Personal Lines Final Exam Save
Terms in this set (78)
Statements made in the application are B. Representations
considered:
A. Warranties
B. Representations
C. Possible Concealments
D. None of the Above
The definition of Risk is: A. Uncertainty regarding loss
A. Uncertainty regarding loss
B. A chance of gain
C. Uncertainty regarding gain or profit
D. Intended unforseen damage to property
for gain or profit
,A financial device for transferring or D. Insurance
shifting risk from an individual or entity to a
large group with the same risk is the
definition of:
A. Avoidance
B. Retention
C. Transfer
D. Insurance
Hazards include which of the following: C. Both 1 & 2
1. Unintended oily rags stacked in a corner
2. A homeowner's carelessness because he
has insurance
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 or 2
,The mortgage condition in a property C. Both 1 & 2
policy:
1. Guarantees that the lending institutions
may act for itself in paying a premium
2. Guarantees claim payments will be
divided as the interests of the insurance
and mortgagee appear
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 nor 2
Which of the following situations does NOT A. Being named in someone's will as an heir
create an insurable interest?
A. Being named in someone's will as an heir
B. Holding a mortgage or lien on property
C. Having custody or control of someone
else's property
D. Owning property
, The plumbing in Mrs. Ward's home B. HO2
suddenly burst and the ceilings were
damaged by water. Which of the following
homeowner forms would cover the loss?
A. HO1
B. HO2
C. HO4
D. HO7`
Nicole has a Personal Auto policy with A. $15,000
limits of 10/20/10 for liability coverage. She
causes an accident that results in $12,000
bodily injury damages to the other driver
and $5,000 in property damage to the
other driver's car. How much would
Nicole's policy pay for the the BI and PD
losses?
A. $15,000
B. $17,000
C. $10,000
D. $12,000
Terms in this set (78)
Statements made in the application are B. Representations
considered:
A. Warranties
B. Representations
C. Possible Concealments
D. None of the Above
The definition of Risk is: A. Uncertainty regarding loss
A. Uncertainty regarding loss
B. A chance of gain
C. Uncertainty regarding gain or profit
D. Intended unforseen damage to property
for gain or profit
,A financial device for transferring or D. Insurance
shifting risk from an individual or entity to a
large group with the same risk is the
definition of:
A. Avoidance
B. Retention
C. Transfer
D. Insurance
Hazards include which of the following: C. Both 1 & 2
1. Unintended oily rags stacked in a corner
2. A homeowner's carelessness because he
has insurance
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 or 2
,The mortgage condition in a property C. Both 1 & 2
policy:
1. Guarantees that the lending institutions
may act for itself in paying a premium
2. Guarantees claim payments will be
divided as the interests of the insurance
and mortgagee appear
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 nor 2
Which of the following situations does NOT A. Being named in someone's will as an heir
create an insurable interest?
A. Being named in someone's will as an heir
B. Holding a mortgage or lien on property
C. Having custody or control of someone
else's property
D. Owning property
, The plumbing in Mrs. Ward's home B. HO2
suddenly burst and the ceilings were
damaged by water. Which of the following
homeowner forms would cover the loss?
A. HO1
B. HO2
C. HO4
D. HO7`
Nicole has a Personal Auto policy with A. $15,000
limits of 10/20/10 for liability coverage. She
causes an accident that results in $12,000
bodily injury damages to the other driver
and $5,000 in property damage to the
other driver's car. How much would
Nicole's policy pay for the the BI and PD
losses?
A. $15,000
B. $17,000
C. $10,000
D. $12,000
