LAW CH. 37 OL QUIZ

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Author:
lecaly
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118829
Filename:
LAW CH. 37 OL QUIZ
Updated:
2011-11-24 15:35:04
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LAW 37 ONLINE QUIZ
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LAW CH. 37 ONLINE QUIZ
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  1. T/F: All financial losses can be covered by insurance
    false
  2. T/F: Insurance is a contract whereby a party transfers a risk of financial loss to an insurance company as a risk bearer for a fee
    true
  3. T/F: Factors that cause damage, such as fire, floods, or hail, are called hazards
    true
  4. T/F: A false representation always makes the insurance contract void
    false
  5. T/F: To make an insurance contract, one must have all the usual requirement for competency to contract
    true
  6. T/F: An estoppel is a statement of an insured that relates to the risk and appears in the contract
    false
  7. T/F: Danger of loss is called risk or peril
    true
  8. An insurance company for which the original investment was made by stockholders and whose business is conducted by a board of directors is called a ___________ company

    a. mutual

    b. stock

    c. beneficial

    d. warranty
    b
  9. A company comprised of policyholders who are also the investors is called a ___________ company

    a. mutual

    b. stock

    c. beneficial

    d. warranty
    a
  10. The person who receives the proceeds of life insurance is called the _____________

    a. insurer

    b. rider

    c. subrogator

    d. beneficiary
    d
  11. A willful failure to disclose material information in insurance documents is called _____________

    a. estoppel

    b. intentional representation

    c. concealment

    d. subrogation
    c
  12. An addition to modify, extend, or limit an insurance contract is called a/n

    a. rider

    b. allonge

    c. subrogation

    d. attachment
    a
  13. The right of the insurer to "step into the shoes" of the insured is called

    a. representation

    b. alienation

    c. subrogation

    d. concealment
    c

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