Arkansas Health Insurance Property & Casualty Practice Exam 2024

Arkansas Health Insurance Property & Casualty Practice Exam 2024 Pay the claims covered under the policy. - CORRECT ANSWER-A primary obligation of an insurance company is to: Accumulating Risk - CORRECT ANSWER-Which of the following is not a reaction to risk? An increase in the possibility that a loss may occur. - CORRECT ANSWER-Which of the following describes a hazard? Requiring the policyholder to carry insurance to value. - CORRECT ANSWER-Which of the following best meets the test of the "Principle of Indemnity"? Overpayment of a claim - CORRECT ANSWER-The principle of indemnity is designed to avoid: Flood - CORRECT ANSWER-Which of the following losses would not be covered on an "all-risk" crop insurance policy? Crime Insurance - CORRECT ANSWER-The Fair Plan offers what kind of coverage for individuals and businesses in high hazard areas? Embezzlement - CORRECT ANSWER-An agent who collects premiums and converts those premiums to his own personal use is guilty of: Deductible - CORRECT ANSWER-Which of the following terms describes what is subtracted from a claim payment to the insured? Parol Evidence rule - CORRECT ANSWER-Oral discussion prior to the development of a written contract can not be used to extend the terms of the final document. This because of the: The agent must be appointed by each company. - CORRECT ANSWER-To be licensed by more than one insurance company: The covered perils - CORRECT ANSWER-The basic difference between the DP-1 and the DP-3 is: The client - CORRECT ANSWER-Which of the following has the unlimited right to cancel an insurance policy?