Insurance
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.
As of the 2024 Pullman, WA census how many people call Pullman home? A) 28,556 B) 30,025 C) 36,927 D) 39,005
C) 36,927
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.
How many members are there in Casualty Actuarial Society (Fellows, Associates, Affiliates) as of 2010 year end? (A) 12,001 (B) 9,964 (C) 8,021 (D) 8,871 (E) 10,049
E. There are 6,676 members, 3,340 associates, and 33 affiliates.
What were the original colors of WSU? A) Crimson and Grey B) Pink and Blue C) Black and Gold D) Crimson and White
B) Pink and Blue
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, if your dog attacked a mailman or your friend visiting you separate pet insurance is available to insure them against accidents and illnesses.
Which of the following is not one of the four hills that Pullman was built on? A) Crest B) Military Hill C) Pioneer Hill D) Sunnyside Hill
A) Crest Hill
Pullman is built on four hills. Locals usually give directions using the name of the hill – College Hill (NE), Military Hill (NW), Pioneer Hill (SE), and Sunnyside Hill (SW).
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.
What year was WSU founded? A) 1890 B) 1852 C) 1911 D) 1887
A) 1890
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.
How did Pullman get its name? A) From one of WSU's first presidents B) From the inventor of a railroad car C) From the town's first mayor D) In remembrance for a veteran
B) Pullman is named for the man who invented the Pullman railroad cars, which are cars with small rooms and beds. The city changed its name to Pullman hoping that the inventor would donate money to the city. No money was received.
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
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
True or False: The original name of WSU was Washington Agricultural College
True!
Which type of insurance is known as the "silent policy" because people rarely file claims on it? (A) Travel insurance (B) Flood insurance (C) Life insurance (D) Disability insurance
Flood insurance! It's often called the "silent policy" because many people purchase it as a precaution but rarely experience flooding severe enough to file a claim. However, when floods do occur, having this policy can be a lifesaver.
True or False: The original name of Pullman was Three Forks
True! The town was originally named “Three Forks” because two streams and a river join downtown.
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.
What is the median salary for actuaries in 2010? (A) $75,000 (B) $95,000 (C) $120,000 (D) $150,000
According to the U.S. Bureau of Labor Statistics, the median salary for actuaries was $120,000 per year, as of May 2023
What was WSU's original mascot? (That's right Butch wasn't always our mascot) A) A dog B) A Viking C) A bird D) A tiger
A) A dog, his name was Squirt and he was a terrier!
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.
Pullman is the largest city in Whitman County, but what crop does Whitman County produce per capita in the world? A) Lentils B) Canola C) Wheat D) Barley
C) Wheat
Whitman County produces nearly 30.5 million bushels (1.83 billion lbs) of wheat annually
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.).
How many registered student organizations are there at WSU? A) 250 B) 440 C) 350 D) 510
There are roughly 350 registered student organizations and clubs at WSU!