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C81 Quiz #3

A visually engaging illustration of various insurance concepts, such as policies, risk management, and financial security, with icons representing different types of insurance like property, health, and casualty.

Insurance Knowledge Quiz

Test your understanding of insurance principles with our comprehensive quiz. Covering key concepts such as types of insurance, policy cancellation, and indemnification, this quiz is perfect for aspiring insurance professionals and anyone looking to enhance their knowledge in this field.

Join us to:

Assess your knowledge of insurance essentials
Prepare for certification exams
Boost your confidence in insurance topics

12 Questions3 MinutesCreated by ThinkingSeal321

The primary function of insurance is:

Peace of mind

Balance of premiums and losses

Client satisfaction

Spread of risk

The amount kept in case of policy cancellation is referred to as:

Outstanding loss reserves

Unearned premium reserves

Working capital

Investment income

The two categories of insurance are:

Fiduciary and life

Property and casualty

Personal and property

Life and health and general

Policies that cover items of property that are portable and could be found at different locations are called:

Commercial property

Floater policies

Extended coverage

Personal articles

To provide compensation for loss or expenses incurred for a certain peril as described in the policy means:

To indemnify

To pay all claims in full

To pay replacement cost on a loss

To pay only actual cash value

A licensed independent person or firm who acts on behalf of an insured in placing business with insurance companies is a:

An independent insurance agent

A managing general agent

A broker

A direct broker

Which of the following is NOT a supplementary function of insurance:

Aiding security

Providing insurance inventory

Providing employment

Aiding credit

If you stand to suffer a financial loss due to damage of a legal property you own, this is referred to as having:

Inadequate insurance coverage

Prejudiced legal standing

Insurable interest

Claimant priority

A value contract is one that, in the event of a total loss pays:

The value of the property at time of loss

The cost of the property value minus depreciation

The value of the current cost to replace the property

A predetermined amount agreed upon by the insurer

First-party insurance that indemnifies the owner of property for its loss is referred to as:

Property insurance

Tangible property

Casualty insurance

Personal insurance

Contractor’s equipment, salesperson samples, business signs are examples of:

Required commercial coverages

Portable items of a commercial nature

Contents necessary for commercial operations

Require specialty coverages

Power transmission lines, bridges, radio and TV towers are examples of what can be covered under:

Real property

Specialty Lines

Surety Bonds

P&C insurance

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