16 Questions
What is insurance the transfer of?
Risk
What are the two types of risk?
Pure Risk & Speculative Risk
What is a peril?
Risk
Which of the following is NOT an example of a peril?
Wet sidewalk
Which one of the following is an example of a hazard?
Slippery floor
What is an example of a moral hazard?
Lying on the insurance application
Who owns certificate of authorization stock companies?
Shareholders
What does a domestic insurer refer to?
Domestic
Where are foreign insurers situated?
Not headquartered and selling
What are the three types of agents of authority?
Express, implied & apparent
What does consideration mean in a legal contract?
Both parties bring something of value
Who does a competent party exclude?
A 12-year-old girl
Which term refers to unequal exchange?
Aleatory
What is meant by conditional in an insurance contract?
Both parties have duties they need to follow
Which definition describes the term representation best?
Statements that are believed to be true but are not guaranteed to be true
Where can you not have an insurable interest?
Friend
Test your knowledge of insurance and risk with this quiz. Questions cover topics such as types of risk, perils, and hazards.
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