Structure and Analysis
Type of policy that covers only perils listed:
A. Binder
B. Named-peril
C. Open-peril
D. Application
B. Named-peril
Offer to buy insurance
A. Application
B. Binder
C. Receipt
D. Offer
A. Application
Statements that identify the person or organization covered by the contract, give information about the loss exposure, and provide the basis upon which the contract is issued and the premium determined
A. Binders
B. Endorsement
C. Riders
D. Declarations
D. Declarations
Physical injury to a person, including the pain and suffering that may result
A. Bodily injury
B. Punitive damages
C. Business interruption
D. Perils
A. Bodily injury
A nonphysical loss such as loss of business
A. Limitations of liability
B. Punitive damages
C. Business interruption
D. Indirect loss
D. Indirect loss
Type of policy that covers all risks unless specifically excluded:
A. Binder
B. Named-peril
C. Open-peril
D. Application
C. Open-peril
Temporary contact to provide coverage until policy is issued
A. Application
B. Binder
C. Receipt
D. Offer
B. Binder
Policy that does not bind the coverage of life insurance at the time it is issued, but it does put the coverage into effect retroactive to the time of application if one meets all the requirements for insurability as of the date of the application.
A. Binding Receipt
B. Endorsement
C. Application
D. Conditional Receipt
D. Conditional Receipt
Perils, risks, losses, and properties that are not covered in an all-risk policy.
A. Attachments
B. Endorsement
C. Exclusions
D. Declaration
C. Exclusions
Attachment to a life/health insurance policy that changes the terms of the policy.
A. Endorsement
B. Rider
C. Attachment
D. Receipt
B. Rider
When did insurers exclude acts of terrorism from coverage?
A. 2019
B. Early 80's
C. 1950's
D. After 9/11
D. After 9/11
Identifies the insured and provides information about the exposures involved
A. Applications
B. Endorsement
C. Riders
D. Declaration
Applications
Policy that will be paid if death occurs while one’s application for life insurance is being processed, even if the deceased is found not to be insurable.
A. Binding Receipt
B. Endorsement
C. Application
D. Conditional Receipt
A. Binding Receipt
Awards intended to punish an offender for exceptionally undesirable behavior:
A. Bodily injury
B. Punitive damages
C. Business interruption
D. Perils
B. Punitive Damages
Attachment to a the property/casualty insurance policy that changes the terms of the policy.
A. Endorsement
B. Rider
C. Attachment
D. Receipt
A. Endorsement
What was the name of the act that Bush signed into effect providing a reinsurance backstop for insurers in the case of a large scale terrorist attack?
A. Anti-Terrorism Act (ATA)
B. Terrorism Reinsurance Act (TRA)
C. Terrorism Risk Insurance Act (TRIA)
D. Terrorist Insurer Bailout Act (TIBA)
C. Terrorism Risk Insurance Act (TRIA)
The period of coverage is located in what section?
A. Applications
B. Endorsement
C. Riders
D. Declaration
D. Declarations
Joe applied for life insurance in May of 2019 and was issued a written binder. He unexpectedly passes away just two weeks later. Is his family covered for his loss?
A. Covered
B. Not Covered
A. Covered
Liability that includes responsibility both for the physical damage to property and the loss of use of property:
A. Property damages
B. Punitive damages
C. Business interruption
D. Personal injury
A. Property damages
Who is the target customer for Berkshire Hathaway's Three policy?
A. Large corporations
B. Small businesses
C. Private equity firms
D. Retail
B. Small Businesses
Insurance policies are composed of what five major parts?
A. Declarations, Insuring agreement, Exclusions, Conditions, & Endorsements and Riders
B. Rider, Attachment, Receipt, Binder, Applications
C. Perils, Losses, Receipt, Exclusions, Agreement
D. Coverage, Damages, Receipt, Exclusions, Losses
A. Declarations, Insuring agreement, Exclusions, Conditions, & Endorsements and Riders
Specific locations, perils, property, and losses can all possibly be uninsured under:
A. Attachments
B. Endorsement
C. Exclusions
D. Declaration
C. Exclusions
Loss caused by property damage not owned by the business:
A. Extra expense losses
B. Contingent business interruption
C. Personal Injury
D. Punitive damages
B. Contingent business interuption
Losses that occur when an organization is unable to sell its goods or services and/or unable to produce goods for sale because of direct or indirect loss.
A. Bodily injury
B. Punitive damages
C. Business interruption
D. Property damages
C. Business Interruption
Termination of coverage under an insurance policy
A. Voidance of coverage
B. Limitations of liability
C. Suspension of coverage
D. Exclusions
A. Voidance of coverage