Chapter 1 - General Insurance

The most common reason people buy insurance is...

A ______________ insurance company is owned by its policyholders.

Who represents the insurance company when selling an insurance policy?

What domicile is an insurance company that was established under the laws of the state in which you reside?

The idea that an insured should be restored to the same financial condition that existed prior to the loss is the ____.

If you sign a waiver you are giving up your __________.

The ____ Department gathers & interprets statistical information used in rate making.

What is the only insurable type of risk?

A(n) ___ is a policy form that alters or adds to the provisions of an insurance contract.

When an insurance company transfers some or all of the risk to another insurance company, this is called ___.

A warranty is defined as which of the following?

An attitude that that increases the probability of a loss is what type of hazard?

Which of the following terms means a reduction, decrease or disappearance of value?

Ice on the sidewalk is what type of hazard?

The ___ of an insurance contract takes place when the insurance company agrees to issue insurance.

A peril is

What type of insurance company covers liability risks for companies in the same business industry

Which insurance company department accepts the insurance risk?

This is the type of authority the public assumes an agent has when quoting insurance:

The Federal Regulation that protects consumer privacy by giving consumers the right to challenge inaccuracies is:

The producer has each of the following responsibilities to the insurer, except:

Which of the following describes an insurance company that is organized under the laws of another state within the US?

What General Contract term prevents the denial of a fact already admitted to be true previously?

The willful hiding or obscuring of material facts pertinent to the issuance of insurance (or a claim) is known as:

A statement in the application or stipulations in the policy that are guaranteed to be true in all respects is called a: