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This is an example of which risk management methodA. Transfer. 7.  Benson Pharmaceutical Company decides not to manufacture a new drug after determining that it has serious potential side effects. This is an example of which risk management method A. Reduction. 8.  The tread on Alans automobile tires is very thin. This is an example of what type of hazard A. Android Phone Drivers For Windows 7 more. Obvious. 9.  Which of the following is a hazard as opposed to a peril A. Wet pavement. D. Both parties are required to provide services for the other. B. One party draws up the contract provisions, and the other party adheres to the terms. C. The contract can be revoked by any party at any time for any reason. D. A contract that is formed without any consideration by either party. A. After a loss, an insured should be restored to approximately the same condition that existed before the loss. B. Every insured will receive full compensation for all losses in all cases. C. When property is damaged or destroyed, the insurance company must pay the full replacement cost. D. In the case of bodily injuries, liability coverage must be available without regard to any policy exclusions. A. Insuring agreement. D. Conditions. 13. A. Stated benefits and the dates on which they are to be paid. B. A promise to pay for certain losses if they occur. D. A promise to be conscientious about the customers situation. Under an insurance contract, the uncertainty of events can lead to unequal financial results for the two parties. This means that insurance is what kind of contract A. Utmost good faith. The ground rules are described in which part of an insurance policy A. Insuring agreement. D. Conditions. 16. A. Is managed by an attorney in fact. B. Pays dividends to its stockholders. C. Is owned by its insureds. D. Is a voluntary association of individuals that shares in writing insurance contracts for a variety of risks. A. Represents a single insurance company. B. Works for a direct writer. C. Is an independent businessperson. D. Does not collect commissions. Solicitors may not. A. Issue or countersign policies. B. Sell insurance. C. Collect premiums. D. Sign an application. A. Direct writer. D. Direct response. Which insurance company department is responsible for accepting and rejecting applications based on company standards A. Underwriting. B. Loss Control. C. Underwriting. D. Reinsurance. 22.  A. Lloyds Associations. B. State insurance department. C. Interstate Commerce Commission. D. Insurance Services Office. A. Misrepresentation. D. Failure of fiduciary responsibility. A. Fraternal insurance. B. Self insurance. C. Reinsurance. D. Government insurance. Which of the following statements concerning regulation of the insurance industry is correct A. The insurance industry is regulated exclusively by the federal government. B. The insurance industry is very loosely regulated. C. The state insurance department is responsible for controlling insurance matters within the state. D. The state insurance department serves only the interests of the insurance industry. A. Making appropriate coverage recommendations to prospective customers. B. Writing the provisions of a customers policy. C. Helping prospective customers complete the application. D. Assuring that customers understand the coverage they are purchasing. A. Express authority. B. Implied authority. C. Assertive authority. D. Apparent authority. A. Non admitted. Can states require insurance companies to use certain forms or rates in connection with certain types of insurance A. No, that would be a violation of the principle of open competition. B. No, they can only require that forms and rates be subject to prior approval. C. No, insurers can always begin using forms and rates as soon as they are properly filed with the state. D. Yes, some states have mandatory forms or rates for certain coverages. A. They guarantee that a policy will be issued. B. They can be issued by insurance companies, but not agents. C. 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. D. They show an intent to consider issuing insurance, but do not include any commitment to provide coverage. A. Concern material facts. Be intentional. Both A and B are correct. Neither A nor B are correct. A. Misrepresentation. B. Certificate of insurance. A. Prenotification is required for both regular and investigative reports. Postnotification is required when insurance coverage is denied because of adverse information in a credit report. An agent who obtains information from a reporting agency under false pretenses can be sent to jail and fined. Consumers have the right to challenge information in investigative reports and to have incorrect information removed. The insureds policy is nearing the expiration date. The insurance company doesnt want to continue the insureds coverage, so it sends the insured a notice that the policy will not continue beyond the expiration date of the policy. This is considered which of the following A. Flat cancellation. Pro rata cancellation. Unearned renewal. A. Both Walt and Joanna. First State Bank. A. Salvage. 38.  A heavy snowfall causes the roof over Amayas living room to collapse. The insurance company asks her to move her belongings out of the living room to protect them from further damage and put a tarp over the roof until it can be repaired. It also asks her to complete a proof of loss form listing the items that were damaged. This is an example of the application of what policy condition A. Duties after loss. Subrogation. 39.  Three policies, totaling 3. Policy As limit of insurance is 1. Bs limit is 5. 0,0. Cs limit is 1. 50,0. Use the pro rata method to determine how much policy C would pay for this loss. A. 6. 0,0. 00. 40. A. Catastrophic losses. Nonaccidental losses. Losses to personal property. Extra hazardous perils. A. The cause of a direct loss. A type of loss that results from a direct loss. An insignificant property loss. D. Not a type of property loss. A. The mortgagee might have to pay the premium if the insured doesnt. The mortgagee can file a proof of loss when the insured fails to do so to protect its rights under the policy. The mortgagee might have coverage under the policy even if something the insured does causes a claim to be denied. The mortgagee has no insurable interest in the covered property. A. Concurrent causation. Concurrent coverage. Double indemnity. A. Attorney in fact. Super appraiser. Umpire. Failure to use the care that is required to protect others from the unreasonable chance of harm is called what A.