurance 
A)  Life insurance 
B)  Health insurance 
C)  Property-casualty insurance 
D)  Rental insurance

Question 13

Financial protection, which comes from property-liability insurance, is also known as indemnification.

Accepted Answer

A) True 
 B)False

Question 14

International insurance claims are generally less than U.S. claims due to:

Accepted Answer

A)  no punitive damages 
B)  fewer claims 
C)  international countries are less litigious 
D)  All of the above 
E)  None of the above 
A)  no punitive damages 
B)  fewer claims 
C)  international countries are less litigious 
D)  All of the above 
E)  None of the above

Question 15

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

Accepted Answer

A) True 
 B)False

Question 16

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

Accepted Answer

A) True 
 B)False

Question 17

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

Accepted Answer

A)  underwriting 
B)  annuity protection 
C)  AA ratings 
D)  Face sheet protection. 
A)  underwriting 
B)  annuity protection 
C)  AA ratings 
D)  Face sheet protection.

Question 18

EPLI insurance provides coverage for all of the following types of claims except _____.

Accepted Answer

A)  Sexual harassment by a manager 
B)  Discrimination by a supervisor 
C)  Wrongful termination of a key employee 
D)  Property damage caused by fire 
E)  Retaliation by the housekeeping department 
A)  Sexual harassment by a manager 
B)  Discrimination by a supervisor 
C)  Wrongful termination of a key employee 
D)  Property damage caused by fire 
E)  Retaliation by the housekeeping department

Question 19

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Accepted Answer

A) True 
 B)False

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Liability insurance ordinarily provides coverage when a guest slips and falls.

Data breach insurance coverage will sometimes be included in a business' ______.

The Affordable Care and Patient Protection Act is also known as ____.

Cyber risk insurance is also known as ____.

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

An "umbrella" as it relates to insurance:

Earthquakes and floods are examples of "Acts of God."

Workers' Compensation:

Which of the following is one of the three primary categories of insurance policy types?

Financial protection, which comes from property-liability insurance, is also known as indemnification.

International insurance claims are generally less than U.S. claims due to:

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

EPLI insurance provides coverage for all of the following types of claims except _____.

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Prevention Philosophy

Government Agencies That Impact the Hospitality Industry

Hospitality Business Structures

Business Contracts

Significant Hospitality Contracts

Legally Managing Property

Legally Selecting Employees

Legally Managing Employees

Your Responsibilities As a Hospitality Operator

Your Responsibilities As a Hospitality Operator to Guests

Your Responsibilities for Guests Property

Your Responsibilities When Serving Food and Beverages

Legal Responsibilities in Travel and Tourism

Safety and Security Issues

Filters

Exam 15: Managing Insurance

A "premium" is the amount paid for insurance coverage‒whether one lump sum or over time.

Liability insurance ordinarily provides coverage when a guest slips and falls.

Data breach insurance coverage will sometimes be included in a business' ______.

The Affordable Care and Patient Protection Act is also known as ____.

Cyber risk insurance is also known as ____.

Cyber extortion coverage may be purchased as part of the cyber insurance policy.

Dram shop insurance provides coverage relating to the sale or consumption of beverages containing alcohol.

Once a hospitality company complies with the Payment Card Industry Data Security Standard, they are protected from liability due to a breach of their data system.

An "umbrella" as it relates to insurance:

Earthquakes and floods are examples of "Acts of God."

Workers' Compensation:

Which of the following is one of the three primary categories of insurance policy types?

Financial protection, which comes from property-liability insurance, is also known as indemnification.

International insurance claims are generally less than U.S. claims due to:

If an insurance company is not financially sound, then your property is not necessarily covered, even if there is a written contract between the insurer and the insured.

An accountant is a mathematician or statistician who computes insurance risks and establishes premium rates.

To assume agreed-upon maximum levels of liability in the event of a loss or damage is known as _____.

EPLI insurance provides coverage for all of the following types of claims except _____.

Insurance, or, protection from risk, makes good financial sense but is never required by law.

Prevention Philosophy

Government Agencies That Impact the Hospitality Industry

Hospitality Business Structures

Business Contracts

Significant Hospitality Contracts

Legally Managing Property

Legally Selecting Employees

Legally Managing Employees

Your Responsibilities As a Hospitality Operator

Your Responsibilities As a Hospitality Operator to Guests

Your Responsibilities for Guests Property

Your Responsibilities When Serving Food and Beverages

Legal Responsibilities in Travel and Tourism

Safety and Security Issues

Filters