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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Kansas Accident & Health exam — 45 practice questions.

Subtopics: Risk transfer, Indemnity, Concealment, Risk retention, Risk avoidance, Risk definition, Morale hazard, Peril, Adverse selection, Stock insurer, Mutual insurer, Admitted insurer, Foreign insurer, Consideration, Legal purpose, Competent parties, Express authority, Apparent authority, Utmost good faith, Representations, 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

Read the General Insurance Concepts study guide

Sample questions & answers

1. Purchasing health insurance to handle the financial risk of illness is an example of risk:

Transfer

Buying insurance transfers the financial consequences of a risk to the insurer.

2. The principle that an insured should be restored to their pre-loss financial condition without profiting is:

The principle of indemnity

The principle of indemnity restores the insured to the pre-loss position without allowing a profit from the loss.

3. Deliberately withholding a material fact from the insurer when applying for coverage is:

Concealment

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

4. Choosing to bear a potential loss yourself rather than insuring it is risk:

Retention

Risk retention means keeping the financial responsibility for a loss rather than transferring it.

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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.