General Insurance

Events or conditions that increase the chances of an insured loss occurring are referred as
A. Risks B. Perils C. Exposures D. Hazards
If an insurer meets the states financial requirements and is approved to transact business in the state it is considered to be
A. Certifies B. Qualified C. Authorized D. Approved
Pertaining to insurance what is the definition of a fiduciary responsibitlity?
A. Promptly forwarding premiums to the insurance company B. Offering additional coverage to the clients C. Helping insured to file claims D. Performing reviews of insured's coverage
The risk management technique that is used to prevent a specific loss by not exposing oneself to that activity is called
A. Transfer B. Avoidance C. Reduction D. Sharing
For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become
A. Smaller B. Older C. Larger D. More Active
Which of the following is NOT a characteristic of an insurable risk?
A. The loss must be catastrophic. B. The loss must be measurable. C. The loss exposure must be large D. The loss must be due by chance
When an insured makes truthful statements on the application for insurance and pays the required premium, iti s known as which of the following?
A. Acceptance B. Legal purpose C. Contract of adhesion D. Consideration

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General Insurance (Answer Key)

Events or conditions that increase the chances of an insured loss occurring are referred as
A. Risks B. Perils C. Exposures D. Hazards
If an insurer meets the states financial requirements and is approved to transact business in the state it is considered to be
A. Certifies B. Qualified C. Authorized D. Approved
Pertaining to insurance what is the definition of a fiduciary responsibitlity?
A. Promptly forwarding premiums to the insurance company B. Offering additional coverage to the clients C. Helping insured to file claims D. Performing reviews of insured's coverage
The risk management technique that is used to prevent a specific loss by not exposing oneself to that activity is called
A. Transfer B. Avoidance C. Reduction D. Sharing
For the reported losses of an insured group to become more likely to equal the statistical probability of loss for that particular class, the insured group must become
A. Smaller B. Older C. Larger D. More Active
Which of the following is NOT a characteristic of an insurable risk?
A. The loss must be catastrophic. B. The loss must be measurable. C. The loss exposure must be large D. The loss must be due by chance
When an insured makes truthful statements on the application for insurance and pays the required premium, iti s known as which of the following?
A. Acceptance B. Legal purpose C. Contract of adhesion D. Consideration

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