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idaho property insurance exam questions and answers 100%correctly Verified 2024 RATED A+
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idaho property insurance exam questions and answers 100%correctly Verified 2024 RATED A+
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idaho property insurance exam questions andanswers 100%correctly Verified 2024
RATED A+
The term flood refers to all of the following EXCEPT
A. an overflow of inland tidal waters
B. collapse of land as a result of excessive erosion due to flood
C. mudslides
D. sewer backup - CORRECT ANSWERS Sewer backup
Insurers may be classified according to their financial strength. This includes all of
the following factors EXCEPT...
A. Number of clients
B. Loss experience
C. Investment performance
D. Operating expenses - CORRECT ANSWERS Number of clients
An individual applied for auto insurance and obtained coverage from ABC IC. Who is
the 1st party in the contract?
A. The insured (customer)
B. The insurer (IC)
C. The agent
D. The insured and agent - CORRECT ANSWERS A. The insured
(customer)
If a fire causes damage to a building, the fire is...
A. A Hazard
B. A Peril
C. A Risk
D. An Exposure - CORRECT ANSWERS B. A Peril
,idaho property insurance exam questions and
answers 100%correctly Verified 2024
RATED A+
Wearing a seatbelt in a car is an ex of which method of managing risk?
A. Retain
B. Avoid
C. Reduce
D. Transfer - CORRECT ANSWERS C. Reduce
Tiffany leaves her car unlocked when she goes shopping. She figures her car and its
contents are insured, so there is no reason to worry. Which type of hazard is this an
example of?
A. Physical
B. Morale
C. Careless
D. Moral - CORRECT ANSWERS Morale
A flood is an example of....
A. A peril
B. A moral hazard
C. A speculative risk
D. a physical hazard - CORRECT ANSWERS A peril
An insurance company incorporated in Wisconsin and conducting business in
Wisconsin is known as a domestic company. What kind of company are they
considered if they do business in Minnesota?
A. Alien
B. Domestic
C. Foreign
D. Nonadmitted - CORRECT ANSWERS Foreign
,idaho property insurance exam questions and
answers 100%correctly Verified 2024
RATED A+
All of the following statements about a stock insurance company are true EXCEPT
A. A stock co pays dividends to stockholders
B. A stock co is a participating co
C. A Stock co is a nonparticipating co
D. a stock co has shareholders - CORRECT ANSWERS A stock company is
a participating company
What do IC's use to help predict how many losses will occur in a group or class of
individuals?
A. The law of Large Numbers
B. Standard and Poor's Insurance Rating Service
C. Risk retention groups
D. Adverse Selection - CORRECT ANSWERS The law of Large Numbers
State require companies to have a license to sell insurance in the state. The license
is called...
A. A certificate of authority
B. A reinsurance license
C. A producer's license
D. An admittance license - CORRECT ANSWERS A certificate of authority
All of the following are requirements of an insurance pure risk EXCEPT...
A. premiums must be calculable
B. premium must be affordable
C. the risk must be catastrophic for the insurance company
, idaho property insurance exam questions and
answers 100%correctly Verified 2024
RATED A+
D. The loss must have been accidental - CORRECT ANSWERS the risk
must be catastrophic for the insurance company
Carl hands out a business card with his company's logo to all new prospects that he
meets at a golf outing. This is an example of...
A. express authority
B. implied authority
C. Apparent authority
D. Agent Authority - CORRECT ANSWERS implied authority
Agency is a relationship in which one person is authorized to represent and act for
another person or a corporation. In insurance, the insurance agent acts on behalf
of...
A. The principal
B. The insured
C. The claimant
D. The adjuster - CORRECT ANSWERS The principal
Which of the following types of advertising does not involves an agent and is
conducted through the mail, by advertisements in newspapers and magazines, on
television and radio or through the internet?
A. Direct writing
B. Captive agency system
C. Direct response
D. Cold calling - CORRECT ANSWERS Direct writing
Which of the following individuals represent only on insurance company?
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