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Principles of Insurance Exam 4 Seth Pounds Questions and
Answers with Solutions UPDATED!!!!
blackout period - ANSWER refers to the period from the time
that Social Security survivor benefits terminate to the time the
benefits are resumed (terminate when youngest child is 16 and
start again when the spouse reaches age 60)
blended families - ANSWER families made up of adults and their
children from previous marriages. the need for life insurance on
both family heads is great
dependency period - ANSWER The period until the youngest
child reaches age 18. this is so the surviving spouse can stay
home if necessary to care for the children
different situations covered under liability section - ANSWER -
husband, wife, and children are covered while using any auto,
owned, or nonowned.
-any other person using the named insured's covered auto is
also insured provided that person can establish a reasonable
belief that he or she is entitled to use the covered auto
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-applies to any person or organization legally responsible for
any insured's use of a covered auto on behalf of that person or
organization
-applies to any person or organization legally responsible for the
named insured's or family members' use of any auto or trailer
duties of the insured - ANSWER -notify your insurance company
or agent promptly after accident
-must cooperate with the insurer in the investigation and
settlement of a claim
-must send the insurer copies of any legal papers or notices
received
-may be required to take a physical exam
-authorize your insurer to obtain medical reports
-must submit proof of loss
Estate clearance fund - ANSWER Needed immediately when the
family head dies. Needed for burial expenses; uninsured
medical bills; installment debts; estate administration expenses;
and estate, inheritance and income taxes
Principles of Insurance Exam 4 Seth Pounds Questions and
Answers with Solutions UPDATED!!!!
blackout period - ANSWER refers to the period from the time
that Social Security survivor benefits terminate to the time the
benefits are resumed (terminate when youngest child is 16 and
start again when the spouse reaches age 60)
blended families - ANSWER families made up of adults and their
children from previous marriages. the need for life insurance on
both family heads is great
dependency period - ANSWER The period until the youngest
child reaches age 18. this is so the surviving spouse can stay
home if necessary to care for the children
different situations covered under liability section - ANSWER -
husband, wife, and children are covered while using any auto,
owned, or nonowned.
-any other person using the named insured's covered auto is
also insured provided that person can establish a reasonable
belief that he or she is entitled to use the covered auto
, Page |2
-applies to any person or organization legally responsible for
any insured's use of a covered auto on behalf of that person or
organization
-applies to any person or organization legally responsible for the
named insured's or family members' use of any auto or trailer
duties of the insured - ANSWER -notify your insurance company
or agent promptly after accident
-must cooperate with the insurer in the investigation and
settlement of a claim
-must send the insurer copies of any legal papers or notices
received
-may be required to take a physical exam
-authorize your insurer to obtain medical reports
-must submit proof of loss
Estate clearance fund - ANSWER Needed immediately when the
family head dies. Needed for burial expenses; uninsured
medical bills; installment debts; estate administration expenses;
and estate, inheritance and income taxes
