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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Alaska Property & Casualty exam — 39 practice questions.

Subtopics: Reinsurance, Perils, Concealment, Aleatory contract, Risk transfer, Law of large numbers, Handling risk, Insurer classifications, Adverse selection, Elements of a contract, Insurable risk, Hazards, Definitions, Authority of producers, Legal interpretations, Principle of indemnity, Utmost good faith, Warranty, Waiver and estoppel, Subrogation, Admitted vs nonadmitted, Domestic foreign alien, Contract of adhesion, Unilateral contract, Apparent authority, Rebating, Risk pooling, Pro-rata cancellation

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Sample questions & answers

1. When an insurer transfers part of its risk to another insurer, this is called:

Reinsurance

Reinsurance is the transfer of part of an insurer's risk to another insurer.

2. Fire, windstorm, and theft are best described as:

Perils

Perils are the causes of loss, such as fire, windstorm, and theft.

3. An applicant who deliberately withholds a material fact from the insurer is guilty of:

Concealment

Concealment is the intentional failure to disclose a material fact to the insurer.

4. An insurance contract in which the dollar amounts exchanged may be unequal is described as:

Aleatory

An aleatory contract involves an exchange of unequal amounts, depending on whether a covered loss occurs.

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Practice: General Insurance Concepts

Take a randomized, timed-style practice test. Answer choices are shuffled and your results are scored instantly with an explanation for every question.

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.