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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Ohio Life, Accident & Health exam — 32 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

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, measurable, and accidental

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.

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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.