This is the Quizzywhiz Final Exam.  It has the look and feel of the state exam that you will be taking.  This is not meant to replace prelicensing education.  This exam alone will not satisfy the state requirement of 40 hours of prelicensing training.  However, this quiz is an excellent review no matter which school you attended or course you completed.  These ARE NOT the same questions that you will see on an exam.  So, the goal is to not memorize the questions but to understand the concepts.  When you are finished with the exam you will see your score   Take your time, don't overthink, and good luck!

5 Sample Questions

Which best describes the purpose of insurance?

  • A. Transfer of risk
  • B. Avoidance of risk
  • C. Reduction of risk
  • D. Elimination of risk

Which is false concerning insurance?

  • A. Insurance deals with inherent risk
  • B. Insurance deals with uncertain losses
  • C. Insurance deals with speculative risk
  • D. Insurance deals with the transference of risk

Which is false of mutual companies?

  • A. They are also called participating companies
  • B. Dividends paid represent a return of premium
  • C. They are often referred to an nonparticipating companies
  • D. They may pay dividends to Policyowners

Which is not always found in a valid contract?

  • A. Offer
  • B. Counter-offer
  • C. Consideration
  • D. Acceptance

The Insurance Company's promise to pay would be found where?

  • A. Application
  • B. Declarations Page
  • C. Definitions Section
  • D. Insuring Clause

More by Randall Montgomery

Annuities and Retirement Plans Practice Exam

This quiz has 20 questions and should answer most of the annuity questions on state exams.  Your goal should be to miss 5 or less.