INSURANCE Questions with accurate answers, 2022/2023 update. Graded A

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INSURANCE Questions with accurate answers, 2022/2023 update. Graded A Subrogation typically applies to life insurance policies. - ✔?F An insurance agent is the agent of the insurance company. ... - ✔?T Because there are so many professionals in today's workforce, professional malpractice premiums are reasonably priced. - ✔?F A homeowners policy includes coverage for theft of the insured personal property, but not when the insured has the property away from the home. - ✔?F If George represents that he will not store flammable products in an insured building, he is making a promissory warranty. - ✔?T Insurance companies need only refund policy premiums if an insured commits suicide before the date specified in the suicide clause of the life insurance policy. - ✔?T Life insurance is really death insurance. - ✔?T An insurance broker is the agent of the insurance company. - ✔?F An insurance deductible clause usually states that insurance proceeds are payable only after the insured has paid a specified amount of the damage or losses. - ✔?T A coinsurance clause requires the insured to pay a percentage of an insured loss. - ✔?T In a life insurance policy, the insured is the party who is to receive the insurance proceeds upon the death of the insured. - ✔?F An insurance broker typically works for a single insurance company. - ✔?F The insured owes a duty to defend against any suit brought against him or her that involves a claim within the coverage of the policy. - ✔?F Mold is generally not covered under the majority of insurance policies. - ✔?F In automobile insurance, comprehensive coverage refers to a policy that covers all types of losses related to the ownership and operation of an automobile. - ✔?F It is against public policy for a life insurance policy to be made contingent on passing a physical exam. - ✔?F Workers compensation was designed to make payments to those workers who put more time in on the job. - ✔?F Collision insurance pays for damages caused if an automobile owner's car is struck by another car. - ✔?T The insurable interest in a piece of property must exist at the time of loss. - ✔?T An insured that does not have an insurable interest in the property being insured is treated like a wager and it cannot be enforced. - ✔?T An omnibus clause under an automobile liability policy covers other drivers of the insured's automobile. - ✔?T Incontestability clauses are invalid as they are not fair to insurers. - ✔?F With disability insurance, the payments are generally made to the insured even though the insured does not document actual expenses. - ✔?T Smaller companies usually do not carry directors' and officers' liability insurance as it is too expensive. - ✔?T Coinsurance clauses are not common in fire insurance policies. - ✔?F An insurance contract is one where one party indemnifies another against loss from an unknown event. - ✔?T Title insurance protects against defects in title such as liens or encumbrances that are not disclosed on the title insurance policy. - ✔?T Most insurance companies allow valuable items to be covered under an insured's homeowners policy thereby eliminating the need for any additional insurance. - ✔?F [Show More]

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