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Insurance
Branchville Facts
Laws and History
Actuarial Profession and Exams
Liberty Mutual
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.
100
What is the name of the river that separates the city of Boston from the city of Cambridge? (A) Nashua River (B) Little River (C) Concord River (D) Charles River (E) Eagle Hill River
Charles River! This where the amphibian Boston duck tour buses take a swim.
100
Which of the following is the most costly storm in all U.S history? (A) Katrina (B) Ivan (C) Andrew (D) Charley (E) Agnes
Hurricane Katrina was the most destructive hurricane in US history caused an estimated $100 - $200 billion in damage.
100
How many members are there in Casualty Actuarial Society (Fellows, Associates, Affiliates) as of 2010 year end? (A) 2,517 (B) 2,817 (C) 3,517 (D) 4,517 (E) 5,417
E. There are 5,417 members, we gained 511 members in 2010 through exam accreditation.
100
How many actuarial students (non-credentialed actuarial analysts) are in the Boston campus of Liberty Mutual? (A) 25-50 (B) 51-70 (C) 71-90 (D) 91-110
There are about 75 students currently in the Boston campus. An analyst graduates from the program once he/she obtains the Fellow credential from Casualty Actuarial Society.
200
*Double Bonus* 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.
200
Fenway Park - Boston Red Sox's home ball park since 1912 has a seating capacity of: (A) 22,000 (B) 25,000 (C) 32,000 (D) 35,000 (E) 37,000
Dedicated Red Sox fans have sold out every Red Sox home game since May 15, 2003 filling it up to 37,493 seats in a night game. That is still tiny compared to our 109,000 capacity in the Big House though.
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.
200
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.
200
What is the trademarked slogan of Liberty Mutual?
Responsibility. What's your policy?
300
You are at a Holiday Inn and are walking down the stairs when suddenly you trip over your own feet and tumble down the stairs. You are in shock at first but then your ankle starts killing you and the manager comes over and offers to call 911. Is the hotel automatically obligated to pay for your medical bills?
No. The hotel must be liable for your injuries or in other words, at fault. Perhaps there was a spill on the stairs and it was not cleaned up. In that case, they would be and you would also be entitled to pain and suffering. However, just falling on someone's property does not make them liable.
300
Where does Boston city gets its name from? (A) A city in England where most of its first settlers came from (B) The name of a tea mostly imported through the harbor in Boston (C) The historical name of a river that separate the city from it's neighbors (D) The historical name of the tallest mountain in the 14th century in the state
It's named for Boston, England, which had a sizeable population of Puritans - the people who settled the place. "Boston" itself is a shortening of "St. Botolph's Town." Also, the original name for Boston was Tremontaine, in honor of the three hills that made up most of the city before two of them were flattened to expand the city area in landfill.
300
To meet insurance needs not available in the private marketplace, federal and state governments have to intervene in acting as a reinsurer or establish a pool of funds to spread the risks and avoid social disruptions.Name one risk that is not available in the marketplace due to its scale or marketability.
Flood risk - National Flood Insurance Plan Terrorism risk- Terrorism Risk Insurance Act
300
*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
300
Liberty Mutual is a Fortune 100 company, what is our ranking as of 2011? (Closest team wins)
82, we moved up by 12 spots since 2008.
400
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
How long is the Freedom Trail that links 18 historical sites in the Revolutionary War? (A) 1.5 miles (B) 2.5 miles (C) 3.5 miles (D) 4.5 miles (E) 10 miles
B, it takes an average person about 4 hours to complete a walking tour of the trail.
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.
400
*Double Bonus*** What is the average salary for actuaries in 2010? (A) $87,620 (B) $92,620 (C) $95,620 (D) $98,620
According to the U.S. Bureau of Labor Statistics, the average salary for actuaries was $98,620 per year, as of May 2010
400
What is the first insurance product that Liberty Mutual market when it was first established?
Workers Compensation, we sold our first policy in 1817 protecting laborers from costly litigation efforts to sue their employers for compensation.
500
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.
500
What is the official state dessert of Massachusetts?
Boston Cream Pie
500
In which ancient civilization was the concept of insurance first mentioned in written law? (A) Babylon (B) China (C) Europe (D) India (E) Egyptian
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.).
500
What is the last exam in CAS examination system?
Exam 9 Financial Risk and Rate of Return
500
Liberty Mutual sponsors an ongoing exhibition in one of Disney World's theme parks in Orlando, Florida, which park is it?
"Where's the Fire?" in Epcot is proudly presented by Liberty Mutual to educate young children about fire safety.