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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Ohio Property & Casualty exam — 37 practice questions.

Subtopics: Law of large numbers, Morale hazard, Indemnity, Utmost good faith, Handling risk, Insurer classifications, Adverse selection, Elements of a contract, Insurable risk, Hazards, Definitions, Authority of producers, Legal interpretations, Principle of indemnity, 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. Insurers can better predict total losses across many similar properties due to:

The law of large numbers

The law of large numbers improves loss prediction with more similar exposures.

2. An attitude of carelessness or indifference that increases the chance of loss is a:

Morale hazard

A morale hazard is carelessness that increases the likelihood of loss.

3. The principle preventing an insured from profiting from a property loss is:

Indemnity

Indemnity restores the insured without allowing profit.

4. An insurance contract requires both parties to act with:

Utmost good faith

Insurance contracts depend on utmost good faith between the 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.