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Practice Questions1. Which of the following is not an unfair claim settlement practice? A. Misrepresentation of pertinent facts of policy
2. What type of hazard is a deliberate creation of loss by an insured in order to collect insurance payment or benefits? A. Morale hazard
3. What prevents an insurance company from denying a fact because of a previous action? A. Warranty
4. Is a type of rate which uses a modification to class rates lowered for positive factors or raised for negative factors? A. Merit rate
5. What part of the policy structure answers the following, “Who, what, when, where and what limits”? A. Injuring clause
6. Two policies written identically are A. Concurrent
7. For a partial property loss to be paid at replacement cost, what percentage of the market value of the home has to be insured? A. 100%
8. For a volcano eruption period, what is the time frame for one or more eruptions? A. 24 hours
9. What is not an element of negligence? A. Intervening cause
10. What does Res Ipsa Loquitor mean? A. One person can be held responsible for the act of another
11. What is the concept that a policy applies separately to each insured listed? A. Tort
12. Which of the following basic perils is exclusion? A. Fire
13. In a homeowner's policy, what is Coverage D? A. Dwelling
14. What is “losses are paid within 30 days after the insurer receives insured's proof of loss”? A. Reasonable repairs
15. What coverage pays for damage to your auto when it collides with something or overturns? A. Comprehensive
16. What type of insurance coverage is used for strict liability? A. Railroad protection
17. Which of the following is excluded as money in a crime policy? A. Checks
18. What type of bond is written to protect an employer from theft by employee? A. Surety bond
19. What type of coverage protects a business for care, custody and control of a non owned vehicle? A. No benefits to bailee
20. What is coverage that protects property movement on land? A. Trucker insurance
Answer Key
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