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Chapter 18

Insurance Fundamentals. Chapter 18. True Or False . Floater refers to protection that follows the property regardless of location. Answer : true . True or False. No-Fault Insurance requires that parties to an automobile accident be indemnified by their own insurance company. Answer :True.

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Chapter 18

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  1. Insurance Fundamentals Chapter 18

  2. True Or False Floater refers to protection that follows the property regardless of location.

  3. Answer : true

  4. True or False • No-Fault Insurance requires that parties to an automobile accident be indemnified by their own insurance company.

  5. Answer :True

  6. True or False Medicare provides coverage primarily for those age 62 and over.

  7. Answer: false • The correction would be 65 and over

  8. True or false • The face value of a policy is the stated minimum amount that could be paid if the harm a person is insured against occurs.

  9. Answer: false • The face value is the maximum they will pay.

  10. True Or false • An incontestability clause is usually included in a life insurance policy.

  11. Answer : true

  12. Multiple Choice The Stated maximum amount of money that can be paid on an insurance policy is said to. • Benefit • Endorsement • Face value • Premium

  13. Answer: C

  14. Liability insurance would be classified as a form of. • Causality insurance • Fidelity insurance • Inland marine insurance • Social insurance

  15. Answer : A

  16. A hostile fire is. • A fire started by accident or negligence • A fire started by a deliberate act uncontrolled by the insured • A friendly fire that become uncontrollable • All of these

  17. Answer : D

  18. Medicare • Is a type of auto insurance rider covering injured passengers • Provides both medical and hospital insurance for Americans older than 65 • Provides medical coverage only for the injured passengers of the other auto • Both A and C

  19. Answer: B

  20. Sue Anne owns several pieces of expensive jewelry. These items are not typically covered in a standard home owners' insurance to meet her special insurance need? • Endorsement • Coinsurance • Rider • Both A and C

  21. Answer:D

  22. Completion • Celia recently Purchased a seagoing yacht. Before she takes the vessel out into open waters, she should purchase ________ insurance

  23. MARINE

  24. The written contract for insurance that Katana receives from her insurance company is known as a

  25. Policy

  26. If Joaquin wants to purchase relatively inexpensive life insurance coverage on himself until his boy graduates college in four years, He will probably buy a ___________ Life insurance policy.

  27. TERM

  28. The type of insurance that provides protection against loss in the event of being involved in an automobile accident with a driver who has insurance but the coverage of which is not sufficient to pay for the full damage amount is called _______ coverage

  29. Underinsured motorists

  30. ___________ insurance requires that parties to an automobile accident be indemnified by their own insurance company regardless of who is at fault.

  31. No- Fault

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