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  4. General Insurance Concepts

Free General Insurance Concepts Practice Questions

Wisconsin Property & Casualty exam — 39 practice questions.

Subtopics: Salvage, Foreign insurer, Alien insurer, Admitted insurer, Certificate of insurance, Abandonment, Handling risk, Insurer classifications, Adverse selection, Elements of a contract, Insurable risk, Hazards, Definitions, Authority of producers, Legal interpretations, Law of large numbers, Principle of indemnity, Utmost good faith, 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. After paying for a total loss of insured property, an insurer's right to take and dispose of the damaged property is called:

The right of salvage

Salvage is the insurer's right to take possession of and dispose of property for which it has paid a total loss, helping offset the claim cost.

2. From Wisconsin's perspective, a foreign insurer is one that is:

Organized in another U.S. state

A foreign insurer is incorporated in another state, while a domestic insurer is incorporated in the state in question.

3. An alien insurer is one that is:

Organized under the laws of another country

An alien insurer is formed under the laws of a country other than the United States.

4. An admitted (authorized) insurer is one that:

Has obtained a certificate of authority to do business in the state

An admitted insurer holds a certificate of authority from the state to transact insurance there.

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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.