AI Insurance Comparative Rating and Quoting Quiz

Answers and explanations appear as you take the quiz.

1. Why does a comparative rater need a mapping layer?
   • To convert premiums into foreign currencies
   • Because each carrier asks slightly different questions and codes inputs differently
   • To store the agent's commission schedule
   • Because carriers require quotes in handwritten form
2. A client is quoted $1,450 in a rater, and the carrier later charges $1,620. What best explains this, according to the guide?
   • The rater made a random calculation error
   • The agent added a hidden fee
   • Carriers never honor rater quotes
   • Rater quotes are usually indications that can change after reports, an inspection or discount checks
3. Which federal law governs the use of motor vehicle records and claims-history reports such as CLUE in rating?
   • The Fair Credit Reporting Act
   • HIPAA
   • The Sarbanes-Oxley Act
   • The Dodd-Frank Act
4. Why can simply sorting quotes by price mislead a client?
   • Cheaper quotes are always from unlicensed carriers
   • Price sorting is illegal in most states
   • Cheaper quotes may have lower limits, actual cash value on the roof, or a percentage wind deductible
   • Raters can only sort alphabetically
5. When a carrier has no real-time rating API, how does some rater software still complete the quote?
   • It estimates the premium from industry averages
   • Through bridging, which pushes the data into the carrier's own portal to finish the quote
   • It skips that carrier permanently
   • It asks the client to call the carrier directly
6. Pre-fill says a roof is 5 years old, but the homeowner says it is 18. What should the agent do?
   • Submit the application with the client's confirmed information, because the agent is responsible for accuracy and wrong facts can cause repricing or claim problems
   • Keep the pre-filled age because public records are always correct
   • Leave the roof age blank
   • Use an average of the two numbers
7. Why log which data came from pre-fill and which came from the client?
   • It is required to calculate the agent's commission
   • It speeds up the rater's display
   • It lets carriers skip ordering reports
   • It helps settle disputes when a carrier later reprices after ordering reports
8. Where does the guide suggest AI document extraction may change workflows the most?
   • Pet insurance, where forms are one page
   • Personal auto, where every carrier offers real-time APIs
   • Commercial lines, where submissions are messier and real-time rating is less common
   • Life insurance applications signed on paper