Property And Casualty Insurance! Trivia Quiz
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Insurance companies are one way in which we get to cover people from accidents, fire, and even theft. Some policies protect people from being advised by such companies, and one needs to know them. Do you have a Property and Casualty insurance exam that is coming up? Take up the practice test below and see how well you will fair.
- 1.
- A.
Pro-rata basis
- B.
Short rate basis
- C.
Retroactive basis
- D.
Coinsurance basis
- 2.What is the term used to describe terminating the insurance relationship at the end of the policy period?
- A.
Cancellation
- B.
Nonrenewal
- C.
Separation
- D.
Exclusion
- 3.
- A.
Sequential loss
- B.
Liability loss
- C.
Employee theft
- D.
Loss of use
- 4.
- A.
Property
- B.
Casualty
- C.
Liability
- D.
Auto
- 5.Insurance contracts offset:
- A.
Speculative risk
- B.
Pure risk
- C.
Gambling
- D.
Created risk
- 6.Which of the following is a third party contract?
- A.
Property
- B.
Casualty
- C.
Earthquake
- D.
Theft
- 7.Risk is best defined as:
- A.
Chance of loss
- B.
Certainty of loss
- C.
Financial loss
- D.
Sentimental loss
- 8.Being subject to a loss is:
- A.
Liability
- B.
Indemnity
- C.
Exposure
- D.
Subrogation
- 9.The ranking insured in a personal lines contract is the:
- A.
Named insured
- B.
First named insured
- C.
Mortgagee
- D.
Husband
- 10.To be paid a claim under a p&c contract, insurable interest must exist:
- A.
At the time of application
- B.
On the policy date
- C.
At the time of loss
- D.
At the time of claim settlement
- 11.This type of company is run for the benefit of the policyholders:
- A.
Stock
- B.
Mutual
- C.
Foreign
- D.
Alien
- 12.Ohio casualty is doing regular business in Indiana. Within the state of indiana, Ohio casualty would be considered a:
- A.
Domestic company
- B.
Nonadmitted company
- C.
Alien company
- D.
Foreign company
- 13.Ohio casualty is doing regular business in Indiana. Within the state of Indiana, Ohio casualty would be considered:
- A.
Admitted
- B.
Domestic
- C.
Unauthorized
- D.
Risk retention group
- 14.
- A.
Domestic
- B.
Foreign
- C.
Alien
- D.
International
- 15.With regard to insurance, the term consideration means
- A.
The premium and the statements on the application.
- B.
The insurer's method of evaluating the applicant for coverage.
- C.
The screening process all agents undergo prior to licensing.
- D.
The sidebyside policy comparison by the applicant.
- 16.Which of the following terms indicates that an insurance contract contains the legally enforceable promises of only one party?
- A.
Aleatory
- B.
Adhesion
- C.
Unilateral
- D.
Conditional
- 17.In purchasing an insurance contract, the applicant must accept the contract as written. this type of contract is reffered to as an
- A.
Settled contract
- B.
Aleatory contract
- C.
Contract of adhesion
- D.
Personal contract
- 18.Which of the following principles states that in forming an insurance contract, both parties have a responsibility to the other?
- A.
Doctorine of warrenties
- B.
Doctorine of representations
- C.
Doctorine of utmost good faith
- D.
Doctorine of reasonable expectations
- 19.An incorrect statement made intentionally on an auto insurance application is a:
- A.
Fraud
- B.
Warrenty
- C.
Misrepresentation
- D.
Concealment
- 20.A binder is an:
- A.
Interim insuring agreement
- B.
Application
- C.
Counteroffer
- D.
Endorsement
- 21.Which of the following is NOT true regarding consideration ina p&c policy?
- A.
Part of the insured's consideration is the premium.
- B.
Part of the insured's consideration are the statements on the application.
- C.
Part of the company's consideration is the promises in the policy.
- D.
Part of the company's consideration is the payment of a claim.
- 22.Any ambiguities in a p&c policy will be resolved in favor of the policy owner because the policy is a:
- A.
Contract of adhesion
- B.
Conditional contract
- C.
Unilateral contract
- D.
Aleatory contract
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