General Insurance

Foundational insurance concepts including risk management, policy structure, insurable interest, indemnity, subrogation, and the insurance contract.

Questions

Under the concept of "estoppel," an insurer may be prevented from denying a clai…
Which type of insurer is owned by its policyholders, who may receive dividends i…
The doctrine of utmost good faith (uberrimae fidei) in insurance contracts requi…
Which of the following BEST describes a "peril" in property insurance terminolog…
A waiver in an insurance contract refers to:
Which of the following describes "adverse selection" in the insurance context?
A "binder" in property and casualty insurance provides:
An insured whose home is destroyed by fire collects the full replacement cost fr…
Which of the following coverages is an example of a "named perils" policy?
A "moral hazard" in insurance refers to:
A property insurance policy has a $500 straight deductible and a covered loss of…
A "participating" insurance policy is one in which:
An insured has two property policies covering the same dwelling — Policy A with …
The term "proximate cause" in insurance refers to:
The cannon of insurance contracts that states insurance policies are written by …
An insurance policy provision stating that the insurer will not pay more than th…
Under a "valued policy" for property insurance, the insurer pays:
Which of the following is NOT a required element of an insurable risk?
Which of the following statements about the law of large numbers and insurance i…
An insured intentionally sets fire to their own building and files a claim. The …
Which of the following BEST defines the principle of indemnity in insurance?
Which of the following is an example of "risk avoidance" as a risk management te…
A person purchases fire insurance on a building they do not own and have no fina…
The principle of "subrogation" does NOT apply in which of the following situatio…
The DICE acronym used to analyze insurance policy provisions stands for:
A property insurance policy is considered a "personal contract" because:
Which of the following BEST describes an "aleatory" contract?
A commercial property policy is written on a "replacement cost" basis rather tha…
The co-insurance clause in a commercial property policy is designed to encourage…
An insurer that is incorporated in Arizona but licensed to do business in Califo…