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1、1Copyright 2011 Pearson Education, Inc.Principles of Risk Management and Insurance, 11e (Rejda)Chapter 10 Analysis of Insurance Contracts1) The portion of a property and liability insurance contract that contains information about the property or activity to be insured is called theA) declarations.B
2、) insuring agreement.C) exclusions.D) conditions.Answer: AQuestion Status: Previous Edition2) What information is contained in the insuring agreement of an insurance policy?A) a description of the property or life to be insuredB) a summary of the major promises of the insurerC) a summary of the obli
3、gations of the insuredD) a list of the property, losses, and perils that are not coveredAnswer: BQuestion Status: Previous Edition3) Which of the following statements about all-risks coverage is (are) true?I. All losses are covered except those losses specifically excluded.II. The burden of proof is
4、 on the insured to prove that a loss is covered.A) I onlyB) II onlyC) both I and IID) neither I nor IIAnswer: AQuestion Status: Previous Edition4) The exclusion of flood in a homeowners policy is an example of anA) excluded activity.B) excluded condition.C) excluded property.D) excluded peril.Answer
5、: DQuestion Status: Previous Edition5) Exclusions are used in insurance policies for all of the following reasons EXCEPTA) to reduce moral hazard.B) to waive policy conditions.C) to eliminate coverage for uninsurable perils.D) to eliminate coverage not needed by typical insureds.Answer: BQuestion St
6、atus: Previous Edition2Copyright 2011 Pearson Education, Inc.6) Reasons why a peril may be considered uninsurable and therefore excluded from insurance contracts include which of the following?I. The losses from the occurrence of the peril may be due to a predictable decline in value.II. The losses
7、from the occurrence of the peril may be incalculable and catastrophic.A) I onlyB) II onlyC) both I and IID) neither I nor IIAnswer: CQuestion Status: Previous Edition7) The policy provision requiring the filing of proof of loss with the insurer is an example of a(n)A) declaration.B) condition.C) ins
8、uring agreement.D) miscellaneous provision.Answer: BQuestion Status: Previous Edition8) Which of the following statements about the definition of the insured is (are) true?I. In some cases, a person who is not specifically named may be classified as an insured.II. Under no circumstances can more tha
9、n one person be named as an insured.A) I onlyB) II onlyC) both I and IID) neither I nor IIAnswer: AQuestion Status: Previous Edition9) All of the following statements about endorsements and riders are true EXCEPTA) They are usually written.B) They can be used to add or delete policy provisions.C) Th
10、ey normally take precedence over other conflicting policy provisions.D) They are primarily used to circumvent legislation requiring specific policy provisions.Answer: DQuestion Status: Previous Edition10) Deductibles are used in all of the following types of insurance EXCEPTA) life insurance.B) heal
11、th insurance.C) property insurance.D) automobile insurance.Answer: AQuestion Status: Previous Edition3Copyright 2011 Pearson Education, Inc.11) All of the following are purposes of deductibles EXCEPTA) to eliminate small claims.B) to reduce premiums.C) to reduce attitudinal hazard.D) to exclude unin
12、surable perils.Answer: DQuestion Status: Revised12) The deductible used for automobile collision losses is an example of a(n)A) corridor deductible.B) elimination period.C) straight deductible.D) aggregate deductible.Answer: CQuestion Status: Previous Edition13) Which of the following statements abo
13、ut a calendar-year deductible is (are) true?I. It requires the insured to pay a specified amount of each claim regardless of when the claim occurs during the year and regardless of any previous claims during the year.II. It is used only in policies which cover direct property losses.A) I onlyB) II o
14、nlyC) both I and IID) neither I nor IIAnswer: DQuestion Status: Previous Edition14) A provision in a disability income insurance policy that requires a person to be disabled for 60 days before receiving benefits is an example of a(n)A) corridor deductible.B) grace period.C) elimination period.D) pro
15、bationary period.Answer: CQuestion Status: Revised15) At what point in time must an insured meet the coinsurance requirement in a property insurance policy in order to avoid having to pay a portion of the loss?A) only at the time of lossB) only at the time when the policy is issued C) only at the ti
16、me of policy applicationD) both at the time when the policy is issued and at the time of lossAnswer: AQuestion Status: Revised4Copyright 2011 Pearson Education, Inc.16) David owns a commercial building with a replacement cost of $4 million. The building is insured on a replacement cost basis for $3 million under a fire insurance policy that has an 80 percent coinsurance clause. How much will David collect if the building sustains a covered
