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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Nevada Property & Casualty exam — 39 practice questions.

Subtopics: Concealment, Express authority, Implied authority, Admitted insurer, Reciprocal insurer, Personal contract, 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, 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. Intentionally remaining silent about a known material fact during the application process is:

Concealment

Concealment is the intentional failure to disclose a known material fact, which can void coverage.

2. The authority an insurer specifically grants a producer in the written agency agreement is:

Express authority

Express authority is the authority the insurer specifically grants the producer in the agency agreement.

3. Authority that is not written but is assumed necessary for a producer to carry out expressly granted duties is:

Implied authority

Implied authority is not expressly stated but is reasonably necessary to carry out the producer's express authority.

4. An insurer that has received a certificate of authority to transact business in Nevada is referred to as:

An admitted or authorized insurer

An admitted (authorized) insurer holds a certificate of authority to transact insurance in the state, unlike a nonadmitted insurer.

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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.