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General Insurance

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1.
1 point
A warranty is defined as which of the following?
2.
1 point
A condition where the chance of loss exists, is called?
3.
1 point
A ______________ insurance company is owned by its policyholders.
4.
1 point
Joe frequently and carelessly leaves the car keys in his unlocked vehicle. He doesn’t worry because his car is insured. What type of hazard does this represent?
5.
1 point
Hazard is defined as?
6.
1 point
A peril is defined as?
7.
1 point
Mike buys an insurance policy to protect his new corvette. This is an example of which risk management method?
8.
1 point
Fred has old electrical wiring in his house and decides not to get it updated at this time. What type of hazard does this represent?
9.
1 point
Loss is defined as?
10.
1 point
Which of the following types of authority does the public assume an agent has when quoting insurance?
11.
1 point
Joan has a temperamental small dog with big teeth. She is concerned he will bite someone and she will be held responsible. This is an example of what type of risk?
12.
1 point
Which of the following is an insurance company that is organized under the laws of another state within the United States?
13.
1 point
Acme widgets install fire alarms, smoke detectors and automatic sprinklers in their new building. This is an example of which risk management method?
14.
1 point
If an insurance company wants to transfer all or part of the risk it has accepted, it would buy which of the following types of insurance?
15.
1 point
Which insurance company department accepts the insurance risk?
16.
1 point
Which principle of insurance restores the insured to the same economic condition that existed before the loss?
17.
1 point
Joe's beach house was completely destroyed by a major hurricane. He decided to build his new home 500 miles from the coast, as protection from future hurricanes. This is an example of which risk management method?
18.
1 point
ABC company decides to self-insure their employees for health coverage. This is an example of which risk management method?
19.
1 point
Each of the following is an element of a legal contract, except:
20.
1 point
A federal regulation called the ______________________ protects consumer privacy.
21.
1 point
Miki is having major financial setbacks with his business and decides to burn down the building, so he can collect the insurance money. What type of hazard does this represent?
22.
1 point
Insurance is defined as?
23.
1 point
Which of the following individuals represents the insurance company when selling an insurance policy?
24.
1 point
Kay hopes she will hit the jackpot, so she buys a lottery ticket at the local convenience store. This is what type of risk?
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