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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.
Which statement best describes the principle of indemnity?
Why is a life insurance policy considered a valued contract rather than an indemnity contract?
A policy that pays no dividends and gives the policyholder no right to vote for the company's board is typically issued by a:
Which of the following is NOT a required characteristic of a fraternal benefit society?
In a reciprocal insurance exchange, who handles the day-to-day transactions on behalf of the subscribers?
How does a risk purchasing group (RPG) differ from a risk retention group (RRG)?
In a reinsurance arrangement, the company that originally issued the policy and transfers part of its risk to another insurer is called the:
A reinsurance agreement that automatically shares risks meeting pre-established criteria, without negotiating each policy individually, is called:
Which statement correctly distinguishes an HMO from a PPO?
Which of the following is an example of government (social) insurance?
At what point must a life insurance applicant be informed of their rights that fall under the Fair Credit Reporting Act?
The stated amount or percent of liquid assets that an insurer must have on hand that will satisfy future obligations to its policyholders is called:
An insurance applicant MUST be informed of an investigation regarding his/her reputation and character according to the: