Please research these topics and provide an answer using at least two outside resources, such as the Insurance Information Institute, the NAIC, IRMI, the Institutes, and other citable resources. Please provide a citation for each reference.

1. Explain how the insurance industry is considered to be one of the most purely competitive industries in the U.S. Specifically, describe what is meant by a purely competitive industry, and explain how the insurance industry fits the definition of pure competition (that you learned in a basic economics course), and briefly explain how this impacts the purpose of regulation of the insurance industry. In describing how the industry is competitive, you must provide information for the number of insurers currently selling insurance in the U.S.

2. Briefly describe the insurance underwriting cycle? Provide a specific example.

3. One type of insurance that many people purchase but they dont really understand is gap insurance. Please explain what this type of insurance is, who purchases it, and who benefits from this type of coverage.

4. How has the pandemic changed consumer perceptions or needs for insurance? HINT: several studies and surveys have been done on this topic, specifically from EY (Ernst and Young) and Deloitte.

5. Select two areas of the insurance industry that you (or a friend) may consider for a career. Provide a brief description of the responsibilities you would have in these two areas and the average salary that you could expect.