Insurance Glossary Quiz
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Questions and Answers

What is the definition of 'Actual cash value' in the context of insurance?

  • The price someone would pay to purchase a brand new vehicle
  • The estimated worth of a vehicle based on its age, condition, and other factors (correct)
  • The value of a vehicle after it has been fully depreciated
  • The value of a vehicle including any prior damage, improvements, or special equipment

    • What is an 'Anti-theft device' in the context of insurance?

  • A device that records video footage in case of a theft
  • A device that automatically contacts emergency services in case of a theft
  • A device that activates airbags in the event of a theft
  • A device that prevents vehicle theft using car alarms or steering wheel locks (correct)

    • In insurance, who can be added to a policy as an 'Additional insured'?

  • Someone who has previously made an insurance claim
  • The primary driver of the insured vehicle
  • A company or person who may be liable for an accident involving an insured person or vehicle (correct)
  • Any individual who has taken out an insurance policy

    • What does 'Any Auto coverage' provide in the context of insurance?

    <p>Liability insurance for any hired or non-owned cars and vehicles during the policy term</p> Signup and view all the answers

    What does Bobtail coverage protect?

    <p>A tractor when it's operated without a trailer</p> Signup and view all the answers

    What is the purpose of Bodily Injury Liability coverage (BI)?

    <p>Pays for injuries/death to people involved in an accident</p> Signup and view all the answers

    What is the definition of a commercial vehicle?

    <p>Any vehicle used for business purposes</p> Signup and view all the answers

    What does Comprehensive coverage with full glass protection pay for?

    <p>Replacement of windows or windshield due to a non-collision incident</p> Signup and view all the answers

    What is Combined Single Limit (CSL) in insurance terminology?

    <p>The predetermined limit for combined Bodily Injury Liability and Property Damage Liability coverage per occurrence or accident</p> Signup and view all the answers

    When is Commercial Driver's License (CDL) required?

    <p>For vehicles over 26,000 GVW</p> Signup and view all the answers

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