Practice exam 1
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| 1. The one basic characteristic of any type of insurance is that the insured is returned the same (or close to the same) status that existed prior to the loss, but without a chance for gain or profit. | a)This is true
b)This is false
(True) Insurance is not intended to create a profit for the insured.
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| 2. Which of the following coverages does an open peril policy provide? | a) Ocean and sea perils
b) Perils that would affect business continuance
C) Perils other than those specifically named as being excluded
d)Perils state in the policy
(C) This is the definition of an open-peril policy....
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| 3. Determine the actual cash value in the following situation: Original price of office equipment when purchased (8yrs ago)$9k Depreciated amount at time of fire $5k Current replacment cost $12k | a)$4k
b)$5k
c)$6k
d)$7k
(D)actual cash value is calc. by subtracting depreciation from the replacment cost.
(R)$12k-(D)$5k=(CV)7k
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| 4.The continuing education requirements that a fire and casualty broker-agent must fulfill as required by the DOI are which of the following? | a)10hrs each year of the first 4yrs
b)20hrs during each year of the first year
c)25hrs during each yr of the first 4yrs
d)36hrs during each yr of the first 4 yrs
(c)statement of fact regarding CE requirements. After license 4th yr the CE is 15hrs.
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| 5.An individual who lives next to a nuclear power plane is exposed to which of the following types of hazards? | a)physical
b)moral
c)morale
d)legal
(A) a physical hazard has tangible characteristics that can be quantified such as location of the insured premises or the distance from a high-risk structure.
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| 6.Of the following which is the true characteristic about insurance? | a)it is considered a type of gambling
b)it is considered a way of retaining risk
c)it is considered a method of transferring risk
d)it has as its basis the law of level averages
(C)insurance always transfers possible financial risk/loss from 1-1000 pe
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| 7.How is an admitted insurer defined according to the California DOI? | c)it transacts insurance according to the laws of the state of Ca.
(C)an admitted insurance company is approved to transact insurance business in the state of Ca, but it may have been organized, inc, or chartered according to the laws of another state.
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