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Insurance Policy Basics

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Insurance Policy Basics
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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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