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Insurance Principles Quiz

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Questions and Answers

When an individual with a pre-existing condition is in an automobile accident and the insurance covers rehabilitaion only to the level of the condition prior to the accident, this is because of which of the following principles?

indemnity (correct)

adhesion

reasonable exceptions

good faith

Which of the following is one of the ways the Gramm-Leach Billy Act affects the insurance industry?

It provides for the functional deregulation of the insurance activities in each state

it provides for the functional deregulation of insurance activities in each state

It establishes which insurance product's bank and bank subsidiaries may provide a principal (correct)

It directs the Federal banking agencies to cancel consumer protections governing bank insurance sales

What policy provisions specifics a certain value that will meet the coinsurance requirement?

agree value (correct)

minimal value

projected value

real value

All of the following are TRUE regarding identity theft EXCEPT:

identity theft protection is a standard feature of most insurance policies Signup and view all the answers

Which of the following describes why the insuring agreement is the heart of an insurance policy?

it describes property covered and perils insured Signup and view all the answers

Which of the following hazards is an example of a physical hazard?

backing into the garage door because you want an insurance payment Signup and view all the answers

Which of the following defines the chance of uncertainty of loss?

risk Signup and view all the answers

Which of the following are TRUE regarding assigned risk plans EXCEPT:

the insurer participation in the assigned risk programs is mandatory Signup and view all the answers

Purchasing boatowners insurance is an example of which?

transfer Signup and view all the answers

Which of the following standards is an agent violating by providing insurance to an insured at a lower identical circumstance?

unfair discrimination Signup and view all the answers