P&C Insurance

In purchasing an insurance contract, the applicant must accept the contract as written. This type of contract is reffered to as an

Contract of adhesion

Personal contract

Aleatory contract

Settled contract

Which of the following principles states that in forming an insurance contract, both parties have a responsibility to the other?

Doctorine of warrenties

Doctorine of representations

Doctorine of utmost good faith

Doctorine of reasonable expectations

An incorrect statement made intentionally on an auto insurance application is a:

Fraud

Warrenty

Misrepresentation

Concealment

Which of the following is NOT true regarding consideration ina p&c policy?

Part of the insured's consideration is the premium.

Part of the insured's consideration are the statements on the application.

Part of the company's consideration is the promises in the policy.

Part of the company's consideration is the payment of a claim.

Any ambiguities in a p&c policy will be resolved in favor of the policy owner because the policy is a:

Contract of adhesion

Conditional contract

Unilateral contract

Aleatory contract

A binder is an:

Interim insuring agreement

Application

Counteroffer

Endorsement

A company chartered in Guam and Puerto Rico doing regular business in New York would be considered by new yorkers to be a:

Domestic

Foreign

Alien

International

Ohio casualty is doing regular business in Indiana. Within the state of Indiana, Ohio casualty would be considered:

Admitted

Domestic

Unauthorized

Risk retention group

Ohio casualty is doing regular business in Indiana. Within the state of indiana, Ohio casualty would be considered a:

Domestic company

Nonadmitted company

Alien company

Foreign company

This type of company is run for the benefit of the policyholders:

Stock

Mutual

Foreign

Alien

To be paid a claim under a p&c contract, insurable interest must exist:

At the time of application

On the policy date

At the time of loss

At the time of claim settlement

The ranking insured in a personal lines contract is the:

Named insured

First named insured

Mortgagee

Husband

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