1. Exam Prep
  2. Montana
  3. Property & Casualty
  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Montana Property & Casualty exam — 39 practice questions.

Subtopics: Stock insurer, Alien insurer, Reciprocal insurer, Broker, Waiver, Estoppel, 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, Apparent authority, Rebating, Risk pooling, Pro-rata cancellation

Read the General Insurance Concepts study guide

Sample questions & answers

1. An insurance company owned by its stockholders and operated for profit is a:

stock insurer

A stock insurer is owned by stockholders and operated for profit.

2. From the United States' viewpoint, an insurer organized under the laws of another country is a(n):

alien insurer

An insurer organized in another country is an alien insurer.

3. An unincorporated group whose members insure one another and are managed by an attorney-in-fact is a:

reciprocal insurer (exchange)

A reciprocal exchange is an unincorporated group whose members insure one another through an attorney-in-fact.

4. Unlike an agent who represents the insurer, a broker generally represents the:

insured (the customer)

A broker generally represents the insured rather than the insurer.

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.