The Confirmation Bias

question 301

Multiple Choice

The confirmation bias

• A) is the belief that the odds of a chance event increase if the event hasn't occurred recently.
• B) is the tendency to only seek information that is likely to support one's decisions and beliefs.
• C) refers to when people's belief about whether an outcome will occur changes. depending on how alternative outcomes are distributed, even though the summed probability of the alternative outcomes is held constant.
• D) refers to how decision issues are posed, and how choices are structured.

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Definitions:

Death Benefit

A sum of money paid to a beneficiary upon the death of the insured person.

Breach Of Warranty

The violation of a promise, claim, or guarantee about the condition or quality of a product or service.

Insurer's Duty

The obligations and standards of conduct expected from an insurance company, including acting in good faith and handling claims fairly.

Innocent Misrepresentation

A false statement made without malice or knowledge of its falsity, often leading to a misunderstanding in a contract or agreement.