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HASC 406 Question Bank 2

The document contains a 10 question insurance exam covering topics like the core functions of insurers, types of insurance risks, policies, fraud, companies, coverage, endorsements, risk factors, and regulation. For each question there are 5 possible answers and the correct answer is provided at the end.

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Johannes Machinya
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21 views3 pages

HASC 406 Question Bank 2

The document contains a 10 question insurance exam covering topics like the core functions of insurers, types of insurance risks, policies, fraud, companies, coverage, endorsements, risk factors, and regulation. For each question there are 5 possible answers and the correct answer is provided at the end.

Uploaded by

Johannes Machinya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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HASC 406 Question Bank 2

1. What are the three core functions that exist within a typical insurer?
(A) Accounting, actuarial, and underwriting.
(B) Actuarial, claims, and underwriting.
(C) Accounting, marketing and distribution and sales.
(D) Claims, marketing and distribution and underwriting.
(E) Actuarial, marketing and distribution and sales.

2. Which of the following is NOT a type of insurance risk?


(A) Pure risk.
(B) Speculative risk.
(C) Dynamic risk.
(D) Static risk.
(E) Financial risk.

3. Which of the following is NOT a type of insurance policy provision?


(A) Grace period.
(B) Incontestability clause.
(C) Insuring clause.
(D) Endorsement.
(E) Deductible.

4. Which of the following is NOT a type of insurance policy?


(A) Standard policy.
(B) Special policy.
(C) Manuscript policy.
(D) Package policy.
(E) None of the above.

5. Which of the following is NOT a type of insurance fraud?


(A) Staging an accident.
(B) Filing false claims.
(C) Padding claims.
(D) Misrepresenting facts.
(E) All of the above are types of insurance fraud.

6. Which of the following is NOT a type of insurance company?

1
(A) Stock company.
(B) Mutual company.
(C) Reciprocal company.
(D) Fraternal company.
(E) All of the above are types of insurance companies.

7. Which of the following is NOT a type of insurance coverage?


(A) First-party coverage.
(B) Third-party coverage.
(C) Comprehensive coverage.
(D) Collision coverage.
(E) Liability coverage.

8. Which of the following is NOT atype of insurance policy endorsement?


(A) Additional insured endorsement.
(B) Cancellation endorsement.
(C) Exclusion endorsement.
(D) Subrogation endorsement.
(E) All of the above are types of insurance policy endorsement.

9. Which of the following is NOT a factor that affects insurance risk?


(A) Physical hazards.
(B) Moral hazards.
(C) Morale hazards.
(D) Legal hazards.
(E) All of the above are factors that affect insurance risk.

10. Which of the following is NOT a type of insurance regulation?


(A) Licensing of insurance companies and agents.
(B) Setting of insurance rates.
(C) Enforcement of insurance laws.
(D) Promotion of competition among insurance companies.
(E) All of the above are types of insurance regulation.

2
Answers:
1. (B) Actuarial, claims, and underwriting. 2. (C) Dynamic risk. 3. (E)
Deductible. 4. (E) None of the above. 5. (E) All of the above are types of
insurance fraud. 6. (E) All of the above are types of insurance companies. 7.
(E) Liability coverage. 8. (E) All of the above are types of insurance policy
endorsement. 9. (C) Morale hazards. 10. (E) All of the above are types of
insurance regulation.

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