Exam 10: Property and Motor Vehicle Insurance

Property owners face potential property losses due to two risks,physical damage and:

While cleaning your home,a worker damages some furniture.You take action against the worker's employer to cover the cost of the damage.This is an example of a ____________ liability.

Joan Stone owns a home in Edmond,Oklahoma.She is worried her property might be damaged due to some unforeseen event.This worry about the uncertainty as to a loss is an example of a:

A household inventory helps to provide evidence of ownership and value of items covered by home insurance.

Renter's insurance would include coverage for:

Uninsurable risks are considered _____ risk.

Starting a small business that may or may not succeed is an example of ___________ risk.

Which one of the following factors is used to determine a person's driver classification?

The most common method of dealing with risk is to:

Your home insurance policy has a $500 deductible.If a windstorm causes $2,000 damage to your home,what amount of the claim would the insurance company pay?

Which one of the following is not covered by renter's insurance?

An umbrella policy provides additional personal liability coverage beyond the basic amounts in most homeowner policies.

Medical payments coverage in a home insurance policy is designed to pay for legal action taken against a homeowner who may be legally responsible for injury or property damage of others.

Explain the difference between strict and vicarious liability.Provide examples.

Which form of a homeowner's policy expands coverage to include replacement cost on contents?

Which one of the following types of coverage would pay for damage to your automobile in an accident for which you were at fault?

The 100/300 amounts for bodily injury liability insurance refer to the costs of insurance coverage.

_________ coverage protects your automobile from risks such as glass breakage,falling objects,vandalism,or damage caused by hitting an animal.

Ginger Simpson ran off the road and hit a bridge support.She was seriously injured and spent three days in the hospital.What part of Ginger's automobile insurance policy would cover Ginger's injuries?

The ____________ method to settle claims is based on the current replacement cost of a damaged or lost item less depreciation.