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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 not covered by dwelling property policies after 60 days of vacancy?

Breakage of glass.

Theft of personal property.

Damage from fire or smoke.

Vandalism or malicious mischief.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the failure to disclose a material fact called?

Concealment

Omission

Misrepresentation

Fraud

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a foreign insurer?

An insurer with their home office in another state.

An insurer that only operates within its home state.

An insurer that provides coverage for foreign entities only.

An insurer that has no physical presence in any state.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does pro-rata mean?

Equal distribution among parties

Proportionate, not equal

A fixed amount for each party

A method of calculating interest

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a representation in insurance terms?

A substantial truth.

A minor detail.

An exaggerated claim.

A legal obligation.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Terrorism Risk Insurance Act (TRIA) apply to?

Commercial policies only.

Personal insurance policies only.

Government insurance policies only.

All types of insurance policies.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Where are the cancellation provisions found in a policy?

In the conditions section of the policy.

In the introduction section of the policy.

In the exclusions section of the policy.

In the endorsements section of the policy.

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