Question 1

Which of the following items is NOT a benefit of standard insurance policies?

Accepted Answer

A) smaller insurers can offer cheaper insurance than larger companies if standard policies are used 
B) litigation should be reduced as policy meaning becomes understood 
C) consumers are more likely to learn the meaning of standard policies 
D) data collection and loss rate computation are easier and more accurate 
A) smaller insurers can offer cheaper insurance than larger companies if standard policies are used 
B) litigation should be reduced as policy meaning becomes understood 
C) consumers are more likely to learn the meaning of standard policies 
D) data collection and loss rate computation are easier and more accurate

Question 2

Standardized insurance policies make it easier to calculate an insurance rate than do non-standardized policies.

Accepted Answer

A) True 
 B)False

Question 3

If there were a $200,000 loss and a $500 straight deductible,the insured would pay:

Accepted Answer

A) $500 
B) $199,500 
C) $200,000 
D) $200,500 
A) $500 
B) $199,500 
C) $200,000 
D) $200,500

Question 4

Under the fire contract,you must file a proof of loss statement within 15 days of the loss.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following questions is not important to the insured after a loss has occurred?

Accepted Answer

A) Is the property covered 
B) Is the loss caused by a covered peril 
C) Were premiums received by the insurer in a timely fashion 
D) Is the selling agent still an agent for the insurance company 
A) Is the property covered 
B) Is the loss caused by a covered peril 
C) Were premiums received by the insurer in a timely fashion 
D) Is the selling agent still an agent for the insurance company

Question 6

Explain the importance of the appraisal clause in property insurance.

Accepted Answer

If the insurer and insured fail to agree

Question 7

The appraisal clause gives the insured the right to get a second appraisal at the insurer's expense.

Accepted Answer

A) True 
 B)False

Question 8

After any loss the insured must do all of the following except:

Accepted Answer

A) call the police 
B) file an immediate notice of loss 
C) complete an inventory 
D) state the cause of the loss to the best of his knowledge 
A) call the police 
B) file an immediate notice of loss 
C) complete an inventory 
D) state the cause of the loss to the best of his knowledge

Question 9

Explain what is meant by short-rate and pro-rata cancellation. In what cases are each used?

Accepted Answer

Pro
rata cancellation is used when the i

Which of the following items is NOT a benefit of standard insurance policies?

Standardized insurance policies make it easier to calculate an insurance rate than do non-standardized policies.

If there were a $200,000 loss and a $500 straight deductible,the insured would pay:

Under the fire contract,you must file a proof of loss statement within 15 days of the loss.

Which of the following questions is not important to the insured after a loss has occurred?

Explain the importance of the appraisal clause in property insurance.

The appraisal clause gives the insured the right to get a second appraisal at the insurer's expense.

After any loss the insured must do all of the following except:

Explain what is meant by short-rate and pro-rata cancellation. In what cases are each used?

Fundamentals and Terminology

Defining the Insurable Event

Risk Management

Financial Services Companies

Insurance Occupations

the Insurance Market: the Economic Problem

Insurance Regulation

Insurance Contracts

Homeowners Insurance

the Personal Auto Policy

Professional Financial Planning

Life Insurance Policies

Standard Life Insurance Contract Provisions And Options

Annuities

Medical Expense and Disability Insurance

Advanced Topics in Risk Management

Commercial Property Insurance

Commercial Liability Insurance

Bonding,Crime Insurance and Reinsurance

Employee Benefits

Social Security

Unemployment and Workers Compensation Insurance

Filters

Exam 9: Basic Property and Liability Insurance Contracts

Which of the following items is NOT a benefit of standard insurance policies?

Standardized insurance policies make it easier to calculate an insurance rate than do non-standardized policies.

If there were a $200,000 loss and a $500 straight deductible,the insured would pay:

Under the fire contract,you must file a proof of loss statement within 15 days of the loss.

Which of the following questions is not important to the insured after a loss has occurred?

Explain the importance of the appraisal clause in property insurance.

The appraisal clause gives the insured the right to get a second appraisal at the insurer's expense.

After any loss the insured must do all of the following except:

Explain what is meant by short-rate and pro-rata cancellation. In what cases are each used?

Fundamentals and Terminology

Defining the Insurable Event

Risk Management

Financial Services Companies

Insurance Occupations

the Insurance Market: the Economic Problem

Insurance Regulation

Insurance Contracts

Homeowners Insurance

the Personal Auto Policy

Professional Financial Planning

Life Insurance Policies

Standard Life Insurance Contract Provisions And Options

Annuities

Medical Expense and Disability Insurance

Advanced Topics in Risk Management

Commercial Property Insurance

Commercial Liability Insurance

Bonding,Crime Insurance and Reinsurance

Employee Benefits

Social Security

Unemployment and Workers Compensation Insurance

Filters