1. general damages. 2. comparative negligence. 3. an intentional tort. 4. strict liability. 2.00000 points 1. 40% of her actual damages 2. nothing. 3. 60%

1. general damages. 2. comparative   negligence. 3. an intentional tort. 4. strict liability. 2.00000 points 1. 40% of her actual   damages 2. nothing. 3. 60% of her actual   damages. 4. 100% of her actual   damages. 2.00000 points 1. commodity prices 2. physical   inspections 3. currency exchange   rates 4. interest rate   movements 2.00000 points 1. Underwriting   expenses would decrease 2. The amount the   insurer expects to pay in claims should decrease 3. Actual results will   more closely approach expected results 4. The insurer’s   profitability should become more variable 2.00000 points I.    Loss is certain to occur II.   Loss occurs as a result of chance 1. I only 2. II only 3. both I and II 4. neither I nor II 2.00000 points I.    All losses are covered except those losses specifically excluded. II.  The burden of proof is on the insured to prove that a loss is covered. 1. I only 2. II only 3. both I and II 4. neither I nor II 2.00000 points 1. reduce moral   hazard. 2. waive policy   conditions. 3. eliminate coverage   for uninsurable perils. 4. eliminate coverage   not needed by typical insureds. 2.00000 points 1. probable size of   the losses that may occur during some period. 2. probable number of   losses that may occur during some period. 3. probability that   any particular piece of property may be totally destroyed. 4. probability that a   liability judgment may exceed a firm’s net worth. 2.00000 points 1. moral hazard. 2. particular risk. 3. speculative risk. 4. legal hazard. 2.00000 points I.  A purpose of underwriting standards is to reduce adverse selection occurring against the insurer. II.  Equitable rates should be charged to ensure that each group of policy owners will pay its own way in terms of losses and expenses. 1. I only 2. II only 3. both I and II 4. neither I nor II 2.00000 points 1. operating a car 2. blasting operations 3. manufacturing a   product 4. mining operations 2.00000 points 1. They are legally   organized as partnerships. 2. They have a board   of directors which is selected by state insurance departments. 3. They are owned by   their stockholders. 4. They may pay   dividends to their policyholders. 2.00000 points surplus lines   broker. nonadmitted agent. general agency   broker. direct writer. 2.00000 points 1. judgement method. 2. tabular value   method. 3. loss ratio method. 4. average value   method. 2.00000 points 1. claims anticipated   but not yet incurred. 2. claims reported and   adjusted but not yet paid. 3. claims reported and   filed but not yet adjusted. 4. claims incurred but   not yet reported to the company. 2.00000 points 1. admitted asset. 2. incurred-but-not-reported   (IBNR) reserve. 3. unearned premium   reserve. 4. case reserve. 2.00000 points 1. $600 2. $900 3. $1200 4. $1800 2.00000 points 1. the circumstantial   evidence rule 2. the broad evidence   rule 3. the property   indemnity rule 4. the objective value   rule 2.00000 points 1. assets and its   liabilities. 2. premium income and   its expenses. 3. reserves and   its liabilities. 4. assets and its   nonadmitted assets. 2.00000 points 1. most market risks 2. property risks 3. financial risks 4. political risks 2.00000 points 1. health maintenance   organization. 2. stock insurer. 3. fraternal insurer. 4. reciprocal   exchange. 2.00000 points 1. former ownership of   property. 2. potential legal   liability. 3. secured creditors. 4. contractual right. 2.00000 points 1. flex-rating law 2. prior-approval law 3. file-and-use law 4. use-and-file law 2.00000 points I.    A description of the property that is insured. II.  A provision describing the insurer’s right to audit the insured’s books and records 1. I only 2. II only 3. both I and II 4. neither I nor II 2.00000 points 1. extra expense. 2. agreed value. 3. replacement cost. 4. inflation guard. 2.00000 points 1. special form 2. basic form 3. standard form 4. broad form 2.00000 points 1. $50,000 2. $60,000 3. $66,667 4. $80,000 2.00000 points 1. hull insurance. 2. cargo insurance. 3. protection and   indemnity insurance. 4. freight insurance. 2.00000 points 1. contractual   liability. 2. contingent   liability. 3. care, custody, and   control liability. 4. customer’s   liability. 2.00000 points 1. contingent   liability. 2. completed   operations liability. 3. products liability. 4. contractual   liability 2.00000 points 1. An artist sued the   gallery for slander after an employee of the gallery said the artist’s work looks   like it was painted by an intoxicated monkey. 2. A customer is   injured when a painting falls from the wall and strikes the customer. 3. A customer is   injured after falling on a slippery floor at the gallery. 4. An employee of the   gallery accidentally started a fire that caused extensive damage to the   building. 2.00000 points 1. extended reporting   period provision. 2. agreed amount   endorsement. 3. retroactive date   provision. 4. per-occurrence   limit clause. 2.00000 points The insured injures   a pedestrian while operating a friend’s new motorcycle. The insured backs   into and damages the garage door of his rented house. The insured   intentionally runs into another motorist’s car after the driver cut in front   of him. The insured damages   a parked car while driving a dump truck for his employer. 2.00000 points With respect to automobile insurance, what is the intended purpose of the extended non-owned liability coverage endorsement to the PAP? Your response would be: 1. to provide   liability coverage for an insured’s employer when an insured uses his or her   auto for business purposes 2. to provide   liability coverage for an insured who occasionally operates a non-owned auto 3. to provide   liability coverage for anyone who loans a covered auto to another driver 4. to provide   liability coverage for an insured who operates a non-owned auto on a regular   basis 2.00000 points 1. Each policy will   pay $35,000. 2. Nicole’s policy   will pay $50,000, and the friend’s policy will pay nothing. 3. Nicole’s policy   will pay $50,000, and the friend’s policy will pay $20,000. 4. The friend’s policy   will pay $50,000, and Nicole’s policy will pay $20,000. 2.00000 points 1. increase the   unearned premium reserve. 2. increase   underwriting capacity. 3. protect   against catastrophic losses. 4. stabilize profits. 2.00000 points financial statements last year: Premiums Written                $90,000,000 Loss Adjustment Expenses     $5,000,000 Underwriting Expenses          30,000,000 Premiums Earned               $100,000,000 Incurred Losses                    $70,000,000 What was Benvi’s’s combined ratio last year? 1. 100.0 2. 103.3 3. 105.0 4. 108.3 2.00000 points 1. objective   probability. 2. objective risk. 3. subjective   probability. 4. probability. 2.00000 points 1. lower expenses. 2. increased cash   flow. 3. encouragement of   loss prevention. 4. protection from   catastrophic losses. 2.00000 points 1. loss reserves 2. death benefits paid   to a beneficiary 3. unrealized capital   gains 4. realized capital   losses 2.00000 points 1. to represent the   federal government in international discussions of insurance regulation 2. to license and   charter new insurance companies that plan to operate nationally 3. to be the   primary monitor of insurance company solvency 4. to be the primary   regulator of all aspects of insurance 2.00000 points 1. only at the time of   the insured’s death 2. only at the   inception of the policy 3. only at the time   the beneficiary is paid 4. both at the time of   the insured’s death and at the inception of the policy 2.00000 points 1. workers compensation   insurance 2. fire insurance 3. marine insurance 4. life insurance 2.00000 points 1. The amount of the   benefit typically is $100,000. 2. Covered expenses   must be incurred within 30 days of the accident. 3. Covered expenses   include the cost of funeral services. 4. The benefit limit   applies on a per-accident basis rather than on a per-person basis. 2.00000 points 1. warranty. 2. insurable interest. 3. utmost good faith. 4. subrogation. 2.00000 points 46 47

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