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Personal Lines Final Exam TEST (questions and answers)complete_.pdf
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8/20/24, 5:55 PMPersonal Lines Final Exam
Jeremiah
Terms in this set (78)
Statements made in the application are B. Representations
considered:
A. Warranties
B. Representations
C. Possible Concealments
D. None of the Above
The definition of Risk is: A. Uncertainty regarding loss
A. Uncertainty regarding loss
B. A chance of gain
C. Uncertainty regarding gain or profit
D. Intended unforseen damage to property
for gain or profit
A financial device for transferring or shifting D. Insurance
risk from an individual or entity to a large
group with the same risk is the definition of:
A. Avoidance
B. Retention
C. Transfer
D. Insurance
Hazards include which of the following: C. Both 1 & 2
1. Unintended oily rags stacked in a corner
2. A homeowner's carelessness because he
has insurance
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 or 2
1/15
, 8/20/24, 5:55 PM
The mortgage condition in a property C. Both 1 & 2
policy:
1. Guarantees that the lending institutions
may act for itself in paying a premium
2. Guarantees claim payments will be divided
as the interests of the insurance and
mortgagee appear
A. 1 only
B. 2 only
C. Both 1 & 2
D. Neither 1 nor 2
Which of the following situations does NOT A. Being named in someone's will as an heir
create an insurable interest?
A. Being named in someone's will as an heir
B. Holding a mortgage or lien on property
C. Having custody or control of someone
else's property
D. Owning property
The plumbing in Mrs. Ward's home suddenly B. HO2
burst and the ceilings were damaged by
water. Which of the following homeowner
forms would cover the loss?
A. HO1
B. HO2
C. HO4
D. HO7`
Nicole has a Personal Auto policy with limits A. $15,000
of 10/20/10 for liability coverage. She causes
an accident that results in $12,000 bodily
injury damages to the other driver and
$5,000 in property damage to the other
driver's car. How much would Nicole's policy
pay for the the BI and PD losses?
A. $15,000
B. $17,000
C. $10,000
D. $12,000
Sally Smith calls her agent, Hubert Dufus, to A. Write your own program
purchase flood insurance. Agent Dufus
explains to Ms. Smith that flood coverage
can be purchased directly through the NFIP
or through him. Should Ms. Smith choose to
purchase coverage through Agent Dufus it is
called the:
A. Write your own program
B. Create flood insurance program
C. Flood insurance is not available through
private insurers
D. None of the Above
Personal Lines Final Exam
2/15
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