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Personal Lines Alabama State Exam
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
What type of risk is insuring your home or auto?
Ans: Pure risk
A good definition for risk is:
Ans: The chance of loss
The primary insured in an insurance contract is the:
Ans: First named insured
In property insurance, coinsurance is designed to:
Ans: Cover all losses in full if you purchase at least 80% insurance to value
All of the following are correct about binders EXCEPT:
Ans: The binder is good for a set number of days, or until the policy is issued, whichever is
longer.
Which risk management method is used when you decide to purchase insurance
to cover a risk?
Ans: None of the above
A risk management method where one party agrees to release the other party
from any liability or damage that might arise out of the transaction involved is
called:
Ans: A hold-harmless agreement
Click here for more: Preppass - Stuvia
Personal Lines Alabama State Exam
Questions with Detailed Verified Answers
(100% Correct Answers) /Already Graded
A+
What type of risk is insuring your home or auto?
Ans: Pure risk
A good definition for risk is:
Ans: The chance of loss
The primary insured in an insurance contract is the:
Ans: First named insured
In property insurance, coinsurance is designed to:
Ans: Cover all losses in full if you purchase at least 80% insurance to value
All of the following are correct about binders EXCEPT:
Ans: The binder is good for a set number of days, or until the policy is issued, whichever is
longer.
Which risk management method is used when you decide to purchase insurance
to cover a risk?
Ans: None of the above
A risk management method where one party agrees to release the other party
from any liability or damage that might arise out of the transaction involved is
called:
Ans: A hold-harmless agreement
