Barnett Chapters 6 - 8 Review Insurance
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| What is one type of insurance coverage? | personal
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| Personal coverage is one type of insurance what is another type? | commercial
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| What is the ratio of a person being involved in an alcohol related crash in his lifetime? | one to three
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| Typically a texting driver looks away from the road for how many seconds. | five
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| Crash rates for teenage driver is ___ of those cars used only by adults. | double
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| What is the main reason young drivers are involved in an accident? | inexperience
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| Person who have caused an accident are ___ to compensate the victim or victims. | legally responsible
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| Who is the insurance commissioner for Arkansas? | Jay Bradford
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| What does PAP stand for? | Personal Auto Policy
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| What does it mean if your car is totaled? | It cost more to repair than to it is worth.
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| What is the most important process an insurance company completes? | underwriting
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| When filling out an insurance application you should be completely ___. | truthful
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| An actuary develops (insurance) ____. | rates
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| What cars are the best choice for teens? | family car
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| What type of coverage is required in the state of Arkansas? | liability
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| What low-risk securities do insurance companies invest in? | U.S. Treasure notes and bonds
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| What is an irresponsible driver? | Drives under the influence; no valid insurance; too many moving violations and accidents
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| What is the purpose of graduated licensing laws | to put restrictions on teen drivers until they gain more experience
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| When do financial responsibility laws take effect? | after an accident or conviction of a serious driving offense
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| When do compulsory insurance laws not take effect? | when a vehicle is sold
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| Insurance regulations applies to | price of a policy; cancellation of a policy; availability of insurance
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| Who can purchase a Personal Auto Policy? | those whose use a vehicle for personal use
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| Which section of a policy gives a broad description of the obligations of the company? | Insuring agreement
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| What type of insurance does renting a vehicle fall under? | Collision
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| PAP will not cover a vehicle that you have not ___ to the company. | reported
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| If the other drivers insurance does not have adequate coverage, then what type of coverage do you need? | underinsured motorist
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| What is underwriting? | a process used to determine whom to insure
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| Who determines rates to charge? | actuaries
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| An example of a secondary rating factor is? | good student discount
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| What is an underwriting loss? | When the company pays more than they are earning.
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