Insurance
True or False: You can buy life insurance for your next door neighbor.
False - You cannot buy life insurance on someone without insurable interest. Insurable interest is when your finances would be negatively affected as a direct result of another person’s death. Your neighbor’s life has no bearing on your finances.
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
About Schmidt - The main character in About Schmidt, played by Jack Nicholson, is a retired actuary.
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.
As of 2018, how many members (both associates and fellows) are there in the Society of Actuaries?
(A) 27,254 (B) 30,114 (C) 32,323 (D) 35,116 (E) 59,611
C. There are 31,323 members, they gained 2,162 members in 2017 through exam accreditation.
At MassMutual, which areas do actuaries work in? (A) Financial Planning and Analysis (B) Enterprise Risk Management (C) Information Technology - IT (D) Life Insurance Pricing (E) A and C only (F) A, B, D (G) All of the above
(F) At MassMutual, actuaries work in financial planning and analysis, enterprise risk management, life insurance pricing, as well as many other departments.
*Double Bonus* True or False: Your pets in your household are 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.
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
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.
Which of the following is not a professional actuarial designation? (A) F.S.A. (B) C.L.U. (C) M.A.A.A. (D) F.C.A.S.
B is not an actuarial designation. F.S.A. is the designation for Fellow of the Society of Actuaries. C.L.U. is a designation for individuals involved in marketing and underwriting insurance. M.A.A.A. is a member of the American Academy of Actuaries attained by experience and other qualifications. This organization deals primarily with matters of public policy such as regulation and standard of conduct. F.C.A.S. is a Fellow of the Casualty Society of Actuaries.
How many of the following products are offered by MassMutual? (A) Annuities (B) Disability Income Insurance (C) Health Insurance (D) Life Insurance (E) Long Term Care (F) Workplace Benefits
Five! MassMutual has been a key competitor in the life insurance, annuities, disability income insurance, long term care insurance, and workplace benefits markets.
During the early 19th century, moviegoers purchased life insurance to insure against _____.
Laughter! During the early 19th century, movie-goers were so scared of dying due to excessive laughter that they bought insurance through Lloyd’s of London.
In which movie did Ben Stiller play a risk assessment 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
How many pounds of ice cream does the average American eat? (A) 6 (B)17 (C)20 (D)23
(D) 23 Quarts of Ice Cream - This is highest per capita consumption in the world according to the International Dairy Foods Association.
*Double Bonus* 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
As MassMutual is a participating insurance company, it pays dividends back to its policyowners. What was the total dividend paid to policyowners in 2019?
(A) $400m
(B) $600m
(C) $1.2b
(D) $1.7b
(E) $4.6b
Taco bell purchased taco insurance to insure against ____.
The Mir Space Station crash.
When the Mir space station was intended to crash somewhere in the South Pacific Ocean in 2001, fast-food chain Taco Bell promised to provide everyone in America a free taco if the space station crashed within a tiny designated perimeter in the Pacific Ocean.
Ultimately, Mir did not hit the target. If it had, Taco Bell would have been down almost $280 million dollars.
Just in case Mir did hit the target, the restaurant chain purchased a taco insurance policy to cover the risks.
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.
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
(C) The coffee house became the meeting place for parties wishing to insure cargoes and ships, and those willing to underwrite such ventures.
*Double Bonus* As of 2019, what is the average total compensation of a life actuary with 10 years of experience? (A) 130,000 (B) 150,000 (C) 170,000 (D) 180,000 (E) 200,000
As westward expansion grew, fueled by excitement from the _________ ____ ____ (1848-1855) and railroad development, MassMutual agents began to sell high-premium insurance policies to railway and steamship workers, and prospectors.
The California Gold Rush
This coffee company pays more for its employees' health insurance than it does for coffee.
Starbucks.
What 1999 movie features an underwriter protagonist who performs risk assessments of cars?
(a) Fight Club (b) The Matrix (c) The Sixth Sense
(d) The Mummy
(D) - Edward Norton plays the protagonist, who briefly describes that his job entails the assessment of risk associated with car accidents for an insurance company; though not explicitly stated, he performs the job of an underwriter who uses actuarially derived premiums to benchmark quotes
In which ancient civilization was the concept of insurance first mentioned in written law? (A) Babylon (B) China (C) Europe (D) India (E) Egyptian
(A) The first written insurance policy appeared in ancient times on a Babylonian obelisk monument with the code of King Hammurabi carved into it. The "Hammurabi Code" was one of the first forms of written laws. These ancient laws offered basic insurance in that a debtor didn't have to pay back his loans if some personal catastrophe made it impossible (disability, death, flooding, etc.).
Since 2007, what was the highest pass rate for Exam P? (A) 49% (B) 52% (C) 57% (D) 62% (E) 72%
(A) In January 2014, the pass rate of Exam P was its highest ever, at 48.6%.
In 2016, MassMutual acquired MetLife’s U.S. retail advisor force, but not their iconic mascot, the "Peanuts" character.
Snoopy