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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Kansas Property & Casualty exam — 39 practice questions.

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

Read the General Insurance Concepts study guide

Sample questions & answers

1. Most property policies contain an abandonment clause providing that the insured:

May not abandon damaged property to the insurer and demand payment

An abandonment clause prevents the insured from abandoning damaged property to the insurer and demanding full payment.

2. A stock insurance company is owned by its:

Stockholders

A stock insurer is owned by its stockholders, who provide its capital and share in profits.

3. A mutual insurance company is owned by its:

Policyholders

A mutual insurer is owned by its policyholders, who may receive dividends.

4. An admitted (authorized) insurer is one that:

Holds a certificate of authority to do business in the state

An admitted insurer holds a certificate of authority to transact insurance in the state.

All Property & Casualty topics

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.