Unit 3 - Basics of Property and Casualty
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Terms in this set (26)
The heart of the insurance policy that A. the insuring agreement
states what will be covered is called
A. the insuring agreement
B. the conditions
C. the declarations
D. the definitions
Which of the following would NOT D. the exclusions in the policy
be included on the declarations
page of the policy?
A. the name of the insured
B. the amount of coverage provided
C. the description of the policy
D. the exclusions in the policy
Nancy purchases an auto policy on B. the named insured
her new car. There are no other
insureds listed on the declaration
page. Nancy is considered
A. the additional insured
B. the named insured
C. the first named insured
D. the insurer
, The duties following a loss condition A. a detailed proof of loss
lists the insured's responsibilities after
a loss. One of these duties requires
that the insured completes an official
inventory of the damages. This is also
known as
A. a detailed proof of loss
B. a notice of claim
C. valuation
D. subrogation
All of the following statements A. both the insurance company and insured can
regarding the rights and cancel a contract at any time
responsibilities of an insurer or
insured when an insurance contract
is cancelled or non-renewed are true
EXCEPT
A. both the insurance company and
insured can cancel a contract at any
time
B. when a policy is cancelled on the
effective date, by either the insurer
or insured, it's called a flat
cancellation
C. it is common that a policy is
extended at the end of its term or
policy period
D. if the insured had paid premiums
in advance for future months, any
unused premium (unearned
premium) must be returned to the
insured upon cancellation of a policy
Insurance Quiz | Questions with 100% Correct
Answers | Verified | Latest Update 2026
Save
Terms in this set (26)
The heart of the insurance policy that A. the insuring agreement
states what will be covered is called
A. the insuring agreement
B. the conditions
C. the declarations
D. the definitions
Which of the following would NOT D. the exclusions in the policy
be included on the declarations
page of the policy?
A. the name of the insured
B. the amount of coverage provided
C. the description of the policy
D. the exclusions in the policy
Nancy purchases an auto policy on B. the named insured
her new car. There are no other
insureds listed on the declaration
page. Nancy is considered
A. the additional insured
B. the named insured
C. the first named insured
D. the insurer
, The duties following a loss condition A. a detailed proof of loss
lists the insured's responsibilities after
a loss. One of these duties requires
that the insured completes an official
inventory of the damages. This is also
known as
A. a detailed proof of loss
B. a notice of claim
C. valuation
D. subrogation
All of the following statements A. both the insurance company and insured can
regarding the rights and cancel a contract at any time
responsibilities of an insurer or
insured when an insurance contract
is cancelled or non-renewed are true
EXCEPT
A. both the insurance company and
insured can cancel a contract at any
time
B. when a policy is cancelled on the
effective date, by either the insurer
or insured, it's called a flat
cancellation
C. it is common that a policy is
extended at the end of its term or
policy period
D. if the insured had paid premiums
in advance for future months, any
unused premium (unearned
premium) must be returned to the
insured upon cancellation of a policy
