Insurance Quizzes, Questions & Answers

Recent Quizzes

Business Quiz: Insurance Company Organization And Regulation

Business Quiz: Insurance Company Organization and Regulation

There are several types of insurance organizations and arrangements that provide insurance coverage. Not all of them are corporations (or companies) that are in business to make a profit, but most of them are. The various...

Questions: 10 | Attempts: 800 | Last updated: Aug 21, 2024

Sample Question
A nonexclusive agent:

Represents a single insurance company.

Works for a direct writer.

Is an independent businessperson.

Does not collect commissions.

Chapter 4 - Insurance Transactions

A number of steps must be taken before an insurance transaction can be completed. These include making an application for insurance, underwriting the risk, and including all the steps required for forming a valid contract.

Questions: 8 | Attempts: 4929 | Last updated: Mar 21, 2023

Sample Question
Which of the following statements concerning binders is correct?

They guarantee that a policy will be issued.

They can be issued by insurance companies, but not agents.

They expire on the effective date of the policy to which they apply, or on the expiration date of the binder if the policy is not issued.

They show an intent to consider issuing insurance, but do not include any commitment to provide coverage.

Chapter 2 - The Insurance Contract

A contract is a legal agreement between two or more competent parties that promises a certain performance in exchange for a certain consideration. When an insurance company agrees to pay for an insured's losses in exchange...

Questions: 7 | Attempts: 8526 | Last updated: May 3, 2023

Sample Question
Which of the following is not a requirement for forming a valid contract?

Consideration

Offer and acceptance

Competent parties

Signatures of the parties involved

Chapter 1 - Principles Of Insurance

Chapter 1 - Principles of Insurance

This chapter reviews basic principles that provide a foundation for the insurance industry. They range from the concept of risk, to the idea that individuals and businesses can minimize losses by transferring and sharing...

Questions: 6 | Attempts: 11531 | Last updated: Mar 22, 2023

Sample Question
LaTonya purchases a house from John. She borrows $75,000 from First City Bank that, along with her $25,000 down payment, equals the $100,000 purchase price of the home. Who has an insurable interest in this home? Choose all that apply.

LaTonya

John

LaTonya's son, who would like to inherit the home some day

First City Bank

Business Quiz: Insurance General Knowledge

For those in the insurance business that fancy themselves "experts," here's a quiz to see just how knowledgeable you really are. Fun to share around the office, too. The winner is obviously King of the...

Questions: 9 | Attempts: 340 | Last updated: Aug 7, 2024

Sample Question
The origins of life insurance date back to:

Seventeenth Century England

Eighteenth Century England

Ancient Rome

Ancient Greece

1800s New York

The Insurance Industry Quiz! Trivia

Questions: 13 | Attempts: 153 | Last updated: Mar 21, 2023

Sample Question
Producers are expected to adhere to all of the following standards to protect consumers and promote suitable sales EXCEPT

Selling to customers' needs

Determining the suitability of recommended products

Assessing prospects' financial ability to pay commissions

Full and accurate disclosure

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