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Insurance
Chapter 5
| Question | Answer |
|---|---|
| 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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