Actuarial Trivia

Insurance

100

What portion of the property/casualty insurance industry losses and adjustment expenses is fraud? (A) 5% (B) 10% (C) 15% (D) 20% (E) 25%

B) 10% According to estimates by the Insurance Information Institute, insurance fraud accounts for about 10 percent of the property/casualty insurance industry’s incurred losses and adjustment expenses.

200

True or False Your pets in your household is covered by your homeowners' insurance policy.

False. Liability claims caused by your pets is covered, however. For example, if your dog attacked a mailman or your friend visiting you. Separate pet insurance is available to insure them against accidents and illnesses.

300

Who pays the claims if an insurance company went bankrupt? (A) State government (B) Federal government (C) National Insurance Office (D) Other insurance companies (E) Reinsurers

An assessment will be charged to all the insurer companies operating in the state by their market share based on written premium in that year. These costs are passed on to the customers indirectly. Reinsurers are only responsible for their share of losses.

400

You go to "Burger King" and eat a value meal. Two hours later, you get really sick to your stomach and start vomiting. What is your best chance at holding "Burger King" accountable? (A) Go back and confront the manager on duty (B) Seek immediate medical attention (C) Call an attorney (D) Call the health department

B. These are all decent answers but the most important thing to do is seek medical attention so the doctors can figure out if it really food poisoning or not. If no one else at "Burger King" got sick, there is a good chance you have a bug or picked something up from your own kitchen. Most food poisoning like salmonella takes 24-48 hours to incubate. It is up to you to prove Burger King is liable.

Movies

100

In what 2002 hit movie was the main character an actuary? (A.) Catch Me If You Can (B.) About Schmidt (C.) About a Boy (D.) Harry Potter and the Chamber of Secrets

The main character in About Schmidt, played by Jack Nicholson, is a retired actuary.

200

Which 2016 children's movie features an aspiring actuary? (A.) Zootopia (B.) Finding Dory (C.) The BFG (D.) Fantastic Beasts and Where to Find Them

In Zootopia, the character Jaguar is a young tiger that aspires to be an actuary

300

In which movie did Ben Stiller play a risk assesment expert, essentially performing the job of an underwriter. (A.) There's Something About Mary (B.) The Heartbreak Kid (C.) Flirting with Disaster (D.) Along Came Polly

Reuben Feffer (played by Ben Stiller) is a risk assessment expert, and though not explicitly stated, performs the job of an underwriter

400

Which science fiction action film features an Actuarial Program? (A.) Tron (B.) The Martian (C.) Star Trek (D.) Logan

Tron - Ram was an actuarial program who "worked for a big insurance company" before being captured by the MCP and forced to play on the Game Grid. While held captive, he met and befriended Tron, and accompanied him and Kevin Flynn on their escape from the Light Cycle Grid.

Origins or Ice Cream

100

What was the first company to sell chocolate chip cookie dough ice cream? (A) Cold Stone (B) Haagen Dazs (C) Ben and Jerry's (D) Friendly's 

(C) Ben and Jerry's was the first to sell chocolate chip cookie dough ice cream in 1991.

200

Which state created the first department of insurance to regulate the sale of insurance? (A) Illinois (B) Massachusetts (C) Texas (D) California (E) New York

New York was the first to create a department and made laws to impose taxes on insurers from another state to protect in-state insurers.

300

How many quarts of ice cream does the average American eat? (A)6 (B)17 (C)20 (D)33

(C) 20 Quarts of Ice Cream - The highest per capita consumption in the world according to the International Dairy Foods Association.

400

Lloyd's of London is an insurance market place for marine and other specialist types of insurance. It started out from a business run by Edward Iloyd which was a popular haunt of ship owners, merchants, and ships' captains. What business was it? (A) Bar (B) Book Club (C) Coffee House (D) Restaurant (E) Music Theater

The coffee house became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures.

Actuarial Profession and Exams

100

What is the last exam in CAS examination system?

Exam 9 Financial Risk and Rate of Return

200

Which of the following is not a professional actuarial designation? (A) F.S.A. (B) C.S.P.A. (C) M.A.A.A. (D) F.C.A.S.

They are all credentials

300

How many members are there in Casualty Actuarial Society (Fellows, Associates, Affiliates) as of 2019 year end?

From the 2019 Annual Report, there were 8,973 members as of the end of 2019.

400

From etymology, what occupation does the word “actuary” originate from?

Answer: In mid 16th century, originally denoting a clerk or registrar of a court. It derived from Latin actuarius 'bookkeeper', from actus ‘public business’. The current meaning dates from 1849