Exam 10: Managing Property and Liability Risk

Subrogation rights allow an insurer to take action against a negligent third party (and that party's insurance company) to obtain reimbursement for payments made to an insured.

(True/False)

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Question 21

The only type of loss that is related to homeowner's property insurance is damage to or destruction of the property itself.

(True/False)

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Question 22

When reviewing an insurance policy,which is not considered a key policy provision?

(Multiple Choice)

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Question 23

Always notify the police and file a report when involved in an auto accident.

(True/False)

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Question 24

The best way to document a homeowner's insurance loss is with pictures.

(True/False)

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Question 25

The primary difference between a speculative risk and a pure risk is that there is a chance for in a speculative risk but a chance for in a pure risk.

(Multiple Choice)

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Question 26

An insurance application must be approved by the insurance company before any legally binding insurance contract is formed.

(True/False)

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Question 27

Most homeowner's policies will cover contents and personal property for up to 50 percent of the insured value of the house.

(True/False)

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Question 28

____ are specifically designed for situations where more than one person is likely to be driving the car being insured

(Multiple Choice)

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Question 29

The homeowner's policy most suitable for renters is the

(Multiple Choice)

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Question 30

Property insurance does not take effect until after the application has been accepted by the insurance company even if payment has been made to an agent.

(True/False)

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Question 31

When the other driver is at fault,damages to your car must be paid by the other driver's property damage liability coverage.

(True/False)

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Question 32

The contract between the person buying the insurance and the company providing the insurance is the

(Multiple Choice)

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Question 33

Risk retention is not appropriate when

(Multiple Choice)

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Question 34

Your son,Jason,left his skateboard at the bottom of your basement stairs.While going downstairs,you stepped on the skateboard and broke your ankle.The resulting medical bill was $2755.How much would your homeowner's insurance pay if you had a $1,000 per-person limit on no-fault medical payments coverage?

(Multiple Choice)

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Question 35

When trying to save money on automobile insurance it is better to select a higher deductible than to lower your liability coverage limits.

(True/False)

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Question 36

The decision not to buy collision insurance on an old car is called

(Multiple Choice)

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Question 37

Insurance is one of the least-understood purchases we make.

(True/False)

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Question 38

After purchasing a new computer,Sally met her friend Jason for lunch.On returning to her car,Sally discovered that her car had been broken into and her computer was gone. insurance will cover the damage to her car,and insurance will cover the stolen computer.

(Multiple Choice)

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Question 39

Jeff's apartment was broken into and his three-year-old TV was taken.Jeff had paid $900 for the TV,but it will cost $1,200 to replace the unit.What is the actual cash value of the TV assuming it has a life expectancy of nine years?

(Multiple Choice)

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Question 40

Showing 21 - 40 of 209

Subrogation rights allow an insurer to take action against a negligent third party (and that party's insurance company) to obtain reimbursement for payments made to an insured.

The only type of loss that is related to homeowner's property insurance is damage to or destruction of the property itself.

When reviewing an insurance policy,which is not considered a key policy provision?

Always notify the police and file a report when involved in an auto accident.

The best way to document a homeowner's insurance loss is with pictures.

The primary difference between a speculative risk and a pure risk is that there is a chance for in a speculative risk but a chance for in a pure risk.

An insurance application must be approved by the insurance company before any legally binding insurance contract is formed.

Most homeowner's policies will cover contents and personal property for up to 50 percent of the insured value of the house.

____ are specifically designed for situations where more than one person is likely to be driving the car being insured

The homeowner's policy most suitable for renters is the

Property insurance does not take effect until after the application has been accepted by the insurance company even if payment has been made to an agent.

When the other driver is at fault,damages to your car must be paid by the other driver's property damage liability coverage.

The contract between the person buying the insurance and the company providing the insurance is the

Risk retention is not appropriate when

When trying to save money on automobile insurance it is better to select a higher deductible than to lower your liability coverage limits.

The decision not to buy collision insurance on an old car is called

Insurance is one of the least-understood purchases we make.

After purchasing a new computer,Sally met her friend Jason for lunch.On returning to her car,Sally discovered that her car had been broken into and her computer was gone. insurance will cover the damage to her car,and insurance will cover the stolen computer.

Jeff's apartment was broken into and his three-year-old TV was taken.Jeff had paid $900 for the TV,but it will cost $1,200 to replace the unit.What is the actual cash value of the TV assuming it has a life expectancy of nine years?

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

Filters

Exam 10: Managing Property and Liability Risk

Subrogation rights allow an insurer to take action against a negligent third party (and that party's insurance company) to obtain reimbursement for payments made to an insured.

The only type of loss that is related to homeowner's property insurance is damage to or destruction of the property itself.

When reviewing an insurance policy,which is not considered a key policy provision?

Always notify the police and file a report when involved in an auto accident.

The best way to document a homeowner's insurance loss is with pictures.

The primary difference between a speculative risk and a pure risk is that there is a chance for ____ in a speculative risk but a chance for ____ in a pure risk.

An insurance application must be approved by the insurance company before any legally binding insurance contract is formed.

Most homeowner's policies will cover contents and personal property for up to 50 percent of the insured value of the house.

____ are specifically designed for situations where more than one person is likely to be driving the car being insured

The homeowner's policy most suitable for renters is the

Property insurance does not take effect until after the application has been accepted by the insurance company even if payment has been made to an agent.

When the other driver is at fault,damages to your car must be paid by the other driver's property damage liability coverage.

The contract between the person buying the insurance and the company providing the insurance is the

Risk retention is not appropriate when

When trying to save money on automobile insurance it is better to select a higher deductible than to lower your liability coverage limits.

The decision not to buy collision insurance on an old car is called

Insurance is one of the least-understood purchases we make.

After purchasing a new computer,Sally met her friend Jason for lunch.On returning to her car,Sally discovered that her car had been broken into and her computer was gone.____ insurance will cover the damage to her car,and ____ insurance will cover the stolen computer.

Jeff's apartment was broken into and his three-year-old TV was taken.Jeff had paid $900 for the TV,but it will cost $1,200 to replace the unit.What is the actual cash value of the TV assuming it has a life expectancy of nine years?

Understanding Personal Finance

Career Planning

Financial Statements,tools,and Budgets

Managing Income Taxes

Managing Checking and Savings Accounts

Building and Maintaining Good Credit

Credit Cards and Consumer Loans

Vehicles and Other Major Purchases

Obtaining Affordable Housing

Managing Health Expenses

Life Insurance Planning

Investment Fundamentals

Investing in Stocks and Bonds

Mutual Funds and Exchange Traded Funds

Real Estate and High-Risk Investments

Retirement and Estate Planning

Filters

The primary difference between a speculative risk and a pure risk is that there is a chance for in a speculative risk but a chance for in a pure risk.

After purchasing a new computer,Sally met her friend Jason for lunch.On returning to her car,Sally discovered that her car had been broken into and her computer was gone. insurance will cover the damage to her car,and insurance will cover the stolen computer.