Fin 341 Fier Test 3 quizzes Fin 341 Fier Test 3 quizzes 2/18/2026
Stan's insurance policy will pay more for this loss Carrie accidentally hits a pedestrian while driving Stan's car and she
than Carrie's policy. causes $130,000 in bodily injury to the pedestrian. Carrie has an auto
policy with a $100,000 liability limit and Stan has an auto policy with
a $100,000 liability limit. Given this information, which statement is
correct?
Stan's insurance policy will pay more for this loss than Carrie's policy.
Carrie's insurance policy will pay more for this loss than Stan's policy.
Carrie's insurance policy will pay the same amount for this loss as
Stan's policy.
special damages Bianca has a large box fall on her head while shopping at a grocery
store, resulting in serious injury. Bianca sues the grocery store and is
awarded $500,000 for her medical expenses and lost income. This
award is an example of:
non-compensatory damages
general damages
special damages
punitive damages
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,Fin 341 Fier Test 3 quizzes Fin 341 Fier Test 3 quizzes 2/18/2026
113,000 An insured has an insurance policy with a $1,000 straight deductible
and a $1 million per occurrence limit. The insured experiences the
following four losses: (1) $700, (2) $1,000, (3) $20,000, (4) 95,000.
Given this information, how much IN TOTAL will the insured receive
from her insurer.
$115,700
$113,000
$116,700
$112,700
punitive damages Amounts awarded by courts to plaintiffs which are intended to
punish defendants are referred to as:
special damages
indirect damages
punitive damages
general damages
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, Fin 341 Fier Test 3 quizzes Fin 341 Fier Test 3 quizzes 2/18/2026
Between $100,000 and $200,000 An insured experiences a $360,000 covered loss and two policies
which can cover the loss. Policy A has a limit of $2 million and Policy
B has a limit of $5 million. Assuming each policy has a pro-rata other
insurance provision, how much will Policy A pay for this loss
(ignoring deductibles)?
Less than $100,000
Between $100,000 and $200,000
Between $200,000 and $300,000
Between $300,000 and $400,000
More than $400,000
False True or False: The coinsurance provision found in health insurance
policies is very similar to the coinsurance provision found in property
insurance policies.
Page 3 Fin 341 Fier Test 3 quizzes.pdf
Stan's insurance policy will pay more for this loss Carrie accidentally hits a pedestrian while driving Stan's car and she
than Carrie's policy. causes $130,000 in bodily injury to the pedestrian. Carrie has an auto
policy with a $100,000 liability limit and Stan has an auto policy with
a $100,000 liability limit. Given this information, which statement is
correct?
Stan's insurance policy will pay more for this loss than Carrie's policy.
Carrie's insurance policy will pay more for this loss than Stan's policy.
Carrie's insurance policy will pay the same amount for this loss as
Stan's policy.
special damages Bianca has a large box fall on her head while shopping at a grocery
store, resulting in serious injury. Bianca sues the grocery store and is
awarded $500,000 for her medical expenses and lost income. This
award is an example of:
non-compensatory damages
general damages
special damages
punitive damages
Page 1 Fin 341 Fier Test 3 quizzes.pdf
,Fin 341 Fier Test 3 quizzes Fin 341 Fier Test 3 quizzes 2/18/2026
113,000 An insured has an insurance policy with a $1,000 straight deductible
and a $1 million per occurrence limit. The insured experiences the
following four losses: (1) $700, (2) $1,000, (3) $20,000, (4) 95,000.
Given this information, how much IN TOTAL will the insured receive
from her insurer.
$115,700
$113,000
$116,700
$112,700
punitive damages Amounts awarded by courts to plaintiffs which are intended to
punish defendants are referred to as:
special damages
indirect damages
punitive damages
general damages
Page 2 Fin 341 Fier Test 3 quizzes.pdf
, Fin 341 Fier Test 3 quizzes Fin 341 Fier Test 3 quizzes 2/18/2026
Between $100,000 and $200,000 An insured experiences a $360,000 covered loss and two policies
which can cover the loss. Policy A has a limit of $2 million and Policy
B has a limit of $5 million. Assuming each policy has a pro-rata other
insurance provision, how much will Policy A pay for this loss
(ignoring deductibles)?
Less than $100,000
Between $100,000 and $200,000
Between $200,000 and $300,000
Between $300,000 and $400,000
More than $400,000
False True or False: The coinsurance provision found in health insurance
policies is very similar to the coinsurance provision found in property
insurance policies.
Page 3 Fin 341 Fier Test 3 quizzes.pdf
