Free General Insurance Concepts Practice Questions
Ohio Life, Accident & Health exam (series 11-35) — 60 practice questions.
Subtopics: Pure risk, Risk transfer, Insurable risk, Contract elements, Handling risk, Hazards, Definitions, Insurer classifications, Adverse selection, Elements of a contract, Legal interpretations, Law of large numbers, Indemnity, Aleatory contract, Contract of adhesion, Utmost good faith, Unilateral contract, Conditional contract, Express authority, Apparent authority, Fiduciary duty, Reinsurance, Reciprocal insurer, Estoppel, Insurable interest timing, Competent parties, Warranties, Material misrepresentation, Waiver, Parol evidence, Implied authority, Law of agency, Speculative risk, Risk sharing, Risk reduction, Fraternal benefit society, Insurer financial strength, Producers, Contract characteristics
Read the General Insurance Concepts study guide
Sample questions & answers
1. A risk involving only the chance of loss or no loss, with no chance of gain, is:
Pure risk
Pure risk involves only loss or no loss and is insurable.
2. Buying insurance is an example of which method of handling risk?
Transfer
Insurance transfers risk to the insurer.
3. Which is a characteristic of an insurable risk?
The loss must be definite and measurable
Insurable risks involve definite, measurable, accidental losses.
4. An enforceable insurance contract requires offer, acceptance, consideration, legal purpose, and:
Competent parties
Competent parties are required for a valid contract.
All Life, Accident & Health topics
Practice: General Insurance Concepts
Answer choices are shuffled every time, and every question comes with an explanation.
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.
