Question 1

For property insurance,an insurable interest must exist: _____.

Accepted Answer

A)   at the time the policy is purchased.
B)   at the time of the loss.
C)   both at the time the policy is purchased and at the time the loss is sustained.
D)   for at least thirty (30) days before the loss is sustained.E) All of the above
F) A) and B)

Question 2

When a provision of an endorsement conflicts with a provision of a policy,the policy controls.

Accepted Answer

A) True 
 B)False

Question 3

By statute,an insurance policy may be either oral or written,depending on the nature of the policy.

Accepted Answer

A) True 
 B)False

Question 4

An insured person is generally allowed,by policy provision or statute,a grace period of what length of time in which to make the payment of a premium due on a life insurance policy?

Accepted Answer

A)   14 to 15 days
B)   30 to 31 days
C)   60 to 61 days
D)   90 daysE) None of the above
F) B) and C)

Question 5

A person who obtains life insurance generally can only name a beneficiary that has an insurable interest in the life of the insured.

Accepted Answer

A) True 
 B)False

Question 6

A professor knew a colleague who was quite ill.The professor applied for life insurance on the colleague's life and named himself as beneficiary.Because of a similarity in the names of the professor and the colleague,an error was made and the policy was issued.?The professor also sold his car to a student.When the student drove away,it was clear that the student was an extremely reckless driver.The professor decided not to cancel his property insurance policy that he had maintained on the vehicle that he sold to the student.Shortly thereafter,the colleague died and the student demolished the car.The professor applied for insurance benefits under both policies and each of the insurers resisted payment.Decide both cases.

Accepted Answer

The professor loses both cases because t...

Question 7

The coverage of the personal auto policy is limited to claims arising from the "use and operation" of an automobile.

Accepted Answer

A) True 
 B)False

Question 8

Commercial General Liability (CGL)policies apply to trademark infringement suits.

Accepted Answer

A) True 
 B)False

Question 9

When an insurer wrongfully breaches its duty to defend its insured,the insurer is liable for all consequential damages resulting from the breach,up to the value of the policy.

Accepted Answer

A) True 
 B)False

Question 10

To collect on property insurance,an insurable interest in the property must exist at the time that the loss is suffered.

Accepted Answer

A) True 
 B)False

Question 11

An application for insurance: ______.

Accepted Answer

A)   may be oral.
B)   generally is attached to the policy and becomes a part of the insurance contract.
C)   must be prepared by an attorney.
D)   has no binding effect on the applicant.E) B) and C)
F) A) and B)

Question 12

Fire insurance is a personal contract,and in the absence of statutory or contractual authorization,it can be assigned without the consent of the insurer.

Accepted Answer

A) True 
 B)False

Question 13

Janice Beadles owns a large cargo vessel that is used primarily for international trade transactions.Janice is quite concerned about her possible liability and financial losses,as she has become aware of more and more collisions between ships at sea.What can you tell her about the different types of insurance that she could obtain that could assist her in the event of an accident?

Accepted Answer

Janice needs to learn more about ocean m...

Exam 35: Insurance

For property insurance,an insurable interest must exist: _____.

Correct Answer
verified

When a provision of an endorsement conflicts with a provision of a policy,the policy controls.

Correct Answer
verified

An insured person is generally allowed,by policy provision or statute,a grace period of what length of time in which to make the payment of a premium due on a life insurance policy?

Correct Answer
verified

When an insurer wrongfully breaches its duty to defend its insured,the insurer is liable for all consequential damages resulting from the breach,up to the value of the policy.

Correct Answer
verified

Correct Answer
verified
Janice needs to learn more about ocean m...
View Answer

Commercial General Liability (CGL)policies apply to trademark infringement suits.

Correct Answer
verified

Fire insurance is a personal contract,and in the absence of statutory or contractual authorization,it can be assigned without the consent of the insurer.

Correct Answer
verified

The coverage of the personal auto policy is limited to claims arising from the "use and operation" of an automobile.

Correct Answer
verified

By statute,an insurance policy may be either oral or written,depending on the nature of the policy.

Correct Answer
verified

An application for insurance: ______.

Correct Answer
verified

A person who obtains life insurance generally can only name a beneficiary that has an insurable interest in the life of the insured.

Correct Answer
verified

To collect on property insurance,an insurable interest in the property must exist at the time that the loss is suffered.

Correct Answer
verified

Correct Answer
verified
The professor loses both cases because t...
View Answer

Exam 35: Insurance

For property insurance,an insurable interest must exist: _____.

Correct AnswerverifiedShow Answer

When a provision of an endorsement conflicts with a provision of a policy,the policy controls.

Correct AnswerverifiedShow Answer

An insured person is generally allowed,by policy provision or statute,a grace period of what length of time in which to make the payment of a premium due on a life insurance policy?

Correct AnswerverifiedShow Answer

When an insurer wrongfully breaches its duty to defend its insured,the insurer is liable for all consequential damages resulting from the breach,up to the value of the policy.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedJanice needs to learn more about ocean m...View AnswerShow Answer

Commercial General Liability (CGL)policies apply to trademark infringement suits.

Correct AnswerverifiedShow Answer

Fire insurance is a personal contract,and in the absence of statutory or contractual authorization,it can be assigned without the consent of the insurer.

Correct AnswerverifiedShow Answer

The coverage of the personal auto policy is limited to claims arising from the "use and operation" of an automobile.

Correct AnswerverifiedShow Answer

By statute,an insurance policy may be either oral or written,depending on the nature of the policy.

Correct AnswerverifiedShow Answer

An application for insurance: ______.

Correct AnswerverifiedShow Answer

A person who obtains life insurance generally can only name a beneficiary that has an insurable interest in the life of the insured.

Correct AnswerverifiedShow Answer

To collect on property insurance,an insurable interest in the property must exist at the time that the loss is suffered.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedThe professor loses both cases because t...View AnswerShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
Janice needs to learn more about ocean m...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
The professor loses both cases because t...
View Answer