Insurance Policy Provisions Quiz

Insurance Policy Provisions Quiz

Professional Development

15 Qs

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Insurance Policy Provisions Quiz

Insurance Policy Provisions Quiz

Assessment

Quiz

Other

Professional Development

Hard

Created by

Quizizz Content

FREE Resource

15 questions

Show all answers

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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