Insurance Quizze

  • 1. You just endorsed your insurance policy, what have you done to it?

     Reinstated
     Cancelled
     Changed
     Faxed

     

    2. The declarations page of your auto policy states that your liability coverages are 100 300 100. What coverage does the last figure represent?

     Collision
     Personal Injury
     Property Damage
     Comprehensive

     

    3. Your standard unendorsed plain-vanilla homeowner's insurance policy carries a $1,000 deductible. It does not ocver earthquakes. An earthquake causes $6,300 in damage to your home. How much would your insurance company pay for the cost of repairs?

     $5,300
     Nothing
     $7,300
     $6,300

     

    4. The medical payments portion of your automobile policy (Coverage B) provides protection for who?

     People in another vehicle
     Animals in the road
     Pedestrians
     You and your passengers

     

    5. A bunch of items are stolen from your vehicle. They are valued at $4,800. Under what type of policy listed would this loss be covered?

     Homeowner's
     Personal Umbrella
     Automobile
     Businessowner's Policy

     

    6. I'll give you the definition, you tell me what I'm describing. The principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he or she occupied before the loss occurred, no better or no worse.

     Implied Warranties
     Insurance
     Indemnity
     Insurable Interest

     

    7. Another defintion. The cost to replace an item of property at the time of loss, less an allowance for depreciation.

     Apparent Authority
     Replacement Cost
     Actual Cash Value
     Absolute Liability

     

    8. Which of the following is not a characteristic of a valid contract, which an insurance policy is?

     Competent parties
     Offer and acceptance
     Legal purpose
     Must be written

     

    9. A mutual insurance company is owned by who?

     Insureds
     Reciprocals
     Stockholders
     Executive Board

     

    10. You were in an accident that is not your fault. The other party either has no insurance or refuses to pay. Your insurance company pays for your damages and then has the right to go after the liable party for compensation. This is referred to as what?

     Arbitration
     Subrogation
     Appraisal
     Abandonment

     

    11. Your gun collection is stolen from the gun cabinet in your home. The stolen items have a combined total value of $4500. Assuming your policy does not have a firearm exclusion, how much will your insurance company pay for this loss if you have a $1000 deductible?

     $4500
     Nothing
     $3500
     $2000

     

    12. You own the home, but you rent it to others. What type of policy do you need?

     Dwelling Fire
     Homeowners
     Personal Umbrella
     Renters

     

    13. What do you call a condition or situation that presents a possibility of loss?

     Speculative Risk
     Exposure
     Loss
     Pure Risk

     

    14. There is a section in any insurance policy which clarifies the meaning of certain terms used in the policy. What is this section referred to as?

     Agreements
     Declarations
     Definitions
     Exclusions

     

    15. What two coverages are typically provided in Aviation policies?

     Liabilty and Property of Others
     Physical Damage and Liability
     Physical Damage and Property of Others
     Liability and Loss of Life

     

    16. In a commercial auto policy, a motor carrier can be covered under the Truckers coverage form, when?

     If they transport goods for others by hire
     Under no circumstance
     Under any circumstance
     Only in fair weather conditions

     

    17. This is a written form that verifies a policy has been written. It provides a summary of the coverage provided under the policy. What is it called?

     Conditional Contract
     Fidelity Bond
     Certificate of Insurance
     Claims-Made Form

     

    18. In most states, the signature of a licensed agent must appear on the policy to validate the contract. What is this concept called?

     Custodian
     Aleatory Contract
     Countersignature
     Coverage Trigger

     

    19. This Ocean Marine insurance provides coverage for physical damage to a ship, what is it called?

     Hull Insurance
     Cargo Insurance
     Freight Insurance
     Sea Vessel Physical Damage Insurance

     

    20. Which of these is not an insurance company?

     Lloyd's of London
     Progressive
     Fireman's Fund
     Geico

     

    21. An insurance company that only writes one line of business is known as a what?

     Multi-Line Company
     Foreign Company
     Domestic Company
     Mono-Line Company

     

    22. This general term is used to describe policy conditions that specify what the insured and insurer must do after a loss.

     Loss Provisions
     Loss Ratio
     Loss Conditions
     Loss Sustained Condition

     

    23. In commercial insurance, this is the vanishing of property with no explanation.

     Theft
     Employee Dishonesty
     Robbery
     Mysterious Disappearance

     

    24. Your policy coverages begin and end on a certain date. What is this referred to as?

     Policy Territory
     Policy Period
     Policy Jacket
     Policy Limit

     

    25. This organization rates the financial stability of insurance companies doing business in the United States.

     Raines and Stroup
     Ewan and MacGregor
     Standard and Poor
     Decker and Decker

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