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IA&B PC Insurance > Chapters 1-3 Quiz > Flashcards

Chapters 1-3 Quiz Flashcards

1
Q

What increases the likelihood of Severity

A

Hazard

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2
Q

Risk with chance of financial loss or gain

A

Speculative Risk

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3
Q

Risk with only chance of financial loss

A

Pure Risk

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4
Q

Hazard from irresponsibility (cell phone)

A

Morale Hazard

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5
Q

Hazard from Character flaws (arson, fraud)

A

Moral Hazard

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6
Q

Hazard from structural, operational characteristics (loose handrail)

A

Physical Hazard

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7
Q

High Deductible is what risk management technique?

A

Retention

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8
Q

Do not engage in the activity

A

Avoidance

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9
Q

Insurance is what risk management technique

A

Transfer

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10
Q

Giving back a portion of premiums to write business

A

Rebating

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11
Q

Incomplete comparison between policies

A

twisting

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12
Q

Resident license renewal fee

A

55

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13
Q

Lapsed license renewal fee

A

165

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14
Q

What is the fine if you did not know

A

$1,000 each/$10,000 in 6 months

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15
Q

Notify of contact information change in how many days

A

30 days

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16
Q

How long is a temp license good for

A

180 days

17
Q

Minimum liability required for transportation of hazardous materials

A

$750,000

18
Q

How often to consult Do Not Call list

A

every 31 days

19
Q

How long to honor opt-out for CAN-SPAM

A

10 days

20
Q

Factors that lead to the possibility of loss

A

Exposures

21
Q

Insurance company domiciled in PA

A

Domestic Insurer

22
Q

Insurance Company domiciled in another country

A

Alien Insurance

23
Q

Loss resulting from the inability to use the property

A

Consequential Loss

24
Q

Replacement cost - depreciation =

A

ACV

25
Q

Added to policy to add, modify or exclude coverage

A

Endorsement

26
Q

4 Elements needed for Negligence

A

Legal Duty, Breach of the duty, Proximate Cause, Actual Damage

27
Q

Damages that are measurable dollars

A

special (economic)

28
Q

Non-economic damages (pain & suffering)

A

General Damages

29
Q

Responsible for negligent acts of others (employer/employee)

A

Vicarious Liability

30
Q

Accident, including continuous or repeated exposure to the same condition

A

occurrance

31
Q

Binders can be issued for

A

30 days

32
Q

How old to be a resident producer

A

18 yrs old

IA&B PC Insurance (21 decks)

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