Many people don’t think they need insurance. In reality, you can never predict what might happen to you, your belongings, or the place you live, and so it’s essential to take preliminary measures, so you haven't left up a creek without a panel when tragedy strikes! Insurance is the way to do that, and today we’ll be testing your knowledge on property and casualty insurance licenses! Go ahead with the quiz and learn interesting trivia.
Terry places a bet on the outcome of a basketball game.
Margaret's dog is temperamental. She's afraid that it will bite a neighbor someday and she will be held responsible.
Sam transfers all of his retirement funds into a stock that he expects to rise in value.
Cindy, along with 32 others, puts $100 into an Indy 500 race pool at work. The person holding the name of the winning driver will win the entire $3,300.
That there must be a narrow spread of risk for insurance to be effective.
Requires all members of society with insurance exposures to purchase insurance.
That the more examples used to develop a statistic, the more reliable the statistic will be.
LaTonya
John
LaTonya's son, who would like to inherit the home some day
First City Bank
Avoidance
Reduction
Retention
Transfer
Transfer
Retention
Avoidance
Reduction
Fire
Lightning
Wet pavement
Flood
Both parties are required to provide services for the other.
One party draws up the contract provisions, and the other party adheres to the terms.
The contract can be revoked by any party at any time for any reason.
A contract that is formed without any consideration by either party.
After a loss, an insured should be restored to approximately the same condition that existed before the loss.
Every insured will receive full compensation for all losses in all cases.
When property is damaged or destroyed, the insurance company must pay the full replacement cost.
In the case of bodily injuries, liability coverage must be available without regard to any policy exclusions.
Definitions
Exclusions
Insuring agreement
Conditions
Stated benefits and the dates on which they are to be paid
The premium
A promise to pay for certain losses if they occur
A promise to be conscientious about the customer's situation
Unilateral
Aleatory
Conditional
Utmost good faith
Definitions
Exclusions
Insuring agreement
Conditions
Is managed by an attorney-in-fact.
Pays dividends to its stockholders.
Is owned by its insureds.
Is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks.
Represents a single insurance company.
Works for a direct writer.
Is an independent businessperson.
Does not collect commissions.
Issue or countersign policies.
Sell insurance.
Collect premiums.
Sign an application.
Captive
Independent
Direct writer
Direct response
Underwriting
Loss Control
Claims
Agency
Audit
Claims
Underwriting
Reinsurance
Lloyd's Associations
State insurance department
Interstate Commerce Commission
Insurance Services Office
Rebating.
Twisting.
Misrepresentation.
Failure of fiduciary responsibility.
Fraternal insurance.
Self-insurance.
Reinsurance.
Government insurance.
The insurance industry is regulated exclusively by the federal government.
The insurance industry is very loosely regulated.
The state insurance department is responsible for controlling insurance matters within the state.
The state insurance department serves only the interests of the insurance industry.
Making appropriate coverage recommendations to prospective customers
Writing the provisions of a customer's policy
Helping prospective customers complete the application
Assuring that customers understand the coverage they are purchasing
Express authority.
Implied authority.
Assertive authority.
Apparent authority.
Alien
Foreign
Domestic
Non-admitted
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Here's an interesting quiz for you.