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This chapter discusses fundamental insurance concepts through a series of true or false questions. Key topics include floaters, no-fault insurance, Medicare coverage, the face value of policies, incontestability clauses, and different types of insurance, such as liability and marine insurance. Each statement is analyzed for its accuracy, providing valuable insights into insurance terminology and principles. Understanding these concepts is essential for anyone involved in the insurance industry or seeking to understand their own insurance policies better.
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Insurance Fundamentals Chapter 18
True Or False Floater refers to protection that follows the property regardless of location.
True or False • No-Fault Insurance requires that parties to an automobile accident be indemnified by their own insurance company.
True or False Medicare provides coverage primarily for those age 62 and over.
Answer: false • The correction would be 65 and over
True or false • The face value of a policy is the stated minimum amount that could be paid if the harm a person is insured against occurs.
Answer: false • The face value is the maximum they will pay.
True Or false • An incontestability clause is usually included in a life insurance policy.
Multiple Choice The Stated maximum amount of money that can be paid on an insurance policy is said to. • Benefit • Endorsement • Face value • Premium
Liability insurance would be classified as a form of. • Causality insurance • Fidelity insurance • Inland marine insurance • Social insurance
A hostile fire is. • A fire started by accident or negligence • A fire started by a deliberate act uncontrolled by the insured • A friendly fire that become uncontrollable • All of these
Medicare • Is a type of auto insurance rider covering injured passengers • Provides both medical and hospital insurance for Americans older than 65 • Provides medical coverage only for the injured passengers of the other auto • Both A and C
Sue Anne owns several pieces of expensive jewelry. These items are not typically covered in a standard home owners' insurance to meet her special insurance need? • Endorsement • Coinsurance • Rider • Both A and C
Completion • Celia recently Purchased a seagoing yacht. Before she takes the vessel out into open waters, she should purchase ________ insurance
The written contract for insurance that Katana receives from her insurance company is known as a
If Joaquin wants to purchase relatively inexpensive life insurance coverage on himself until his boy graduates college in four years, He will probably buy a ___________ Life insurance policy.
The type of insurance that provides protection against loss in the event of being involved in an automobile accident with a driver who has insurance but the coverage of which is not sufficient to pay for the full damage amount is called _______ coverage
___________ insurance requires that parties to an automobile accident be indemnified by their own insurance company regardless of who is at fault.
