Question 1

As a tenant,you would purchase an HO-3 policy.

Accepted Answer

A) True 
 B)False

Question 2

In order to collect under uninsured motorists coverage,three specific conditions must be in effect.They are:

Accepted Answer

A) another motorist was at fault; this motorist has no available insurance coverage; and damages were incurred. 
B) another motorist was at fault; this motorist has insurance coverage; and damages were incurred. 
C) you were at fault; the other motorist has insurance coverage; and damages were incurred. 
D) you were at fault; the other motorist has no available insurance coverage; and damages were incurred. 
E) either a or d 
A) another motorist was at fault; this motorist has no available insurance coverage; and damages were incurred. 
B) another motorist was at fault; this motorist has insurance coverage; and damages were incurred. 
C) you were at fault; the other motorist has insurance coverage; and damages were incurred. 
D) you were at fault; the other motorist has no available insurance coverage; and damages were incurred. 
E) either a or d

Question 3

Section I of the homeowner's insurance policy covers

Accepted Answer

A) the home only. 
B) the house and the garage. 
C) liability of an insured. 
D) the home and its contents. 
E) liability and the house. 
A) the home only. 
B) the house and the garage. 
C) liability of an insured. 
D) the home and its contents. 
E) liability and the house.

Question 4

Your car is damaged by fire while parked in your garage.Protection would be provided by

Accepted Answer

A) comprehensive auto coverage. 
B) property damage liability coverage. 
C) homeowner's personal property coverage. 
D) homeowner's dwelling unit coverage. 
E) auto collision coverage. 
A) comprehensive auto coverage. 
B) property damage liability coverage. 
C) homeowner's personal property coverage. 
D) homeowner's dwelling unit coverage. 
E) auto collision coverage.

Question 5

Generally,actual cash value is defined as

Accepted Answer

A) replacement cost. 
B) original purchase price. 
C) market value. 
D) purchase cost minus depreciation. 
E) replacement cost minus depreciation. 
A) replacement cost. 
B) original purchase price. 
C) market value. 
D) purchase cost minus depreciation. 
E) replacement cost minus depreciation.

Question 6

The principle of indemnity does not apply to life and health insurance.

Accepted Answer

A) True 
 B)False

Question 7

Liability claims may result from alleged negligent acts.

Accepted Answer

A) True 
 B)False

Question 8

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-Your house has a replacement value of $120,000.Your HO policy has an 80% co-insurance clause.In order to receive full compensation if your house is totally destroyed,you must carry insurance for [$96,000 | $120,000].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 9

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-[Negligence | Indemnity] is the failure to act in a reasonable manner or take necessary steps to protect others from harm.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 10

The advisable dollar limit for any one auto accident is $250,000.

Accepted Answer

A) True 
 B)False

Question 11

The principle of ____ states that an insured should not be compensated by an insurance company in an amount exceeding the economic loss.

Accepted Answer

A) subrogation 
B) insurable interest 
C) coinsurance 
D) indemnity 
E) none of these 
A) subrogation 
B) insurable interest 
C) coinsurance 
D) indemnity 
E) none of these

Question 12

Replacement cost and actual cash value is the same thing.

Accepted Answer

A) True 
 B)False

Question 13

Collision insurance pays for damage to your automobile regardless of who is at fault.

Accepted Answer

A) True 
 B)False

Question 14

A person need not be occupying an automobile when the accidental injury occurs to be eligible for benefits from a PAP.

Accepted Answer

A) True 
 B)False

Question 15

The right of subrogation allows the insurer to get reimbursed for claims paid.

Accepted Answer

A) True 
 B)False

Question 16

Section I of a homeowner's insurance policy covers the insured's dwelling,accompanying structures,and personal property.

Accepted Answer

A) True 
 B)False

Question 17

The principle of indemnity would prevent:

Accepted Answer

A) the act of one person from being imputed to another. 
B) an insured from collecting more than he lost. 
C) a negligent third party from being held liable for damages if the injured party was insured. 
D) a significant amount of loss control activity. 
E) an insurer from ever waiving it's right to subrogation. 
A) the act of one person from being imputed to another. 
B) an insured from collecting more than he lost. 
C) a negligent third party from being held liable for damages if the injured party was insured. 
D) a significant amount of loss control activity. 
E) an insurer from ever waiving it's right to subrogation.

Question 18

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-[Comprehensive | Named peril] policy covers all perils unless they are specifically excluded.

Accepted Answer

The answer of Choose the word or phrase in [...

Question 19

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement.
-The advisable dollar coverage for any one auto accident is at least [$100,000 | $300,000].

Accepted Answer

The answer of Choose the word or phrase in [...

Question 20

Age of home affects insurance premiums the most.

Accepted Answer

A) True 
 B)False

As a tenant,you would purchase an HO-3 policy.

In order to collect under uninsured motorists coverage,three specific conditions must be in effect.They are:

Section I of the homeowner's insurance policy covers

Your car is damaged by fire while parked in your garage.Protection would be provided by

Generally,actual cash value is defined as

The principle of indemnity does not apply to life and health insurance.

Liability claims may result from alleged negligent acts.

The advisable dollar limit for any one auto accident is $250,000.

The principle of ____ states that an insured should not be compensated by an insurance company in an amount exceeding the economic loss.

Replacement cost and actual cash value is the same thing.

Collision insurance pays for damage to your automobile regardless of who is at fault.

A person need not be occupying an automobile when the accidental injury occurs to be eligible for benefits from a PAP.

The right of subrogation allows the insurer to get reimbursed for claims paid.

Section I of a homeowner's insurance policy covers the insured's dwelling,accompanying structures,and personal property.

The principle of indemnity would prevent:

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -[Comprehensive | Named peril] policy covers all perils unless they are specifically excluded.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The advisable dollar coverage for any one auto accident is at least [$100,000 | $300,000].

Age of home affects insurance premiums the most.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters

Exam 10: Protecting Your Property

As a tenant,you would purchase an HO-3 policy.

In order to collect under uninsured motorists coverage,three specific conditions must be in effect.They are:

Section I of the homeowner's insurance policy covers

Your car is damaged by fire while parked in your garage.Protection would be provided by

Generally,actual cash value is defined as

The principle of indemnity does not apply to life and health insurance.

Liability claims may result from alleged negligent acts.

The advisable dollar limit for any one auto accident is $250,000.

The principle of ____ states that an insured should not be compensated by an insurance company in an amount exceeding the economic loss.

Replacement cost and actual cash value is the same thing.

Collision insurance pays for damage to your automobile regardless of who is at fault.

A person need not be occupying an automobile when the accidental injury occurs to be eligible for benefits from a PAP.

The right of subrogation allows the insurer to get reimbursed for claims paid.

Section I of a homeowner's insurance policy covers the insured's dwelling,accompanying structures,and personal property.

The principle of indemnity would prevent:

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -[Comprehensive | Named peril] policy covers all perils unless they are specifically excluded.

Choose the word or phrase in [ ] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. -The advisable dollar coverage for any one auto accident is at least [$100,000 | $300,000].

Age of home affects insurance premiums the most.

Understanding the Financial Planning Process

Using Financial Statements and Budgets

Preparing Your Taxes

Managing Your Cash and Savings

Making Automobile and Housing Decisions

Using Credit

Using Consumer Loans

Insuring Your Life

Insuring Your Health

Investment Planning

Investing in Stocks and Bonds

Investing in Mutual Funds

Planning for Retirement

Preserving Your Estate

Filters