Insurance Essentials Quiz

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Property & casualty basics

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Shevaneil

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Insurance Essentials Quiz


Insurance Essentials QuizOnline version Property & casualty basics by Shevaneil 1 What homeowners policy form is open peril for the dwelling and named peril for contents (most common)? Source: 2-20 Exam Notes. a HO-5 b HO-2 c HO-3 d HO-4 2 In property insurance, what does insurable interest require? Source: 2-20 Exam Notes. a Interest at the time of loss b Interest at policy issue c Interest after loss d Interest only for homeowners 3 Which policy type covers buildings under construction? Source: 2-20 Exam Notes. a BOP b Builders Risk c DP-3 d CPP 4 Which federal act provides a backstop for certified acts of terrorism? Source: 2-20 Exam Notes. a Cyber Terror Act b PATRIOT Act c Terrorism Risk Insurance Act (TRIA) d Terrorism Coverage Act 5 What term describes a loss caused by continuous or repeated exposure, not a single accident? Source: 2-20 Exam Notes. a Hazard b Occurrence c Accident d Peril 6 What does ACV stand for in loss valuation? Source: 2-20 Exam Notes. a Actual Collector Value b Asset Coverage Value c Average Cash Value d Actual Cash Value 7 Which coverage is designed for condo owners to cover repairs to common areas? Source: 2-20 Exam Notes. a Medical Payments b Loss Assessment (HO-6) c Dwelling Coverage d Personal Articles Floaters 8 Florida uses what type of negligence rule for damages? Source: 2-20 Exam Notes. a Modified comparative negligence b Pure contributory negligence c Comparative fault d Assumption of risk 9 What is subrogation in insurance terms? Source: 2-20 Exam Notes. a Insured’s right to cancel a policy b Insurer’s right to recover from a third party after paying a claim c Lender’s right to liens on property d Prohibition of recouping losses 10 What is a binder in insurance? Source: 2-20 Exam Notes. a Endorsement that adds coverage b Certificate of insurance only for employers c Permanent policy document d Temporary proof of coverage until a formal policy is issued 11 What does Commercial General Liability (CGL) Coverage A insure? a Medical Payments and Bodily Injury b Personal Injury and Property Loss c Bodily Harm and Property Liability d Bodily Injury and Property Damage 12 Which method is replacement cost without depreciation? a Stated Value b Actual Cash Value (ACV) c Replacement Cost d Market Value 13 Name the four basic parts of an insurance policy. a Declarations, Insuring Agreement, Conditions, Exclusions b Declarations, Premium, Conditions, Endorsements c Parties, Insuring Agreement, Exclusions, Endorsements d Premium, Declarations, Endorsements, Conditions 14 Is flood coverage included in standard homeowners policies in Florida? a Yes, but only with a surcharge b No; NFIP or private policy is needed c Only for high-risk areas d Yes, automatically included 15 What does liability mean in insurance terms? a Legal responsibility for BI or PD caused by negligence b Responsibility for fire and wind losses c Legal responsibility for theft and fraud d Financial liability only for contract breaches 16 What is a Proof of Loss? a A police report filing time b A contract amendment detailing coverage limits c An estimate of future premiums d A sworn statement detailing the amount and nature of the loss 17 What is the maximum amount an insurance policy will pay for a covered loss called? a Subrogation limit b Premium c Limits of Liability d Deductible 18 What does a Business Owners Policy (BOP) do? a Provides life and health coverage for owners b Bundles property and liability coverages for small/medium businesses c Only covers business auto liability d Covers only home and personal property for business use 19 Define negligence in insurance terms. a Exceeding policy limits intentionally b Intentional wrongdoing only c Ignoring all safety protocols regardless of risk d Failure to use the degree of care a reasonable person would 20 What is the Law of Large Numbers in insurance? a More exposure units decrease predictability b As exposure units increase, actual losses align with expected losses c Larger losses are always paid fully d Only applies to life insurance not property 21 What is the basic indemnity principle in insurance? a Ensure the insured gains replacement value beyond cost b Provide profits to the insured from a claim c Increase the insured's wealth after a loss d Restore the insured to their financial position before the loss 22 Which hazard involves carelessness because one has insurance? a Morale hazard b Operational hazard c Moral hazard d Physical hazard 23 What does an Actual Cash Value (ACV) loss valuation consider? a Replacement cost minus depreciation b Stated value regardless of depreciation c Market value at time of loss d Replacement cost with no depreciation 24 In property insurance, when must insurable interest exist? a Only at policy inception b At the time of loss c During the entire policy term d Only after a loss occurs 25 Which policy provision outlines duties after a loss? a Exclusions b Duties of the Insured c Insuring Agreement d Declarations 26 What is a binder in insurance terms? a Endorsement adding coverage b Permanent certificate of insurance c Temporary proof of coverage until a formal policy is issued d Primary official contract 27 What type of risk is generally insurable? a Market risk b Moral hazard c Pure risk d Speculative risk 28 Which form covers a condo unit’s improvements and personal property? a HO-3 b HO-2 c HO-8 d HO-6 (Unit-Owners Form) 29 Which element defines who is covered by the policy? a Exclusions b Declarations c Conditions d Definition of the Insured 30 What does ‘Law of Large Numbers’ help insurers do? a Limit coverage only to large policies b Maximize premium income c Avoid losses entirely d Predict future losses more accurately as exposure units increase Feedback 21 Indemnity aims to return the insured to the pre-loss financial position, not to profit from the claim. 22 Morale hazard refers to careless attitudes due to having insurance. 23 ACV = replacement cost minus depreciation at the time of loss. 24 Insurable interest must exist at the time the loss occurs. 25 Duties of the Insured specify actions after a loss (prompt notice, protect property, etc.). 26 A binder provides temporary coverage until the policy is issued. 27 Only pure risk (loss or no loss, no chance of gain) is generally insurable. 28 HO-6 is designed for condo units, covering improvements and personal property. 29 The Definition of the Insured clarifies who is protected under the policy. 30 As exposure units rise, actual losses align with expected losses, aiding prediction.

Insurance Essentials Quiz

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Insurance Essentials QuizOnline version

by Shevaneil

What homeowners policy form is open peril for the dwelling and named peril for contents (most common)? Source: 2-20 Exam Notes.

In property insurance, what does insurable interest require? Source: 2-20 Exam Notes.

Which policy type covers buildings under construction? Source: 2-20 Exam Notes.

Which federal act provides a backstop for certified acts of terrorism? Source: 2-20 Exam Notes.

What term describes a loss caused by continuous or repeated exposure, not a single accident? Source: 2-20 Exam Notes.

What does ACV stand for in loss valuation? Source: 2-20 Exam Notes.

Which coverage is designed for condo owners to cover repairs to common areas? Source: 2-20 Exam Notes.

Florida uses what type of negligence rule for damages? Source: 2-20 Exam Notes.

What is subrogation in insurance terms? Source: 2-20 Exam Notes.

What is a binder in insurance? Source: 2-20 Exam Notes.

What does Commercial General Liability (CGL) Coverage A insure?

Which method is replacement cost without depreciation?

Name the four basic parts of an insurance policy.

Is flood coverage included in standard homeowners policies in Florida?

What does liability mean in insurance terms?

What is a Proof of Loss?

What is the maximum amount an insurance policy will pay for a covered loss called?

What does a Business Owners Policy (BOP) do?

Define negligence in insurance terms.

What is the Law of Large Numbers in insurance?

What is the basic indemnity principle in insurance?

Which hazard involves carelessness because one has insurance?

What does an Actual Cash Value (ACV) loss valuation consider?

In property insurance, when must insurable interest exist?

Which policy provision outlines duties after a loss?

What is a binder in insurance terms?

What type of risk is generally insurable?

Which form covers a condo unit’s improvements and personal property?

Which element defines who is covered by the policy?

What does ‘Law of Large Numbers’ help insurers do?