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(Solved) Question 1 The three major types of social insurance are: Select one: old age, workers compensation, and homeowners b. social security, workers...


I have a timed hw assignment it is 40 multiple choice questions and I need it in about an hour in 15 mins

Question 1
The three major types of social insurance are:
Select one:
a. old age, workers compensation, and homeowners
b. social security, workers compensation, and disability
c. social security, old age, and unemployment compensation
d. social security, workers compensation, and unemployment compensation
Question 2
Not yet answered
Points out of 4 Flag question Question text
Insurance companies are regulated by:
Select one:
a. the federal government
b. an insurance oversight board
c. individual states
d. an industry watchdog group
Question 3
Not yet answered
Points out of 4 Flag question Question text
An example of first-party coverage is:
Select one:
a. a business insuring itself against selling a faulty light socket
b. a corporation insuring itself against lawsuits from disgruntled customers
c. a homeowner insuring a house and its contents
d. a homeowner insuring himself against accidental death
Question 4
Not yet answered
Points out of 4 Flag question Question text
The first and most important part of policy is the:
Select one:
a. exclusions page b. conditions page
c. endorsements page
d. declarationspage
Question 5
Not yet answered
Points out of 4 Flag question Question text
All of the following are true EXCEPT:
Select one:
a. Mutual insurance companies issue stock and are organized as for-profit corporations
b. Mutual insurance companies are owned by policy-holders and profits are disbursed in
dividends
c. Mutual insurance companies have a harder time raising capital than other insurance
companies
d. Mutual insurance companies are permitted to merge with other companies to form a larger
company
Question 6
Not yet answered
Points out of 4 Flag question Question text
The two basic types of reinsurance are:
Select one:
a. treaty reinsurance and collective reinsurance
b. facultative reinsurance and stabilized-fund reinsurance
c. treaty reinsurance and facultative reinsurance
d. collective reinsurance and stabilized-fund reinsurance
Question 7
Not yet answered
Points out of 4 Flag question Question text
The doctrine of comparative negligence does what?
Select one:
a. reduces a defendant's liability by the degree to which the injured party was deemed negligent b. eliminates a defendant's liability if the injured party was also negligent
c. eliminates a defendant's liability if the injured party was more negligent than the defendant
d. eliminates a defendant's liability if the injured party had a chance to avoid the injury
Question 8
Not yet answered
Points out of 4 Flag question Question text
Motorcycles, ATVs, and other motorized vehicles should be covered by:
Select one:
a. a homeowner's poilcy
b. an automobile policy
c. a recreational vehicle policy
d. a single-user policy
Question 9
Not yet answered
Points out of 4 Flag question Question text
Forms HO-3, HO-4, and HO-5 are written on:
Select one:
a. an occurrence liability basis
b. a cash value basis
c. a replacement cost basis
d. a special perils basis
Question 10
Not yet answered
Points out of 4 Flag question Question text
In a policy under Section I, additional coverages include all of the following EXCEPT:
Select one:
a. debris removal b. fine art
c. credid cards
d. trees and shrubs
Question 11
Not yet answered
Points out of 4 Flag question Question text
True umbrella policies:
Select one:
a. provide coverage only where in underlying form supports the coverage
b. provide coverage where the underlying form does not
c. provide coverage with no exclusions on homeowners or automobile policies
d. provide coverage within the United States, its territories, and Canada only
Question 12
Not yet answered
Points out of 4 Flag question Question text
Endorsements to a homeowner's policy can:
Select one:
a. require the homeowner to insure separate buildings for business proposes
b. provide coverage for individuals living in business buildings for a short time
c. provide for limited coverage of business activities or properties
d. allow a homeowner to run a business out of a home without paying additional insurance
premiums
Question 13
Not yet answered
Points out of 4 Flag question Question text
In addition to covering liability for bodily injury or property damage, home-based business
coverage can also cover:
Select one: a. personal belongings not used for business
b. automobiles used for business and personal use
c. slander, libel, and copyright infringement
d. personal medical services
Question 14
Not yet answered
Points out of 4 Flag question Question text
For a commercial automobile policy, which of the following is NOT a factor to consider?
Select one:
a. How many vehicles the organization has in its fleet
b. Whether the vehicles will be used for public transportation
c. Whether the vehicles are of a similar make and model
d. If individuals' vehicles will be used for business
Question 15
Not yet answered
Points out of 4 Flag question Question text
The four factors used in examining real property are:
Select one:
a. construction, occupancy, protection, and exposures
b. construction, age, protection, and exposures
c. protection, occupancy, prior losses, and exposures
d. protection, age, repair, and exposures
Question 16
Not yet answered
Points out of 4 Flag question Question text
Flood insurance is reinsured by:
Select one:
a. state government flood insurance programs b. private flood specialists
c. inland marine insurers
d. the federal government
Question 17
Not yet answered
Points out of 4 Flag question Question text
The term "nonowned auto" includes
Select one:
a. an abandoned automobile
b. an automobile not owned, rented, leased, or hired by the insured but being used by the insured
c. an automobile loaned by the insured to a family member
d. an automobile in the process of being sold
Question 18
Not yet answered
Points out of 4 Flag question Question text
Liability insurance states that:
Select one:
a. the insurer will pay damages for injury or property damage to a third party caused by the
insured
b. the insurer will pay damages for injury or property damage caused by a third party to the
insured
c. the insurer will hold the insured liable for damages caused by the insured but will pay for
medical costs for the insured
d. the insurer will pay damages for property damage but not injury caused by the insured
Question 19
Not yet answered
Points out of 4 Flag question Question text
Liability coverage under a business auto policy would cover: Select one:
a. injuries to a fellow employee caused an employee driving a company car.
b. damage to a fellow employee's personal car caused by an employee driving a company car.
c. damage to one company car caused by an employee driving a second company car.
d. damage caused by a car used in professional racing.
Question 20
Not yet answered
Points out of 4 Flag question Question text
Question 21
A CGL form including BI would cover which of the following cases?
Select one:
a. The insured's employee is driving a company car to a meeting and is hit by a deer. The car is
denteD.
b. The insured makes an advertising claim that is contested by a customer. The advertising claim
is proven to be true.
c. The insured owns a grovery store. A customer slips on a patch of spilled cranberry sauce and
breaks her arm.
d. The insured offers motorcycles to its employees for their use. One night, a motorcycle is stolen
from the company's parking lot.
Question 21
Exclusions beyond coverages A and B can be added to a CGL form through:
Select one:
a. affidavits
b. supplementary payments
c. retained limits d. endorsements
Question 22
Not yet answered
Points out of 4 Flag question Question text
A manufacturer is generally considered to have:
Select one:
a. a duty to exercise reasonable care in the manufacturing, designing, and packaging of its
product
b. a duty to meet governmental standards in the manufacturing, designing, and packaging of its
product
c. a duty to manufacture products using only materials approved by a state oversight board for
manufacturing
d. a duty to the public to produce goods manufactured in the United States using American
materials whenever possible
Question 23
Not yet answered
Points out of 4 Flag question Question text
All of the following are true EXCEPT:
Select one:
a. Most umbrella policies resemble one another in broad, general ways.
b. The ISO has introduced a standard form for commercial umbrella liability insurance that has
been widely adopted as a standard policy.
c. Umbrella underwriting rules are largely a matter of judgment of the insurer.
d. Significant differences will often be found even in the provisions of umbrella policies offered by
the same insurer to different insureds or classes of risk.
Question 24
Not yet answered
Points out of 4 Flag question Question text
Which of the following is true with respect to a commercial umbrella liability policy?
Select one: a. Premiums are generally tax deductible as a business expense.
b. Premiums are tax deductible as a business expense for a corporation, but not for a sole
proprietor.
c. Premiums are not tax deductible as a business expense.
d. Premiums may or may not be tax deductible as a business expense depending on the
exposures covered.
Question 25
Not yet answered
Points out of 4 Flag question Question text
In a third-party-over action:
Select one:
a. an employer sues a third party for injury to its employee.
b. an employee sues a third party for an injury, and the third party sues the employer for
contributory negligence.
c. an employee and employer jointly sue a third party for an injury.
d. a third-party sues an employee for an injury.
Question 26
Not yet answered
Points out of 4 Flag question Question text
The exclusive remedy rule:
Select one:
a. precludes employees from ever suing their employers.
b. generally precludes employees from suing their employers for injuries sustained during the
course of employment.
c. generally precludes employees from suing their employers for any injuries.
d. renders employers liability coverage unnecessary.
Question 27
Not yet answered
Points out of 4 Flag question Question text
Workers compensation systems are generally:
Select one: a. optional for both employers and employees
b. optional for employees, but mandatory for employers
c. optional for employers, but mandatory for employees
d. mandatory for both employers and employees
Question 28
Not yet answered
Points out of 4 Flag question Question text
A claims-made policy covers:
Select one:
a. claims for injury or damage that are made during the policy period or an extended reporting
period only
b. claims for injury or damage that are made during the policy period and up to the three-year
anniversary of the expiration of the policy
c. claims for injury or damage that are made any time during or after the policy period
d. claims for injury or damage that are made after the policy period and during an extended
reporting period only
Question 29
Not yet answered
Points out of 4 Flag question Question text
Three types of shareholder and corporate claims are:
Select one:
a. age discrimination, negligence, and financial loss
b. negligence, bad faith, and financial loss
c. gender discrimination, bad faith, and personal liability
d. bad faith, negligence, and fiduciary duty
Question 30
Not yet answered
Points out of 4 Flag question Question 31
Question text
Employee claims are those that:
Select one: a. allege unauthorized conduct against directors or officers
b. allege improper fiduciary duty against directors or officers
c. allege discrimination or wrongful discharge against directors or officers
d. allege deepening insolvency against directors or officers
One benefit of group coverage may be:
Select one:
a. it allows its members to select their own physicians
b. it can help individuals and their spouses share deductibles and other costs
c. it can insure an entire family or business for a single deductible
d. it can be less costly than individual coverage
Question 32
Not yet answered
Points out of 4 Flag question Question text
The method of handling risk called retention is also known as:
Select one:
a. liquidity
b. self-insuring
c. long-term care
d. preventive care
Question 33
Not yet answered
Points out of 4 Flag question Question text
Coinsurance requires that:
Select one:
a. both the policyholder and the insurer pay part of each covered expense after the deductible
has been met
b. both the policyholder and the insurer pay part of the retention limit of the policy
c. both the policyholder and a co-signer on the policy pay part of each covered expense up to an
amount equal to the deductible
d. both the policyholder and a co-signer on the policy guarantee to pay one-half of each covered
expense after the deductible has been met each
Question 34
Not yet answered
Points out of 4 Flag question Question text
Traditional indemnity insurance: Select one:
a. requires the patient to pay for his or her complete medical costs, usually out of a medical
savings account
b. requires the insured to pay a minimum dollar amount per day in the hospital
c. pays the insured a daily income replacement of $100 to $400 per day
d. pays a specified amount for each day the insured is in the hospital
Question 35
Not yet answered
Points out of 4 Flag question Question text
If Bear Industries reimburses its workers for their premiums paid on personally-owned medical
expense insurance:
Select one:
a. the reimbursements are excludable from the workers' gross income
b. the reimbursements are excludable from the workers' net income
c. the reimbursements are includable from the workers' gross income
d. the reimbursements are includable from the workers' net income
Question 36
Not yet answered
Points out of 4 Flag question Question text
If Koi International gives Susan a check for $300 to be used as she sees fit, and she uses it to
cover her medical insurance premium:
Select one:
a. she must return any unused portion of the $300 to her employer at the end of the year
b. she may consider the amount a reimbursement and pay no taxes on it
c. she may ask her insurance company for a receipt so that her employer can exclude the amount
from its taxes
d. she must declare the amount and pay taxes on it
Question 37
Not yet answered
Points out of 4 Flag question Question text
For a policy holder with a partial disability:
Select one: a. a disability income insurance policy will pay 100% of salary for the first 60 days, then 50% of
salary thereafter
b. a disability income insurance policy will pay a partial benefit, such as 50% of the total disability
payment
c. a disability income insurance policy will pay a 50% of medical costs and 50% of salary
d. a disability income insurance policy will pay benefits covering 50%of retraining and
rehabilitation costs until the lost functions are regained
Question 38
Not yet answered
Points out of 4 Flag question Question text
Which of the following is TRUE about disability income insurance and taxation?
Select one:
a. Premiums are generally not deductible, but benefit payments are exempt from income tax
b. Both premiums and benefit payments are exempt from income tax
c. Premiums are exempt from income tax, but benefit payments are not deductible
d. Neither premiums nor benefit payments are exempt from income tax
Question 39
Not yet answered
Points out of 4 Flag question Question text
The only real alternative to disability income insurance is:
Select one:
a. a trust fund
b. medical insurance
c. self-insurance
d. a medical expense savings account
Question 40
Not yet answered
Points out of 4 Flag question Question text
Katie works at Laine & Laine, a law firm, and pays 2/5 of her disability income premiums, with her
employers paying the rest. If Katie becomes disabled and is paid a monthly benefit of $2,500,
how much of her monthly benefit is taxable?
Select one: a. $1,000
b. $2,000
c. $1,500
d. $500

 


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