Free General Insurance Concepts Practice Questions
California Life, Accident & Health exam (series Life, Accident & Health) — 69 practice questions.
Subtopics: Insurance defined, Insurable events, Policy defined, Required policy specifications, Concealment exceptions, Personal judgment, Materiality, Representations, False representation, Representations and warranties, Breach of warranty, Handling risk, Insurable risk, Hazards, Definitions, Insurer classifications, Adverse selection, Elements of a contract, Legal interpretations, Law of large numbers, Indemnity, Aleatory contract, Contract of adhesion, Utmost good faith, Unilateral contract, Conditional contract, Express authority, Apparent authority, Fiduciary duty, Reinsurance, Reciprocal insurer, Estoppel, Insurable interest timing, Competent parties, Warranties, Material misrepresentation, Waiver, Parol evidence, Implied authority, Law of agency, Pure risk, Speculative risk, Risk sharing, Risk reduction, Fraternal benefit society, Insurer financial strength, Producers, Contract characteristics
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Sample questions & answers
1. Under Cal. Ins. Code 22, insurance is a contract whereby one undertakes to indemnify another against loss, damage, or liability arising from:
A contingent or unknown event
Section 22 defines insurance as a contract to indemnify another against loss, damage, or liability arising from a contingent or unknown event.
2. Under Cal. Ins. Code 250, which event may be insured against?
Any contingent or unknown event that may damage a person with an insurable interest
Section 250 allows insurance against any contingent or unknown event, past or future, that may damnify a person having an insurable interest.
3. Under the California Insurance Code, an event may be insured against if it is:
Contingent or unknown and may damnify a person having an insurable interest
Section 250 permits insurance against any contingent or unknown event, past or future, that may damnify a person with an insurable interest.
4. Under the California Insurance Code, the written instrument in which a contract of insurance is set forth is the:
Policy
Section 380 defines the policy as the written instrument in which the contract of insurance is set forth.
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Practice: General Insurance Concepts
Answer choices are shuffled every time, and every question comes with an explanation.
Practice questions are study aids generated for exam preparation and are not actual exam questions. Content is provided for educational purposes and is not legal advice. Verify current statutes, rules, and exam specifications with the Insurance Department and the exam administrator before relying on it.
