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General Insurance Essentials - C81 + C82
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Complete Real Exam Questions And Correct Answers
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Exam!!!
Which element is commonly missing when trying to
establish a legal contract in domestic situations? - Answer-
Genuine intention
In an insurance contract, who is known as the first party? -
Answer-The insured
Which term is used to describe those who have a legal
relationship to property where they would be financially
prejudiced by its loss or damage and also financially
benefit by its continued existence? - Answer-Insurable
interest: property
Which method of calculating indemnity considers the value
of an equivalent piece of property of the same age,
condition, and wear and tear as the lost property? -
Answer-Actual cash value (ACV)
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Which concepts reinforce the principle of indemnity in
ensuring a fair and proper reimbursement for insureds? -
Answer-Salvage, subrogation, and contribution
When is a non-disclosure or misrepresentation most likely
to be discovered? - Answer-While adjusting the claim
What is one of the challenges with temporary insurance
coverage? - Answer-The parties to the agreement could
dispute the provisions of the contract.
Statutory conditions must be printed for which types of
policies? - Answer-Automobile, accident and sickness
(A&S), and fire insurance policies
Who must give consent to assign an insurance policy from
the original insured to someone else? - Answer-The
insurer
Why do those who want to purchase insurance complete
and submit an application? - Answer-To provide
information for risk assessment and premium calculation
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What must the applicant have in relation to the subject of
insurance to be considered the named insured on a
policy? - Answer-Insurable interest
Which type of loss do actuaries find difficult to predict in
the future, even when there is considerable data available
from the past? - Answer-Weather-related losses
Which term describes the danger of loss arising from what
happens to another risk close by? - Answer-Exposure
For a liability policy written on a claims-made basis, when
does the claim need to be made? - Answer-During the
policy term
How does a coinsurance clause, on a commercial
property, encourage insureds to insure to value? - Answer-
By stating that the insured will bear a portion of the loss if
underinsured
Suri is angry at how long it has taken Robert, the adjuster
from her insurance company, to contact her after she
reported a claim. On the phone with him, she shares how
, 4|Page
unhappy she is with the level of service she's received and
also with insurance as a whole. Select Robert's best
response for Suri. - Answer-Allow Suri to share her
feelings, apologize for the delay, promise improvement,
and ask "What can I do to help?"
Which example describes a physical hazard? - Answer-A
building with an outdated, overloaded electric panel
What is a common characteristic of a moral hazard? -
Answer-It is difficult to detect, eliminate, or reduce.
Which type of cause is required for an insurer to pay a
loss when that cause is an insured peril? - Answer-The
proximate cause of the loss
Which type of licensed intermediary represents only one
insurer? - Answer-Exclusive agent
Which methods contribute to spreading risk? - Answer-
Volume, diversity of risks, and diversity of location
What is the purpose of a personal articles and personal
effects floater? - Answer-To cover high value items that
General Insurance Essentials - C81 + C82
Exam||Verified Exam!!|| Most Recent Exam Actual
Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ | Newest
Exam!!!
Which element is commonly missing when trying to
establish a legal contract in domestic situations? - Answer-
Genuine intention
In an insurance contract, who is known as the first party? -
Answer-The insured
Which term is used to describe those who have a legal
relationship to property where they would be financially
prejudiced by its loss or damage and also financially
benefit by its continued existence? - Answer-Insurable
interest: property
Which method of calculating indemnity considers the value
of an equivalent piece of property of the same age,
condition, and wear and tear as the lost property? -
Answer-Actual cash value (ACV)
,2|Page
Which concepts reinforce the principle of indemnity in
ensuring a fair and proper reimbursement for insureds? -
Answer-Salvage, subrogation, and contribution
When is a non-disclosure or misrepresentation most likely
to be discovered? - Answer-While adjusting the claim
What is one of the challenges with temporary insurance
coverage? - Answer-The parties to the agreement could
dispute the provisions of the contract.
Statutory conditions must be printed for which types of
policies? - Answer-Automobile, accident and sickness
(A&S), and fire insurance policies
Who must give consent to assign an insurance policy from
the original insured to someone else? - Answer-The
insurer
Why do those who want to purchase insurance complete
and submit an application? - Answer-To provide
information for risk assessment and premium calculation
,3|Page
What must the applicant have in relation to the subject of
insurance to be considered the named insured on a
policy? - Answer-Insurable interest
Which type of loss do actuaries find difficult to predict in
the future, even when there is considerable data available
from the past? - Answer-Weather-related losses
Which term describes the danger of loss arising from what
happens to another risk close by? - Answer-Exposure
For a liability policy written on a claims-made basis, when
does the claim need to be made? - Answer-During the
policy term
How does a coinsurance clause, on a commercial
property, encourage insureds to insure to value? - Answer-
By stating that the insured will bear a portion of the loss if
underinsured
Suri is angry at how long it has taken Robert, the adjuster
from her insurance company, to contact her after she
reported a claim. On the phone with him, she shares how
, 4|Page
unhappy she is with the level of service she's received and
also with insurance as a whole. Select Robert's best
response for Suri. - Answer-Allow Suri to share her
feelings, apologize for the delay, promise improvement,
and ask "What can I do to help?"
Which example describes a physical hazard? - Answer-A
building with an outdated, overloaded electric panel
What is a common characteristic of a moral hazard? -
Answer-It is difficult to detect, eliminate, or reduce.
Which type of cause is required for an insurer to pay a
loss when that cause is an insured peril? - Answer-The
proximate cause of the loss
Which type of licensed intermediary represents only one
insurer? - Answer-Exclusive agent
Which methods contribute to spreading risk? - Answer-
Volume, diversity of risks, and diversity of location
What is the purpose of a personal articles and personal
effects floater? - Answer-To cover high value items that
