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Barnett Insurance 2

Barnett Chapters 6 - 8 Review Insurance

QuestionAnswer
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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