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Personal Finance Study Set 15

Business

Quiz 10 :

Property and Motor Vehicle Insurance

Quiz 10 :

Property and Motor Vehicle Insurance

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No-fault insurance systems always reduce the time and costs involved in settling auto injury claims.
Free
True False
Answer:

Answer:

False

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Peril is defined as:
Free
Multiple Choice
Answer:

Answer:

C

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The uncertainties of direct and indirect losses to personal or real property due to fire,windstorms,accidents,theft,and other hazards are called ________ risks.
Free
Multiple Choice
Answer:

Answer:

C

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Personal belongings that have a high value can be protected with a personal property floater.
True False
Answer:
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An umbrella policy provides additional personal liability coverage beyond the basic amounts in most homeowner policies.
True False
Answer:
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The 100/300 amounts for bodily injury liability insurance refer to the premium associated with insurance coverage.
True False
Answer:
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Medical payments coverage in a home insurance policy is designed to pay for legal action taken against a homeowner who may be legally responsible for injury or property damage of others.
True False
Answer:
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The comprehensive form (HO-5)of homeowner's insurance includes coverage for damage due to floods.
True False
Answer:
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Risk management is an organized strategy for protecting and conserving assets and people.
True False
Answer:
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Homeowner's insurance refers to coverage also available to condominium owners.
True False
Answer:
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The purpose of insurance is to help protect you and your family against possible financial loss.
True False
Answer:
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Defective house wiring is an example of a:
Multiple Choice
Answer:
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The driver classification category is based on automobile style,model,and value of the vehicle.
True False
Answer:
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A home made of wood is more expensive to insure than a comparable brick structure.
True False
Answer:
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A household inventory helps to provide evidence of ownership and value of items covered by home insurance.
True False
Answer:
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Possible losses due to negligence resulting in bodily injury or property damage to others are called ________ risks.
Multiple Choice
Answer:
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Property damage liability coverage would pay for damage to another vehicle for which you were at fault.
True False
Answer:
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Replacement value for settling property insurance claims is less costly than the actual cash value method.
True False
Answer:
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The purpose of an assigned risk pool is to assist people with poor driving records in obtaining automobile insurance coverage.
True False
Answer:
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Medical payments coverage in an automobile insurance policy pays for the costs of injuries to persons in the driver's vehicle.
True False
Answer:
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