Social Science Business Insurance
OH P&C Chapter 2
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Overview of Commercial Package P... Xcel Solutions Property & Casualty GENERAL INSURANCE QUIZ Busines
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D) The insurance company is the only party that is legally An insurance policy is considered a unilateral contract because:
obligated to perform under the insurance contract
A) The insurance company writes the policy provisions with little or no input from
the insured
B) The policy does not provide any benefit to the insured unless a claim is paid
C) The insured must comply with certain conditions of the policy for a claim to be
paid
D) The insurance company is the only party that is legally obligated to perform
under the insurance contract
B) Exclusive/captive Agent Michelle is under contract with the ABC insurance company to represent
and sell insurance only for ABC. This is an example of what type of agency
system?
A) Direct writer
B) Exclusive/captive
C) Direct response
D) Independent
, B) Unilateral Contract. Only one of the parties, the insurer, can be legally bound to honor their promise.
This is an example of a
A) Aleatory Contract.
B) Unilateral Contract.
C) Contract of Utmost Good Faith.
D) Contract of Adhesion.
D) Aleatory Contract. The insured pays a small premium and the insurer promises to pay a large amount
if a covered loss occurs. This is an example of a
A) Unilateral Contract.
B) Contract of Utmost Good Faith.
C) Contract of Adhesion.
D) Aleatory Contract.
D) direct writer/response. Tom sees an ad on TV for car insurance inviting him to use the web or call a toll
free number for information. The insurer is using which of the following marketing
distribution systems
A) independent agent.
B) captive agent.
C) vending machines.
D) direct writer/response.
A) Principle of Indemnity. Sam is injured at work, he turns the claim into his personal health insurance, his
wife's insurance since he is a covered spouse, and workers compensation. Sam is
upset when he cannot collect from all three policies. This is an example of the
A) Principle of Indemnity.
B) Contract of Adhesion.
C) Contract of Utmost Good Faith.
D) Aleatory Contract.
OH P&C Chapter 2
Save
Students also studied
Overview of Commercial Package P... Xcel Solutions Property & Casualty GENERAL INSURANCE QUIZ Busines
19 terms 123 terms 59 terms 52 terms
HannahCinig Preview Dreamer24601 Preview Rachel_Banks114 Preview pail
D) The insurance company is the only party that is legally An insurance policy is considered a unilateral contract because:
obligated to perform under the insurance contract
A) The insurance company writes the policy provisions with little or no input from
the insured
B) The policy does not provide any benefit to the insured unless a claim is paid
C) The insured must comply with certain conditions of the policy for a claim to be
paid
D) The insurance company is the only party that is legally obligated to perform
under the insurance contract
B) Exclusive/captive Agent Michelle is under contract with the ABC insurance company to represent
and sell insurance only for ABC. This is an example of what type of agency
system?
A) Direct writer
B) Exclusive/captive
C) Direct response
D) Independent
, B) Unilateral Contract. Only one of the parties, the insurer, can be legally bound to honor their promise.
This is an example of a
A) Aleatory Contract.
B) Unilateral Contract.
C) Contract of Utmost Good Faith.
D) Contract of Adhesion.
D) Aleatory Contract. The insured pays a small premium and the insurer promises to pay a large amount
if a covered loss occurs. This is an example of a
A) Unilateral Contract.
B) Contract of Utmost Good Faith.
C) Contract of Adhesion.
D) Aleatory Contract.
D) direct writer/response. Tom sees an ad on TV for car insurance inviting him to use the web or call a toll
free number for information. The insurer is using which of the following marketing
distribution systems
A) independent agent.
B) captive agent.
C) vending machines.
D) direct writer/response.
A) Principle of Indemnity. Sam is injured at work, he turns the claim into his personal health insurance, his
wife's insurance since he is a covered spouse, and workers compensation. Sam is
upset when he cannot collect from all three policies. This is an example of the
A) Principle of Indemnity.
B) Contract of Adhesion.
C) Contract of Utmost Good Faith.
D) Aleatory Contract.
