Lesson Three Quiz-Not Assigned

Insurance is mostly concerned with

One feature that an insurance contract does not share with other types of contracts is

Which of the following statements is FALSE?

Co-insurance clauses can seriously affect loss settlement. They may:

Silence where there is an obligation to speak is known as

The Standard Mortgage Clause outlines:

Who is the first party of an insurance contract?

The price of a unit of insurance for a period of one year is called the

What forms the basis of most insurance contracts?

If the Insured wishes to cancel the policy the cancellation takes effect:

Fortuitous means

The legal process by which an insurer, who has paid a loss, pursues any rights of recovery against a responsible third party is called

Of the following who has legal capacity?

A material fact is

Which of the following does not have an Insurable Interest?

When someone is placed back in the same financial position that they were in just prior to a loss, that is

Which of the following is considered a legal person?

Persons who stand in such a legal relationship to property that they may be financially prejudiced by its loss and financially benefit from its continued existence are said to have

Persons who stand in such a legal relationship to property that they may be financially prejudices by its loss and financially benefit from its continued existence are said to have

Which of the following parties would be considered to have an insurable interest?

Pure premium is the

Which of the following is not one of the 8 application questions

An express contract is one which

The special class of a loss payee that has a registered interest on real property is known as

An implied contract is one which

This is the process of establishing rates for each class of insurance

The likelihood of a risk resulting in a loss is referred to as

Which of the following is essential for a contract to be valid and enforceable?

An additional charge included in an insurance rate to reflect a hazard not contemplated in the basic rate for this class

Under the rules of offer and acceptance

The amount of liability the primary insurer retains is known as

Contribution