adjusting question's part 3
Questions and answers
In an insurance policy, the summary of what the insurer will do in
the event of a covered loss is called:
A.the dec page.
B.the conditions section.
C.the definitions section.
D.the insuring agreement. - answer D.the insuring agreement.
Which of the following would qualify as a "Dependent Child"
according to the Workers' Compensation law?
A.21 year old son
B.1 year old granddaughter living in deceased's household at time
of death
C.25 year old stepson
D.17 year old married daughter - answer B.1 year old
granddaughter living in deceased's household at time of death
The purpose of the principle of indemnity is:
A.to transfer the risk of financial loss from one party to another.
B.to transfer the right to collect a debt from one party to another.
C.to prevent an insured from making a profit on a loss.
D.to prevent an insurer from making a profit on a loss. - answer D.to
prevent an insured from making a profit on a loss.
There are several terms that are often interchangeable with
"endorsements." Which of the following is NOT one of these terms?
A.Binders
B.Attachments
,C.Addendums
D.Riders - answer A.Binders
Which of the following statements is TRUE of a claim dispute
litigated in a state that follows the doctrine of Contributory
Negligence?
A.The settlement amount will be reduced by the percentage of the
plaintiff's negligence.
B.The settlement amount will be reduced by the percentage of the
defendant's negligence.
C.If the plaintiff is found to be at all negligent, she will receive no
settlement.
D.If the defendant is found to be at all negligent, she will receive no
settlement. - answer C.If the plaintiff is found to be at all negligent,
she will receive no settlement.
A few weeks ago Christopher's garage was destroyed by an out-of-
control motorist. Fortunately, the motorist had sufficient liability
insurance to cover the damages. However, the insurer insists that
Christopher's garage is worth far less than the appraisals he has
received from contractors. Christopher and the insurer have gone
back and forth in negotiations for weeks, making little headway.
Christopher decides it's time to:
A.issue an answer for the policyholder.
B.issue a judgment.
C.issue a complaint against the policyholder.
D.issue a reservation of rights. - answer C.issue a complaint against
the policyholder.
When Louise goes online and fills out phony applications with XYZ
Auto Insurance in order to print the temporary insurance cards and
sell them for a profit on the black market, she is:
A.using a Ponzi Scheme.
, B.using a regular business practice.
C.committing soft fraud.
D.committing hard fraud. - answer D.committing hard fraud.
For the purposes of workers' compensation insurance, all of the
following words describe an "accident," EXCEPT:
A.Preventable
B.Unexpected
C.Sudden
D.Violent - answer A.Preventable
Which of the following insurance protections is NOT offered by a
garagekeeper's insurance policy?
A.Specific causes of loss
B.Collision coverage
C.Personal injury protection
D.Comprehensive coverage - answer C.Personal injury protection
For loss settlement purposes, most homeowners policies:
A.pay for damages to structures at actual cash value, and damages
to personal property at replacement cost.
B.pay for damages to personal property at actual cash value, and
damages to structures at replacement cost.
C.pay for damages to structures and personal property at actual
cash value.
D.pay up to 80% of the value of the damaged item, leaving the
remaining 20% to be paid by the insured. - answer B.pay for
damages to personal property at actual cash value, and damages to
structures at replacement cost.
Questions and answers
In an insurance policy, the summary of what the insurer will do in
the event of a covered loss is called:
A.the dec page.
B.the conditions section.
C.the definitions section.
D.the insuring agreement. - answer D.the insuring agreement.
Which of the following would qualify as a "Dependent Child"
according to the Workers' Compensation law?
A.21 year old son
B.1 year old granddaughter living in deceased's household at time
of death
C.25 year old stepson
D.17 year old married daughter - answer B.1 year old
granddaughter living in deceased's household at time of death
The purpose of the principle of indemnity is:
A.to transfer the risk of financial loss from one party to another.
B.to transfer the right to collect a debt from one party to another.
C.to prevent an insured from making a profit on a loss.
D.to prevent an insurer from making a profit on a loss. - answer D.to
prevent an insured from making a profit on a loss.
There are several terms that are often interchangeable with
"endorsements." Which of the following is NOT one of these terms?
A.Binders
B.Attachments
,C.Addendums
D.Riders - answer A.Binders
Which of the following statements is TRUE of a claim dispute
litigated in a state that follows the doctrine of Contributory
Negligence?
A.The settlement amount will be reduced by the percentage of the
plaintiff's negligence.
B.The settlement amount will be reduced by the percentage of the
defendant's negligence.
C.If the plaintiff is found to be at all negligent, she will receive no
settlement.
D.If the defendant is found to be at all negligent, she will receive no
settlement. - answer C.If the plaintiff is found to be at all negligent,
she will receive no settlement.
A few weeks ago Christopher's garage was destroyed by an out-of-
control motorist. Fortunately, the motorist had sufficient liability
insurance to cover the damages. However, the insurer insists that
Christopher's garage is worth far less than the appraisals he has
received from contractors. Christopher and the insurer have gone
back and forth in negotiations for weeks, making little headway.
Christopher decides it's time to:
A.issue an answer for the policyholder.
B.issue a judgment.
C.issue a complaint against the policyholder.
D.issue a reservation of rights. - answer C.issue a complaint against
the policyholder.
When Louise goes online and fills out phony applications with XYZ
Auto Insurance in order to print the temporary insurance cards and
sell them for a profit on the black market, she is:
A.using a Ponzi Scheme.
, B.using a regular business practice.
C.committing soft fraud.
D.committing hard fraud. - answer D.committing hard fraud.
For the purposes of workers' compensation insurance, all of the
following words describe an "accident," EXCEPT:
A.Preventable
B.Unexpected
C.Sudden
D.Violent - answer A.Preventable
Which of the following insurance protections is NOT offered by a
garagekeeper's insurance policy?
A.Specific causes of loss
B.Collision coverage
C.Personal injury protection
D.Comprehensive coverage - answer C.Personal injury protection
For loss settlement purposes, most homeowners policies:
A.pay for damages to structures at actual cash value, and damages
to personal property at replacement cost.
B.pay for damages to personal property at actual cash value, and
damages to structures at replacement cost.
C.pay for damages to structures and personal property at actual
cash value.
D.pay up to 80% of the value of the damaged item, leaving the
remaining 20% to be paid by the insured. - answer B.pay for
damages to personal property at actual cash value, and damages to
structures at replacement cost.
