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Chapter 5

Which would not be a tort? Any legal wrong
Comparative negligence is best described as: part of the claim is paid for by the insured`s own insurance company; however, modification is made to the settlement amounts based on the idea of relative negligence, which assigns a percentage of carelessness to each party involved.
Payment for the loss of the ability to bear children or loss of limb would be: general damages
When two or more perils happen at the same time, in sequence, and cause a loss, this is referred to as: Concurrent causation
Which method of managing risk is described as not purchasing insurance at all, or paying part of a loss when it occurs? Retention
A special surplus line broker may transact Special Surplus Lines. All of the following are special surplus lines EXCEPT: Farm or cattle ranch
Least professional method to identify loss exposure would be: copying previous apps.
Proximate cause refers to: an uninterrupted chain of events resulting from negligence causes injury or damage
Which of the following is NOT an example of assumption of risk? The driver of a limousine service.
Before determining liability based on negligence, the following requirements must be met EXCEPT: gross negligence
Insurance that cannot be procured through admitted insurers may, under certain circumstances, be placed with nonadmitted insurers. This is known as: Surplus lines
The Tyler-Star Newspaper wrote an article about Jim`s Bakery that made Jim look like a racist. This type of injury to Jim`s character is known as: Libel
If an insured is 25% at fault and the insurer settles proportionally, this is: comparative negligence
When someone willingly gives up the right to sue a person who was at fault, this is known as: Subrogation
Loss of rent, profits, expenses necessary to keep a business running until the damage can be fixed are examples of: Indirect loss
Loss is defined as: the reduction, decline, or disappearance of value of the person or property insured in a policy, by a peril insured against
Defamation is an intentional tort that damages one's reputation that is: both false and either written or spoken are correct
Lapse refers to: a policy is terminated because the premiums have not been paid
Which of the following is not a common law defense? Comparative negligence
Insurance Services Office develops forms and lost cost rating for: property and casualty
Which organization is the leading source of information about property and liability risk and is the property/casualty insurance industry`s leading supplier of statistical, actuarial, underwriting, and claims data? The Insurance Service Office (ISO)
Flat rate cancellation is described as: A type of cancellation whereby the insured can cancel without penalty. The insured receives a 100% refund of Premium.
Which of the following terms describes an estimate of the amount an insurer will pay for a claim? Loss Reserve
When an employer is held responsible for actions of an employee this is: vicarious liability
Short rate cancellation is described as: The method used when a policy is canceled by the insured before it reaches the expiration date.
All of the following are methods of managing risk EXCEPT: Rescission
A legal right of recovery can be based on which of the following? Any one of these
Combined ratio is defined as: the percentage of each premium dollar a company spends on claims and expenses.
Which of the following is NOT a description of what the California Worker`s Compensation Inspection Rating Bureau (WCIRB) does? Develops information about property and liability risk and the property/casualty insurance industry`s leading supplier of statistical, actuarial, underwriting, and claims data.
In computing the loss payment for contributory negligence the claim would: pay nothing if the injured party didn`t meet the standard of self-protection in any form.
The Commissioner shall establish a list of all surplus line insurers who have met the recognized requirements for such title and shall issue a master list at least semiannually. This list is known as: LESLI
A broken or interrupted chain of events is intervening cause
Punitive damages are: a form of punishment imposed by the court upon the individual responsible for a loss.
All of the following are categorized torts EXCEPT: Adverse selection
Created by: jmlawry
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