Personal Lines, Section 1
( questions with complete
verified solutions)
The process of reviewing applications for insurance and
the information on the application is - answer
Underwriting
A hazard is best defined as - answer anything that
increases the chance of loss or severity of loss due to a
peril.
Which of the following is NOT a known private insurer? -
answer Bond Insurance Companies
The state of being subject to a loss is considered - answer
exposure
What are the two types of torts? - answer Intentional &
Unintentional
A beautician stating that this conditioner fixes badly
damaged hair is a - answer implied warranty
, Type of loss exposure pertaining to land and structures
attached to it is - answer property loss exposure
Insurance is a contract whereby one undertakes to
indemnify another against - answer Damage
Any contingent or unknown event, whether past or future,
which may damnify a person having an insurable interest
or create a liability against him/her, may be insured
against. The more unpredictable a loss becomes - answer
the more insurable it becomes
Bob is thinking about obtaining insurance because he just
found out he needs extensive surgery that will require
several days in the hospital. This situation of waiting until
the last minute to obtain insurance is known as - answer
Adverse Selection
Punishment for twisting or misrepresentation would be -
answer -up to $25,000
-up to 1 year in jail
Which of the following elements of a contract is/are the
binding force? - answer Consideration
( questions with complete
verified solutions)
The process of reviewing applications for insurance and
the information on the application is - answer
Underwriting
A hazard is best defined as - answer anything that
increases the chance of loss or severity of loss due to a
peril.
Which of the following is NOT a known private insurer? -
answer Bond Insurance Companies
The state of being subject to a loss is considered - answer
exposure
What are the two types of torts? - answer Intentional &
Unintentional
A beautician stating that this conditioner fixes badly
damaged hair is a - answer implied warranty
, Type of loss exposure pertaining to land and structures
attached to it is - answer property loss exposure
Insurance is a contract whereby one undertakes to
indemnify another against - answer Damage
Any contingent or unknown event, whether past or future,
which may damnify a person having an insurable interest
or create a liability against him/her, may be insured
against. The more unpredictable a loss becomes - answer
the more insurable it becomes
Bob is thinking about obtaining insurance because he just
found out he needs extensive surgery that will require
several days in the hospital. This situation of waiting until
the last minute to obtain insurance is known as - answer
Adverse Selection
Punishment for twisting or misrepresentation would be -
answer -up to $25,000
-up to 1 year in jail
Which of the following elements of a contract is/are the
binding force? - answer Consideration
