Quiz-summary
0 of 10 questions completed
Questions:
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Information
Free Practice Questions
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading...
You must sign in or sign up to start the quiz.
You have to finish following quiz, to start this quiz:
Results
0 of 10 questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 points, (0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- Answered
- Review
-
Question 1 of 10
1. Question
What is this auto insurance, wherein after an auto accident involving bodily injury, each party collects from his or her insurer regardless of fault?
Correct
No-fault auto insurance is another method for compensating injured accident victims. It is not necessary to determine who is at fault and prove negligence before a loss payment is made. Regardless of who caused the accident, each party collects from his or her insurer.
Incorrect
No-fault auto insurance is another method for compensating injured accident victims. It is not necessary to determine who is at fault and prove negligence before a loss payment is made. Regardless of who caused the accident, each party collects from his or her insurer.
-
Question 2 of 10
2. Question
Inland marine floaters provide broad coverage on property frequently moved from one location to another and on a property used in transportation and communications. Which of the following are the basic characteristics of inland marine floaters?
I. Coverages are tailored to the specific type of personal property to be insured
II. Desired amounts of insurance cannot be selected
III. Broader coverage can be obtained
IV. Inland marine floaters are often written with a deductibleCorrect
Inland marine floaters are not uniform, but they have certain common characteristics:
(1) Coverages are tailored to the specific type of personal property to be insured.
(2) Desired amounts of insurance can be selected.
(3) Broader coverage can be obtained.
(4) Most floaters cover insured property anywhere in the world.
(5) Inland marine floaters are often written without a deductible.Incorrect
Inland marine floaters are not uniform, but they have certain common characteristics:
(1) Coverages are tailored to the specific type of personal property to be insured.
(2) Desired amounts of insurance can be selected.
(3) Broader coverage can be obtained.
(4) Most floaters cover insured property anywhere in the world.
(5) Inland marine floaters are often written without a deductible. -
Question 3 of 10
3. Question
What is this type of insurance, which is defined as protection for the owner of the property and/or the lender of money for the purchase of property against any unknown defects in the title to the property under construction?
Correct
The title insurance policy provides protection against title defects that have occurred in the past, prior to the effective date of the policy. If a loss occurs, the insured is indemnified in dollar amounts up to the policy limits.
Incorrect
The title insurance policy provides protection against title defects that have occurred in the past, prior to the effective date of the policy. If a loss occurs, the insured is indemnified in dollar amounts up to the policy limits.
-
Question 4 of 10
4. Question
Worker’s compensation insurance policy was drafted by the National Council on Compensation Insurance to help millions of workers who are injured or become sick each year because of job-related accidents and diseases. Which of the following examples is a benefit of the worker’s compensation insurance?
Correct
Worker’s compensation insurance provides medical care, cash benefits, survivor benefits, and rehabilitation services to workers who are injured or die from job-related accidents or diseases.
Incorrect
Worker’s compensation insurance provides medical care, cash benefits, survivor benefits, and rehabilitation services to workers who are injured or die from job-related accidents or diseases.
-
Question 5 of 10
5. Question
Professional liability insurance provides protection against lawsuits to physicians, attorneys, engineers, and other professionals alleging a substantial error or omission. Which of the following are the typical provisions of this coverage?
I. Three insuring agreements
II. Liability is restricted to accidental acts of the physician or surgeon
III. An extended reporting period endorsement can be added
IV. The insurer may settle the claim without the physician’s or surgeon’s consentCorrect
Professional liability insurance forms are not uniform, and insurers typically use their forms. Some typical provisions of this coverage include the following:
(1) Two insuring agreements.
(2) Liability is not restricted to accidental acts of the physician or surgeon.
(3) There is a maximum limit per medical incident and an aggregate limit for each coverage.
(4) The insurer may settle the claim without the physician’s or surgeon’s consent.
(5) An extended reporting period endorsement can be added.
(6) Professional liability insurance is not a substitute for other necessary forms of liability insurance.Incorrect
Professional liability insurance forms are not uniform, and insurers typically use their forms. Some typical provisions of this coverage include the following:
(1) Two insuring agreements.
(2) Liability is not restricted to accidental acts of the physician or surgeon.
(3) There is a maximum limit per medical incident and an aggregate limit for each coverage.
(4) The insurer may settle the claim without the physician’s or surgeon’s consent.
(5) An extended reporting period endorsement can be added.
(6) Professional liability insurance is not a substitute for other necessary forms of liability insurance. -
Question 6 of 10
6. Question
Surety bonds can be used to meet loss exposures. What are the three parties to a surety bond?
I. Principal
II. Obligee
III. Surety
IV. InsurerCorrect
A surety bond is a contract in which the surety guarantees to an obligee that the principal will faithfully perform its obligation to the obligee.
Incorrect
A surety bond is a contract in which the surety guarantees to an obligee that the principal will faithfully perform its obligation to the obligee.
-
Question 7 of 10
7. Question
What type of bond guarantees that the party bonded will comply with all laws and regulations that govern the party’s activities?
Correct
License and permit bonds are commonly required of parties that must obtain a license or permit from a city or town before they can engage in certain activities.
Incorrect
License and permit bonds are commonly required of parties that must obtain a license or permit from a city or town before they can engage in certain activities.
-
Question 8 of 10
8. Question
The automobile insurance plan makes auto insurance available to drivers who are unable to obtain insurance in the voluntary market. Under such a plan, all auto insurers in the state are assigned their proportionate share of high-risk drivers based on the total volume of auto insurance premiums written in the state. Which of the following are disadvantages of an automobile insurance plan?
I. Despite higher premiums paid by high-risk drivers, auto insurance plans have incurred substantial underwriting losses
II. Despite lower premiums paid by high-risk drivers, auto insurance plans have incurred substantial underwriting losses
III. High premiums may cause many high-risk drivers to go uninsured
IV. Low premiums may cause many high-risk drivers to be insuredCorrect
The major advantage of automobile insurance plans is that a high-risk driver generally has at least one source for obtaining liability insurance. Nevertheless, such plans have several disadvantages which include the following:
(1) Despite higher premiums paid by high-risk drivers, auto insurance plans have incurred substantial underwriting losses.
(2) High premiums may cause many high-risk drivers to go uninsuredIncorrect
The major advantage of automobile insurance plans is that a high-risk driver generally has at least one source for obtaining liability insurance. Nevertheless, such plans have several disadvantages which include the following:
(1) Despite higher premiums paid by high-risk drivers, auto insurance plans have incurred substantial underwriting losses.
(2) High premiums may cause many high-risk drivers to go uninsured -
Question 9 of 10
9. Question
What is this type of managed care plan, which is defined as a plan that contracts with physicians, hospitals, and other healthcare providers to provide covered medical services to policyholders at discounted fees?
Correct
Under a preferred provider organization, a policyholder can elect to receive care from any physician or healthcare provider. However, if a preferred provider is used, the policyholder pays lower deductible and coinsurance charges. If the policyholder receives care outside the network, he or she must pay a substantially higher deductible and coinsurance charges.
Incorrect
Under a preferred provider organization, a policyholder can elect to receive care from any physician or healthcare provider. However, if a preferred provider is used, the policyholder pays lower deductible and coinsurance charges. If the policyholder receives care outside the network, he or she must pay a substantially higher deductible and coinsurance charges.
-
Question 10 of 10
10. Question
Which of the following statements defines total disability?
I. Inability to perform the material and substantial duties of your irregular occupation
II. Inability to perform the duties of any occupation for which you are reasonably fitted by education, training, and experience
III. Inability to perform the duties of any gainful occupation
IV. Loss-of-income testCorrect
Total disability means that, due solely to injury or sickness, you are unable o perform the material and substantial duties of your regular occupation.
Incorrect
Total disability means that, due solely to injury or sickness, you are unable o perform the material and substantial duties of your regular occupation.