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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Indiana Accident & Health exam — 45 practice questions.

Subtopics: Indemnity, Representations, Concealment, Waiver and estoppel, Adhesion, Risk definition, Morale hazard, Peril, Risk transfer, Adverse selection, Stock insurer, Mutual insurer, Admitted insurer, Foreign insurer, Consideration, Legal purpose, Competent parties, Express authority, Apparent authority, Utmost good faith, Aleatory contract, Contract of adhesion, Pure risk, Speculative risk, Law of large numbers, Physical hazard, Moral hazard, Implied authority, Fiduciary duty, Warranty, Misrepresentation, Waiver, Estoppel, Reciprocal insurer, Fraternal benefit society, Reinsurance, Non-admitted insurer, Alien insurer, Unilateral contract, Conditional contract, Offer and acceptance, Insurable interest

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Sample questions & answers

1. The principle that restores an insured to the financial position held before a loss, without profit, is called what?

Indemnity

The principle of indemnity seeks to restore the insured to the pre-loss financial condition without allowing a gain.

2. Applicant statements believed true to the best of their knowledge on a health application are called what?

Representations

Representations are statements the applicant believes to be true, distinguished from warranties that are guaranteed true.

3. The intentional failure to disclose a known material fact on an application is called what?

Concealment

Concealment is the deliberate withholding of a material fact, which can give the insurer grounds to void coverage.

4. The voluntary giving up of a known right by the insurer is called what?

Waiver

A waiver is the intentional relinquishment of a known right, which may lead to estoppel preventing the insurer from later asserting that right.

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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.