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Chapter 1 Quiz
Answer each question below. Select a choice to see immediate feedback and an explanation before moving on to the next question.
According to CIC Section 22, insurance is best described as a contract whereby one undertakes to:
Which type of risk is insurable?
An applicant's tendency to be careless and indifferent toward loss, such as leaving doors unlocked, is an example of a:
The law of large numbers allows an insurer to:
A large number of exposure units with the same or similar exposure to loss is described as:
Insurance companies protect themselves from adverse selection by:
Which risk management technique involves an insured accepting responsibility for a loss through a deductible or self-insurance?
Which of the following is NOT a requisite of an ideally insurable risk?
Under California law, when must insurable interest exist between a policyowner and the insured in a life insurance policy?
The principle that an insured cannot recover more than the amount of their actual financial loss is called:
The principle requiring that there be no fraud, misrepresentation, or concealment between the insurer and the insured is known as: