
Insurance Policy Provisions Quiz

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•
Other
•
Professional Development
•
Hard
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Salvage' allow the insurer to do?
Take and sell damaged property to reduce payout
Recover from at-fault third parties after paying claims
Broaden coverage mid-term without additional premium
Defend insured against covered liability lawsuits
Answer explanation
'Salvage' allows the insurer to take and sell damaged property to reduce the payout on a claim, helping to minimize their financial loss.
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following best describes 'Policy Period'?
The dates and times when coverage starts and ends
Geographic area where losses must occur to be covered
Rules and required notice before terminating coverage
Amount the insured pays out of pocket on each loss
Answer explanation
'Policy Period' refers to the specific dates and times when an insurance policy is active, indicating when coverage begins and ends. This is crucial for determining when claims can be made.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 'Duty to Defend' in an insurance policy?
Insurer’s right to take and sell damaged property
Insurer’s right to recover from at-fault third parties
Insurer must defend insured against covered liability lawsuits
Broadens coverage mid-term without additional premium
Answer explanation
The 'Duty to Defend' means the insurer is obligated to provide legal defense for the insured against lawsuits related to covered liabilities, ensuring protection against legal costs.
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a 'Deductible' in an insurance policy?
Caps on insurer’s total financial exposure
Rules and required notice before terminating coverage
Amount the insured pays out of pocket on each loss
Geographic area where losses must occur to be covered
Answer explanation
The 'Deductible' is the amount the insured must pay out of pocket for each loss before the insurance coverage kicks in. This reduces the insurer's financial exposure and encourages responsible claims.
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Liberalization' in an insurance policy mean?
Insurer’s right to take and sell damaged property
Insurer’s right to recover from at-fault third parties
Insurer must defend insured against covered liability lawsuits
Broadens coverage mid-term without additional premium
Answer explanation
'Liberalization' in an insurance policy means that the insurer broadens coverage mid-term without requiring an additional premium, enhancing the policy benefits for the insured.
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the 'Loss Payable Clause' in an insurance policy?
Insurer’s right to take and sell damaged property
Broadens coverage mid-term without additional premium
Names lender as payee on property-damage checks
Insurer’s right to recover from at-fault third parties
Answer explanation
The 'Loss Payable Clause' names the lender as the payee on property-damage checks, ensuring they receive payment directly for any covered losses, protecting their financial interest in the property.
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the insurer's right under 'Subrogation'?
To take and sell damaged property
To defend insured against covered liability lawsuits
To broaden coverage mid-term without additional premium
To recover from at-fault third parties after paying claims
Answer explanation
The insurer's right under 'Subrogation' allows them to recover costs from at-fault third parties after paying claims to the insured, ensuring they are not financially burdened by the loss.
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