Chapter 1--General Insurance

Chapter 1--General Insurance

Professional Development

8 Qs

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Chapter 1--General Insurance

Chapter 1--General Insurance

Assessment

Quiz

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Professional Development

Practice Problem

Hard

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8 questions

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1.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the elements of a legal contract?

Competent Parties

Legal Purpose

Agreement

Consideration

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is NOT a kind of insurer?

Foreign

Imported

Alien

Domestic

Non-admitted

3.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the types of Insurers?

Lloyd's of London

Mutual Insurance Company

Reciprocal Insurance Company

Stock Insurance Company

Risk Retention Group

4.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are ways that risk can be managed?

Sharing

Transfer

Avoidance

Reduction

Retention

5.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

What are the purposes of insurance?

Generate profit for the insured

Transfer risk from the insured to the insurer

Restore the insured to the same financial or economic condition existing prior to loss

To guarantee a desired outcome

6.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

In what ways are the insurer and producer related?

The insurer is the source of authority from which the producer must abide

The producer is responsible for "producing" benefits, while the insurer writes the policies

They are legally considered the same entity

The insurer appoints the producer to act on its behalf

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is insurable interest?

Losses may or may not be calculable

Allows an applicant to seek insurance for any other living entity

A relationship must exist between the applicant and the insured

A philosophical curiosity to be debated by academics

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