Your Understanding of Insurance Policy Provisions Is Enhanced If You

question 16

Multiple Choice

Your understanding of insurance policy provisions is enhanced if you focus on ____ covered.

• A)perils and property
• B)types of losses and people
• C)locations and time period
• D)All of these

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Definitions:

Actor-Observer Bias

A tendency to attribute one's own actions to external causes while attributing others' actions to their internal characteristics.

Illusory Correlation

The perception of a relationship between two variables when no such relationship actually exists.

Fundamental Attribution Error

The tendency to overemphasize personal characteristics and ignore situational factors in judging others' behavior.

Confirmation Bias

The tendency to interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses.