
Insurance Policy Basics
Quiz
•
Business
•
Professional Development
•
Practice Problem
•
Easy
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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the required coinsurance percentage on dwelling fire and HO policies?
70%
75%
80%
85%
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if the lender is not sent notice of cancellation and the property burns down?
The lender (mortgagee) has protection in the amount owed on the loan
The borrower loses all rights to the property
The insurance company pays the borrower directly
The lender must forgive the loan entirely
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is subrogation in insurance?
The insurer's right to sue the negligent third party for damages paid to you
The process of determining the value of an insurance claim
The act of transferring an insurance policy to another party
The requirement for policyholders to report claims within a specific timeframe
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What can a consumer do if denied coverage due to credit?
Get a copy of their credit report for free from the consumer reporting agency
Request a review of their application by a different insurer
File a complaint with the Better Business Bureau
Seek legal advice from a consumer rights attorney
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is considered an insured under an HO policy?
Residents of your household who are relatives, or any other person under age 21 who is in your care
Only the policyholder and their spouse
Any person over the age of 21 living in the household
Only relatives of the policyholder living outside the household
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Gramm-Leach-Bliley Act require?
A customer must be given a privacy notice at the time the customer relationship is initially established and annually thereafter
A customer must provide their social security number to the bank upon opening an account
A customer must receive a monthly statement detailing all transactions made
A customer must consent to share their information with third-party marketers
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is not covered by dwelling property policies after 60 days of vacancy?
Breakage of glass
Theft of personal property
Fire damage to the structure
Vandalism of the property
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