OTL EXAM CHAPTER 7 QUESTIONS
& ANSWERS GRADED A+
1 of 30
Term
What scope of coverage does a policy written on an accident basis
have in comparison to a policy written on an occurrence basis?
Give this one a try later!
Recurring coverage Narrower coverage
The insured Prescription
, Don't know?
2 of 30
Term
If coinsurance is expressed as a percentage, what is it a
percentage of?
Give this one a try later!
It is a percentage of the It is a percentage of the
total insurance premiums insurer's profit margin.
paid.
It is a percentage of the claims It is a percentage of the
filed in a year. value of the damaged
property
Don't know?
3 of 30
Term
An insurer settles a claim with an insured and pays to
replace the
insured's seriously damaged automobile. The insurer then
sells the damaged car for the value of its parts. What is this
an example of?
, Give this one a try later!
& ANSWERS GRADED A+
1 of 30
Term
What scope of coverage does a policy written on an accident basis
have in comparison to a policy written on an occurrence basis?
Give this one a try later!
Recurring coverage Narrower coverage
The insured Prescription
, Don't know?
2 of 30
Term
If coinsurance is expressed as a percentage, what is it a
percentage of?
Give this one a try later!
It is a percentage of the It is a percentage of the
total insurance premiums insurer's profit margin.
paid.
It is a percentage of the claims It is a percentage of the
filed in a year. value of the damaged
property
Don't know?
3 of 30
Term
An insurer settles a claim with an insured and pays to
replace the
insured's seriously damaged automobile. The insurer then
sells the damaged car for the value of its parts. What is this
an example of?
, Give this one a try later!
