Oregon Property And Casualty

14 Questions | Total Attempts: 547

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Property And Casualty Quizzes & Trivia

To help study for the State Exam. .


Questions and Answers
  • 1. 
    What is a Risk?
    • A. 

      Chance of loss or uncertainty

    • B. 

      What causes a loss

    • C. 

      Anything that increases the chance of loss

  • 2. 
    What is Speculative Risk?
    • A. 

      A definite loss

    • B. 

      Chance of a loss or a gain

    • C. 

      Chance of a loss only

  • 3. 
    What is Pure Risk?
    • A. 

      Chance of a gain or a loss

    • B. 

      Chance of a loss only

    • C. 

      The loss itself

  • 4. 
    How can one Manage Risk.. Check all the apply
    • A. 

      Avoid

    • B. 

      Retain

    • C. 

      Accept

    • D. 

      Reduce/control

    • E. 

      Transfer

    • F. 

      Distribute

  • 5. 
    Insurance is a contract (a social device for transferring risk) where the insurer agrees to indemnify (pay the amount lost covered by insurance) in exchange for the premiums in the event of a covered loss. 
    • A. 

      True

    • B. 

      False

  • 6. 
    What the the Elements of an Insurable Risk=Insurability...Check all the apply
    • A. 

      Definite Loss

    • B. 

      Accidental Loss

    • C. 

      Calculable Loss

    • D. 

      Large Loss

    • E. 

      Insurance needs to be affordable/ economically feasible

    • F. 

      Predictable Loss

    • G. 

      Can not be catastrophic

  • 7. 
    What is Exposure?
    • A. 

      What is subject to loss

    • B. 

      The cause of loss

    • C. 

      What increases the chance of loss

  • 8. 
    A peril is _________?
  • 9. 
    A Hazard is ________?
  • 10. 
    What are Stock Insurers?
    • A. 

      They are owned and managed by stockholders, and the profits go to the stockholders

    • B. 

      They are owned and managed by policyholders, and the profits go to the policyholders

    • C. 

      They have members who agree to share each others losses and are managed by an attorney in fact.

  • 11. 
    What are Mutual Insurers?
    • A. 

      They have members who agree to share each others losses and are managed by an attorney in fact.

    • B. 

      They are owned and managed by policyholders, and the profits go to the policyholders

    • C. 

      They are owned and managed by stockholders, and the profits go to the stockholders

  • 12. 
    What are Reciprocal Insurers (unincorporated)?
    • A. 

      They have members who agree to share each others losses and are managed by an attorney in fact.

    • B. 

      They are owned and managed by stockholders, and the profits go to the stockholders

    • C. 

      They are owned and managed by policyholders, and the profits go to the policyholders

  • 13. 
    What are Risk Retention/Purchasing Groups?
    • A. 

      They are large Self-insurers who have liability insurance only and can retain their own risks

    • B. 

      They are on a lodge system managed by an attorney in fact

    • C. 

      They purchase insurance for the company as cheap as they can in order to make a profit off the premiums

  • 14. 
    Check all the Independent Rating Services that apply
    • A. 

      A.M. Best

    • B. 

      A.M. West

    • C. 

      Standard/Poor's

    • D. 

      Moody-Weiss

    • E. 

      Moody's

    • F. 

      Fitch-Weiss

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