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Multiple C Practice Quiz Flashcards

(9 cards)

1
Q

What is the major difference between a stock company and a mutual company

A

Ownership

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2
Q

Which of the following insurance options would be considered a risk sharing arrangement

A

Reciprocal

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3
Q

What is a statement that is guaranteed to be true, and if untrue, may breach an insurance contract

A

Warranty

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4
Q

If a court ordered payment for a loss that was not covered in the policy even if it was clearly worded, it would be an example of which legal concept

A

Reasonable expectations

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5
Q

The part of a property policy that shows the amount of insurance, premium, and policy term is the

A

Declarations

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6
Q

a mandatory part of an insurance policy that varies with each individual policy?

A

Declarations

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7
Q

With regard to fire insurance premiums, structures with which kind of construction would most likely have the most favorable premium rate for the peril of a fire

A

Fire resistive

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8
Q

A beauty parlor burns to the ground. What type of loss is this to the owner

A

Direct

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9
Q

The policy provision found in property insurance policies that prevents the insured from collecting twice for the same loss is called

A

Subrogation

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