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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Tennessee Property & Casualty exam — 39 practice questions.

Subtopics: Conditions, Insuring agreement, Warranty, Misrepresentation, Fiduciary duty, Law of large numbers, Handling risk, Insurer classifications, Adverse selection, Elements of a contract, Insurable risk, Hazards, Definitions, Authority of producers, Legal interpretations, Principle of indemnity, Utmost good faith, Concealment, 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. The part of a policy that states the duties and rules both parties must follow, such as how to file a claim, is the:

Conditions

The conditions section sets out the duties and rules that govern the policy, including claim procedures.

2. The part of a policy that states what the insurer promises to do in exchange for the premium is the:

Insuring agreement

The insuring agreement states the insurer's core promise to pay or provide coverage in exchange for premium.

3. In property and casualty insurance, a statement guaranteed to be true and made part of the contract is a:

Warranty

A warranty is a statement guaranteed to be true that becomes part of the contract; its breach can void coverage.

4. A material misrepresentation on an insurance application may allow the insurer to:

Void the policy

A material misrepresentation can give the insurer grounds to void the policy.

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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 Pennsylvania Insurance Department and the exam administrator before relying on it.