1|Page
Idaho Bail Bondsman Insurance Practice Test || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Expertly Verified
Answers) Already Graded A+ | Guaranteed Success!!
Newest Exam | Just Released!!!
True or False: All insurance contracts are conditional -
Answer-True
What refers to an event that can cancel a right? - Answer-
A condition precedent
True or False: A breach of warranty can usually provide
sufficient ground for voiding the contract - Answer-True
In the context of insurance, the major elements of a
contract include: - Answer-Offer, acceptance,
consideration, competent parties and legal purpose
To void a contract due to misrepresented information
provided by the insured, the information involved must be
_________. - Answer-Oral or written
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Impersonation is _________. - Answer-false pretenses
Material misrepresentation always involves_________. -
Answer-A misstatement made during the insurance
application.
True or False: Policy cancellation and rescission are the
same thing - Answer-False
A criminal suspect may be granted ____ release such that
no bail money needs to be paid and that no bond needs to
be posted. - Answer-Own recognizance
An insurance policy that does not constitute insurable
interest would be considered as _______. - Answer-Void
and illegal
Adverse selection is said to exist when ____. - Answer-A
risk insured is more likely than average in experiencing
losses
Insurance underwriting is all about _______. - Answer-
Classifying, rating and selecting risks
,3|Page
An insurance risk class is usually based on a large group
of people with _____. - Answer-Similar characteristics
True or False: It is always expected that an underwriter
foresees all the possible circumstances - Answer-False
True or False: A warranty will never become an actual part
of the insurance contract. - Answer-False
Insurance underwriting involves ______. - Answer-
Classifying, rating and selecting risks
What describes the failure to act as a reasonable third
person would in the exact same situation? - Answer-
Negligence
Generally, the degree of error in the predicting the losses
will decrease when ______. - Answer-the number of the
individuals is increased
, 4|Page
Who compiles statistical data about the exposure units
and the relevant risks? - Answer-Actuaries
From the perspective of the insurance companies,
expected losses are always based on: - Answer-past
experience of the average risk
True or false: In theory, the congress can regulate those
insurance transactions that are of a nature of interstate
commerce - Answer-True
True or False: The Sherman act is applicable to the
insurance business to the extent that it is not regulated by
state law - Answer-True
True or False: The Clayton act is applicable to the
insurance business to the extent that is not regulated by
the state law - Answer-True
True or False: The Federal Trade Commission Act is
applicable to the insurance business to the extent that it is
not regulated by state law - Answer-True
Idaho Bail Bondsman Insurance Practice Test || Most
Recent Exam Actual Complete Real Verified Exam
Questions And Correct Answers (Expertly Verified
Answers) Already Graded A+ | Guaranteed Success!!
Newest Exam | Just Released!!!
True or False: All insurance contracts are conditional -
Answer-True
What refers to an event that can cancel a right? - Answer-
A condition precedent
True or False: A breach of warranty can usually provide
sufficient ground for voiding the contract - Answer-True
In the context of insurance, the major elements of a
contract include: - Answer-Offer, acceptance,
consideration, competent parties and legal purpose
To void a contract due to misrepresented information
provided by the insured, the information involved must be
_________. - Answer-Oral or written
,2|Page
Impersonation is _________. - Answer-false pretenses
Material misrepresentation always involves_________. -
Answer-A misstatement made during the insurance
application.
True or False: Policy cancellation and rescission are the
same thing - Answer-False
A criminal suspect may be granted ____ release such that
no bail money needs to be paid and that no bond needs to
be posted. - Answer-Own recognizance
An insurance policy that does not constitute insurable
interest would be considered as _______. - Answer-Void
and illegal
Adverse selection is said to exist when ____. - Answer-A
risk insured is more likely than average in experiencing
losses
Insurance underwriting is all about _______. - Answer-
Classifying, rating and selecting risks
,3|Page
An insurance risk class is usually based on a large group
of people with _____. - Answer-Similar characteristics
True or False: It is always expected that an underwriter
foresees all the possible circumstances - Answer-False
True or False: A warranty will never become an actual part
of the insurance contract. - Answer-False
Insurance underwriting involves ______. - Answer-
Classifying, rating and selecting risks
What describes the failure to act as a reasonable third
person would in the exact same situation? - Answer-
Negligence
Generally, the degree of error in the predicting the losses
will decrease when ______. - Answer-the number of the
individuals is increased
, 4|Page
Who compiles statistical data about the exposure units
and the relevant risks? - Answer-Actuaries
From the perspective of the insurance companies,
expected losses are always based on: - Answer-past
experience of the average risk
True or false: In theory, the congress can regulate those
insurance transactions that are of a nature of interstate
commerce - Answer-True
True or False: The Sherman act is applicable to the
insurance business to the extent that it is not regulated by
state law - Answer-True
True or False: The Clayton act is applicable to the
insurance business to the extent that is not regulated by
the state law - Answer-True
True or False: The Federal Trade Commission Act is
applicable to the insurance business to the extent that it is
not regulated by state law - Answer-True
