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Insurance Terminology

Created by MisterE76

Fun Trivia : Quizzes : Insurance
Insurance Terminology game quiz
"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  



1. You just endorsed your insurance policy, what have you done to it?
    Cancelled
    Reinstated
    Faxed
    Changed


2. The declarations page of your auto policy states that your liability coverages are 100 300 100. What coverage does the last figure represent?
    Personal Injury
    Property Damage
    Comprehensive
    Collision


3. 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?
    $5,300
    $6,300
    $7,300
    Nothing


4. The medical payments portion of your automobile policy (Coverage B) provides protection for who?
    People in another vehicle
    You and your passengers
    Pedestrians
    Animals in the road


5. 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?
    Businessowner's Policy
    Automobile
    Homeowner's
    Personal Umbrella


6. 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.
    Indemnity
    Insurable Interest
    Insurance
    Implied Warranties


7. Another defintion. The cost to replace an item of property at the time of loss, less an allowance for depreciation.
    Replacement Cost
    Actual Cash Value
    Absolute Liability
    Apparent Authority


8. Which of the following is not a characteristic of a valid contract, which an insurance policy is?
    Offer and acceptance
    Competent parties
    Must be written
    Legal purpose


9. A mutual insurance company is owned by who?
    Stockholders
    Insureds
    Reciprocals
    Executive Board


10. 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?
    Subrogation
    Appraisal
    Arbitration
    Abandonment


11. 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?
    $2500
    $3500
    $4500
    Nothing


12. You own the home, but you rent it to others. What type of policy do you need?
    Renters
    Personal Umbrella
    Dwelling Fire
    Homeowners


13. What do you call a condition or situation that presents a possibility of loss?
    Speculative Risk
    Exposure
    Loss
    Pure Risk


14. 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?
    Definitions
    Exclusions
    Declarations
    Agreements


15. 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


16. 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


17. 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
    Claims-Made Form
    Fidelity Bond
    Conditional Contract


18. In most states, the signature of a licensed agent must appear on the policy to validate the contract. What is this concept called?
    Aleatory Contract
    Custodian
    Coverage Trigger
    Countersignature


19. This Ocean Marine insurance provides coverage for physical damage to a ship, what is it called?
    Freight Insurance
    Sea Vessel Physical Damage Insurance
    Cargo Insurance
    Hull Insurance


20. Which of these is not an insurance company?
    Fireman's Fund
    Geico
    Progressive
    Lloyd's of London


21. An insurance company that only writes one line of business is known as a what?
    Foreign Company
    Multi-Line Company
    Mono-Line Company
    Domestic Company


22. This general term is used to describe policy conditions that specify what the insured and insurer must do after a loss.
    Loss Conditions
    Loss Sustained Condition
    Loss Ratio
    Loss Provisions


23. In commercial insurance, this is the vanishing of property with no explanation.
    Employee Dishonesty
    Theft
    Mysterious Disappearance
    Robbery


24. Your policy coverages begin and end on a certain date. What is this referred to as?
    Policy Period
    Policy Jacket
    Policy Territory
    Policy Limit


25. 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