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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Louisiana Accident & Health exam — 45 practice questions.

Subtopics: Concealment, Utmost good faith, Waiver, Consideration, Risk avoidance, Risk definition, Morale hazard, Peril, Risk transfer, Adverse selection, Stock insurer, Mutual insurer, Admitted insurer, Foreign insurer, Legal purpose, Competent parties, Express authority, Apparent authority, Indemnity, Representations, Aleatory contract, Contract of adhesion, Pure risk, Speculative risk, Law of large numbers, Physical hazard, Moral hazard, Implied authority, Fiduciary duty, Warranty, Misrepresentation, 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. Failing to disclose a material fact on a health insurance application is known as:

Concealment

Concealment is the failure to disclose a material fact that the insurer needs to evaluate the risk.

2. The principle that both parties to an insurance contract must deal honestly and disclose material facts is called:

Utmost good faith

Insurance contracts are based on utmost good faith, requiring honesty and full disclosure of material facts by both parties.

3. The voluntary giving up of a known right by the insurer is called:

Waiver

A waiver is the intentional and voluntary surrender of a known right.

4. In an insurance contract, the consideration provided by the insured is:

The premium and the statements made in the application

The insured's consideration consists of the premium payment and the representations made in the application.

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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.