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Barnett Insurance 2
Barnett Chapters 6 - 8 Review Insurance
| Question | Answer |
|---|---|
| What is one type of insurance coverage? | personal |
| Personal coverage is one type of insurance what is another type? | commercial |
| What is the ratio of a person being involved in an alcohol related crash in his lifetime? | one to three |
| Typically a texting driver looks away from the road for how many seconds. | five |
| Crash rates for teenage driver is ___ of those cars used only by adults. | double |
| What is the main reason young drivers are involved in an accident? | inexperience |
| Person who have caused an accident are ___ to compensate the victim or victims. | legally responsible |
| Who is the insurance commissioner for Arkansas? | Jay Bradford |
| What does PAP stand for? | Personal Auto Policy |
| What does it mean if your car is totaled? | It cost more to repair than to it is worth. |
| What is the most important process an insurance company completes? | underwriting |
| When filling out an insurance application you should be completely ___. | truthful |
| An actuary develops (insurance) ____. | rates |
| What cars are the best choice for teens? | family car |
| What type of coverage is required in the state of Arkansas? | liability |
| What low-risk securities do insurance companies invest in? | U.S. Treasure notes and bonds |
| What is an irresponsible driver? | Drives under the influence; no valid insurance; too many moving violations and accidents |
| What is the purpose of graduated licensing laws | to put restrictions on teen drivers until they gain more experience |
| When do financial responsibility laws take effect? | after an accident or conviction of a serious driving offense |
| When do compulsory insurance laws not take effect? | when a vehicle is sold |
| Insurance regulations applies to | price of a policy; cancellation of a policy; availability of insurance |
| Who can purchase a Personal Auto Policy? | those whose use a vehicle for personal use |
| Which section of a policy gives a broad description of the obligations of the company? | Insuring agreement |
| What type of insurance does renting a vehicle fall under? | Collision |
| PAP will not cover a vehicle that you have not ___ to the company. | reported |
| If the other drivers insurance does not have adequate coverage, then what type of coverage do you need? | underinsured motorist |
| What is underwriting? | a process used to determine whom to insure |
| Who determines rates to charge? | actuaries |
| An example of a secondary rating factor is? | good student discount |
| What is an underwriting loss? | When the company pays more than they are earning. |
Created by:
SheilaBarnett
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