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"Almost everyone has it, but not enough people understand it. I'll give you some basic insurance related terms and concepts as they relate to insurance in the United States. All questions will be multiple choice."
15 Points Per Correct Answer - No time limit
You just endorsed your insurance policy, what have you done to it?
The declarations page of your auto policy states that your liability coverages are 100 300 100. What coverage does the last figure represent?
Your standard unendorsed plain-vanilla homeowner's insurance policy carries a $1,000 deductible. It does not cover earthquakes. An earthquake causes $6,300 in damage to your home. How much would your insurance company pay for the cost of repairs?
The medical payments portion of your automobile policy (Coverage B) provides protection for who?
People in another vehicle
You and your passengers
Animals in the road
A bunch of items are stolen from your vehicle. They are valued at $4,800. Under what type of policy listed would this loss be covered?
I'll give you the definition, you tell me what I'm describing. The principle of insurance that provides that when a loss occurs, the insured should be restored to the approximate financial condition he or she occupied before the loss occurred, no better or no worse.
Another defintion. The cost to replace an item of property at the time of loss, less an allowance for depreciation.
Actual Cash Value
Which of the following is not a characteristic of a valid contract, which an insurance policy is?
Offer and acceptance
Must be written
A mutual insurance company is owned by who?
You were in an accident that is not your fault. The other party either has no insurance or refuses to pay. Your insurance company pays for your damages and then has the right to go after the liable party for compensation. This is referred to as what?
Your gun collection is stolen from the gun cabinet in your home. The stolen items have a combined total value of $4500. Assuming your policy does not have a firearm exclusion, how much will your insurance company pay for this loss if you have a $1000 deductible?
You own the home, but you rent it to others. What type of policy do you need?
What do you call a condition or situation that presents a possibility of loss?
There is a section in any insurance policy which clarifies the meaning of certain terms used in the policy. What is this section referred to as?
What two coverages are typically provided in Aviation policies?
Liability and Loss of Life
Liabilty and Property of Others
Physical Damage and Liability
Physical Damage and Property of Others
In a commercial auto policy, a motor carrier can be covered under the Truckers coverage form, when?
Only in fair weather conditions
Under any circumstance
If they transport goods for others by hire
Under no circumstance
This is a written form that verifies a policy has been written. It provides a summary of the coverage provided under the policy. What is it called?
Certificate of Insurance
In most states, the signature of a licensed agent must appear on the policy to validate the contract. What is this concept called?
This Ocean Marine insurance provides coverage for physical damage to a ship, what is it called?
Sea Vessel Physical Damage Insurance
Which of these is not an insurance company?
Lloyd's of London
An insurance company that only writes one line of business is known as a what?
This general term is used to describe policy conditions that specify what the insured and insurer must do after a loss.
Loss Sustained Condition
In commercial insurance, this is the vanishing of property with no explanation.
Your policy coverages begin and end on a certain date. What is this referred to as?
This organization rates the financial stability of insurance companies doing business in the United States.
Ewan and MacGregor
Raines and Stroup
Decker and Decker
Standard and Poor
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Compiled Feb 17 15