C81 Quiz #6
C81 Insurance Knowledge Quiz
Test your knowledge of insurance concepts with our C81 Quiz #6! This quiz contains 20 multiple-choice questions covering essential topics in insurance including policy components, contracts, and underwriting practices.
Get ready to challenge yourself and see how well you understand the regulations and principles that govern the insurance industry. Suitable for beginners and experienced professionals alike!
Material facts are things which would impact the:
Acceptance and premium charge of a policy
Client’s insurance history
Coverages
Commission
The _______________ is evidence of a contract of insurance
Signature
Wordings
Application
Policy
The subject of an insurance contract can be referred to as:
Hazrads
Perils
Insurable Interest
Risks
An element that is specific to insurance contracts is
Protection
Signatures
Statistics
Utmost Good Faith
Policy components include:
Premium
Statutory Conditions
Billing Information
Confirmation of Insurance
A modified form of policy, issued as a convenience to a party with an interest in the insurance, is:
Contract of insurance
Certificate of insurance
Insurance policy wording
A notification of insurance
The clause which encourages insureds to carry adequate amounts of insurance on their property is the:
Amount payable clause
Coinsurance clause
Application clause
Deductible clause
If an INSURER cancels an insurance policy, the refund amount is:
Flat
Short rate
Pro rata
Premium rate
Which of the following is not part of the insuring agreement of a policy?
Insured perils
Premium
Description of property covered
Exclusions
An endorsement cannot be used to:
Vary the terms of the policy
Overrule any wording in the policy
Amend the statutory conditions
Reduce coverage under the policy
The failure to disclose a fact which is important for making an underwriting or rating decision is:
Material fact
Concealment
Utmost good faith
Misrepresentation
Under common law, which of the following is NOT a condition required in a legal contract:
Offer and acceptance
Genuine intent
Consideration
Effective date and expiry date
Capacity to contract means:
Having the financial means to pay for a contract
Legally able to enter into contracts
Having the legal knowledge of contract laws
Genuine intent to enter a contract
In Quebec, which of the following can cause a contract to be of no effect:
Unpaid consideration
Damaged object of contract
Violation of Civil Code of Quebec
Lesion
The reduction in value of property through use, aging, deterioration, or obsolescence is:
Depreciation
Devaluation
Actual cash value
Market valuation
________ is the term that describes insured property not totally destroyed and usually has some money value:
Salvage
Reserve value
Salvage reserve
Claims value
The term__________, refers to when there is more than one insurance contract covering a loss:
Coinsurance
Multi-policy clause
Contribution
Priority of insurance clause
________wording is written on a custom basis for a specific insurance situation:
Manuscript
Endorsement
Subscription
Excess
Concerning assignment of insurance contracts:
Insurance contracts can be assigned by the insured to any individual
Insurance contracts cannot be assigned by the insured to any individual
Insurance contracts can only be assigned if there was a sale of the property
Insurance contracts can be assigned with legal documents
An INSURED may cancel at any time but the refund amount will be:
Flat
Pro rata
Short rate
Per diem
{"name":"C81 Quiz #6", "url":"https://www.quiz-maker.com/QPREVIEW","txt":"Test your knowledge of insurance concepts with our C81 Quiz #6! This quiz contains 20 multiple-choice questions covering essential topics in insurance including policy components, contracts, and underwriting practices.Get ready to challenge yourself and see how well you understand the regulations and principles that govern the insurance industry. Suitable for beginners and experienced professionals alike!","img":"https:/images/course3.png"}