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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Ohio Accident & Health exam — 44 practice questions.

Subtopics: Insurable interest, Risk pooling, Conditional contract, Utmost good faith, Risk definition, Morale hazard, Peril, Risk transfer, Adverse selection, Stock insurer, Mutual insurer, Admitted insurer, Foreign insurer, Consideration, Legal purpose, Competent parties, Express authority, Apparent authority, Indemnity, Representations, Concealment, 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, Offer and acceptance

Read the General Insurance Concepts study guide

Sample questions & answers

1. For health insurance, the insured's insurable interest in their own wellbeing is:

Assumed to exist

Individuals have an insurable interest in their own health.

2. Spreading the cost of losses among many insureds is known as:

Risk pooling

Insurance spreads risk by pooling premiums to pay the losses of the few.

3. An insurance contract that requires certain conditions (like paying premium and filing proof of loss) to be met is:

A conditional contract

Insurance is a conditional contract; benefits depend on meeting conditions.

4. Both the applicant and insurer are expected to act honestly and disclose material facts under the doctrine of:

Utmost good faith

Insurance relies on utmost good faith from both parties.

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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.