C81 Quiz #3
Insurance Knowledge Quiz
Test your understanding of insurance principles with our comprehensive quiz. Covering key concepts such as types of insurance, policy cancellation, and indemnification, this quiz is perfect for aspiring insurance professionals and anyone looking to enhance their knowledge in this field.
Join us to:
- Assess your knowledge of insurance essentials
- Prepare for certification exams
- Boost your confidence in insurance topics
The primary function of insurance is:
Peace of mind
Balance of premiums and losses
Client satisfaction
Spread of risk
The amount kept in case of policy cancellation is referred to as:
Outstanding loss reserves
Unearned premium reserves
Working capital
Investment income
The two categories of insurance are:
Fiduciary and life
Property and casualty
Personal and property
Life and health and general
Policies that cover items of property that are portable and could be found at different locations are called:
Commercial property
Floater policies
Extended coverage
Personal articles
To provide compensation for loss or expenses incurred for a certain peril as described in the policy means:
To indemnify
To pay all claims in full
To pay replacement cost on a loss
To pay only actual cash value
A licensed independent person or firm who acts on behalf of an insured in placing business with insurance companies is a:
An independent insurance agent
A managing general agent
A broker
A direct broker
Which of the following is NOT a supplementary function of insurance:
Aiding security
Providing insurance inventory
Providing employment
Aiding credit
If you stand to suffer a financial loss due to damage of a legal property you own, this is referred to as having:
Inadequate insurance coverage
Prejudiced legal standing
Insurable interest
Claimant priority
A value contract is one that, in the event of a total loss pays:
The value of the property at time of loss
The cost of the property value minus depreciation
The value of the current cost to replace the property
A predetermined amount agreed upon by the insurer
First-party insurance that indemnifies the owner of property for its loss is referred to as:
Property insurance
Tangible property
Casualty insurance
Personal insurance
Contractor’s equipment, salesperson samples, business signs are examples of:
Required commercial coverages
Portable items of a commercial nature
Contents necessary for commercial operations
Require specialty coverages
Power transmission lines, bridges, radio and TV towers are examples of what can be covered under:
Real property
Specialty Lines
Surety Bonds
P&C insurance
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