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Question 1 of 10
1. Question
Which of the following is true regarding the insurance process?
Correct
The insurance process significantly reduces total risk through the Law of Large Numbers. However, it is speculation that transfers risk but does not reduce it.
Incorrect
The insurance process significantly reduces total risk through the Law of Large Numbers. However, it is speculation that transfers risk but does not reduce it.
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Question 2 of 10
2. Question
How does gambling decrease societal utility?
Correct
People, while gambling, spend early and high utility dollars in the hopes of gaining large wealth that has lower utility value. Due to this income is distributed haphazardly and indiscriminately.
Incorrect
People, while gambling, spend early and high utility dollars in the hopes of gaining large wealth that has lower utility value. Due to this income is distributed haphazardly and indiscriminately.
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Question 3 of 10
3. Question
In liability insurance, When does the liability section of the auto policy provide coverage to the policyholder?
Correct
If the policyholder is sued for irresponsibility throughout the event of certain bodily injury or damage to property, the insurer shall provide legal defense to the policyholder and, if the policyholder is found to be liable, the insurer shall also pay, on behest of the policyholder, losses identified against policyholder within the limits of the coverage set out in the policy.
Incorrect
If the policyholder is sued for irresponsibility throughout the event of certain bodily injury or damage to property, the insurer shall provide legal defense to the policyholder and, if the policyholder is found to be liable, the insurer shall also pay, on behest of the policyholder, losses identified against policyholder within the limits of the coverage set out in the policy.
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Question 4 of 10
4. Question
The total cost of legal defense and payment of damages can exceed the policy limits? Why is it so?
Correct
The insurer is allowed to halt its legal defense when the amount it has paid for damages caused reaches beyond the policy limits.
Incorrect
The insurer is allowed to halt its legal defense when the amount it has paid for damages caused reaches beyond the policy limits.
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Question 5 of 10
5. Question
Which of the following is an advantage of the coinsurance clause?
Correct
The coinsurance clause encourages insurance to inflict a penalty on under-insurance so as to attain full cost.
Incorrect
The coinsurance clause encourages insurance to inflict a penalty on under-insurance so as to attain full cost.
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Question 6 of 10
6. Question
In insurance, When can an insurer break off the defense of the case?
Correct
The amount to be compensated in insurance is limited to a particular value that is predefined such that if the compensation amount exceeds it, the insurer can break off the defense of that case.
Incorrect
The amount to be compensated in insurance is limited to a particular value that is predefined such that if the compensation amount exceeds it, the insurer can break off the defense of that case.
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Question 7 of 10
7. Question
For people who rent, the tenant’s package provides compensation for much of their possessions. Then, What will cover the total liability risk inherent in an apartment complex?
Correct
Any harm to the apartment complex, therefore, is not the concern of tenants other than in respect to their personal belongings and certain rights of tenancy.
Incorrect
Any harm to the apartment complex, therefore, is not the concern of tenants other than in respect to their personal belongings and certain rights of tenancy.
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Question 8 of 10
8. Question
What does the objective of workers’ compensation include?
Correct
Compensation for any case injury or disease in the workplace is facilitated
Incorrect
Compensation for any case injury or disease in the workplace is facilitated
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Question 9 of 10
9. Question
Which of the following benefit is included under workers’ compensation?
Correct
Workers’ compensation provides unlimited medical care to the workers without dollar and time limitations.
Incorrect
Workers’ compensation provides unlimited medical care to the workers without dollar and time limitations.
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Question 10 of 10
10. Question
For an injury or sickness to be covered by workers’ compensation, which of the following criteria must a worker fulfill?
Correct
Work-related injuries and diseases are compensated.
Incorrect
Work-related injuries and diseases are compensated.