Insurance

Question 1

Which of the following types of risks are completely accidental and unintentional?

Answer 1

Pure risk

Question 2

Which of the following types of risks carry a chance of either loss or gain?

Answer 2

Speculative risk

Question 3

It is suggested to compare at least how many price quotes in order to get a reasonable price?

Answer 3

3

Question 4

Which of the following is NOT an important factor when choosing an insurance company?

Answer 4

Location

Question 5

Which of the following types of insurance covers costs if an individual is involved in a car accident with an uninsured driver?

Answer 5

Uninsured motorist protection

Question 6

Which of the following types of insurance covers physical injuries to others caused by an accident for which the policyholder was responsible?

Answer 6

Bodily injury liability

Question 7

Which of the following types of insurance allows individuals to keep a former employer’s group coverage for a set period of time?

Answer 7

COBRA

Question 8

Which of the following medical assistance programs is federally funded and available mainly to people over the age of 65 or people with certain disabilities?

Answer 8

(Medicare)

Question 9

Which of the following is an adjustable-benefit life insurance which accumulates account value?

Answer 9

(Universal life insurance)

Question 10

Guaranteed renewability -

Answer 10

individual is covered as long as premiums are paid

Question 11

Which of the following supplemental insurance types is a contract in which a bank agrees to cancel all or part of a customer’s obligation to repay a loan due to an event such as death, disability or involuntary loss of employment?

Answer 11

Debt cancelation coverage

Question 12

Which of the following is NOT true about depositions?

Answer 12

Keep it short and simple

Question 13

Which of the following is NOT done when a claim professional is conducting a property inspection?

Answer 13

Talking with the person’s doctor

Question 14

Which of the following are adjustments made to insurance policy contracts which specify coverage under certain special circumstances or for noted valuables?

Answer 14

Endorsement

Question 15

Which of the following is conducted when the claim professional inspects the property to determine whether the loss is covered?

Answer 15

Appraisal

Question 16

Which of the following is when the insurance company issues payment based on the estimate for repairs at the end of the initial inspection?

Answer 16

resolution

Question 17

Asking yourself “do I have any new needs” is a method to fulfill which of the following steps of selecting an insurance program?

Answer 17

Reviewing the results

Question 18

Which of the following government agencies can confirm whether an insurance company has a valid license?

Answer 18

State Insurance Department

Question 19

Automobile insurance is often required by which of the following types of laws?

Answer 19

Financial Responsibility Laws

Question 20

Which of the following is a coverage payoff which provides coverage beyond a vehicle’s actual cash value?

Answer 20

Car loan payoff coverage

Question 21

Which of the following health care plans typically requires the policyholder to select a primary care physician?

Answer 21

HMO (health maintenance organization)

Question 22

Which of the following types of health insurance is provided by employers?

Answer 22

Group health insurance

Question 23

Which of the following types of life insurance provides protection against loss of life for a specified period of time?

Answer 23

Term life insurance

Question 24

A variable life policy is an example of which of the following types of life insurance?

Answer 24

Whole life insurance

Question 25

Emma became disabled and was told she has to wait three months before she can begin collecting benefits from her disability income insurance. Which of the following insurance policies is responsible for such a situation?

Answer 25

Elimination period

Question 26

Which of the following is NOT an example of a whole life insurance policy?

Answer 26

Disability income policy

Question 27

Which of the following is NOT a source of disability insurance?

Answer 27

Whole life insurance

Question 28

Extremely valuable personal property can be insured by purchasing which of the following types of insurance?

Answer 28

Personal property floater

Question 29

insurance pays the costs of minor accidental injuries to visitors of the policyholder’s home

Answer 29

Medical payments coverage -

Question 30

Renter’s insurance

Answer 30

HO-4

Question 31

A HO-1 policy does NOT protect against _______.

Answer 31

weight of snow.

Question 32

Which of the following types of insurance supplements the policyholder’s personal liability coverage to protect against personal catastrophe?

Answer 32

Umbrella policy

Question 33

Which of the following is NOT one of the stages in an auto claim settlement?

Answer 33

-talking to attorney

Question 34

Which of the following is NOT one of the four steps in home claim settlements?

Answer 34

Filing complaint in appropriate court

Question 35

Which of the following is NOT a person who will be spoken with during the assignment stage?

Answer 35

(lawyer)

Question 36

Which of the following is an agreement between an insurance company and an insured client to settle an insurance claim with payments or other terms?

Answer 36

(claim settlement)

Question 37

Which of the following correctly defines the acronym FNOL?

Answer 37

(first notice of loss)