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Personal Auto Insurance Refresher FINAL EXAM (GA 47258) Copy

Posted on 01.03.19

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Question 1 of 75

1. Question
Marine, fire, and life insurance are thought of as which of the following?
- The classic divisions of insurance
- The modern divisions of insurance
- The damage trifecta
- None of the answers supplied are correct
Question 2 of 75

2. Question
Which of the following is not a form of property insurance?
- Fire
- Worker's compensation
- Marine
- All of the answers supplied are examples of property insurance
Question 3 of 75

3. Question
Which of the following is not a form of casualty insurance?
- Public liability
- Automobile
- All of the answers supplied are examples of casualty insurance
- Worker's compensation
Question 4 of 75

4. Question
What is a valid economic reason that supports the use of multi-line companies?
- They have less policies to manage and therefore can focus on customer support.
- There are no economic reasons to support multi-line companies.
- They are larger and therefore capable of cornering the market and forcing high premiums and limited coverage.
- They are capable of creating and holding a larger reserve that allows them to remain solvent, even in times of economic stress and turmoil.
Question 5 of 75

5. Question
Tort law, and therefore liability, is determined through which two processes?
- Court decisions and legislative acts, with the legislative acts playing the larger role
- Court decisions
- Legislative acts and court decisions, with the court decisions playing a larger role
- Legislative acts
Question 6 of 75

6. Question
The basis of tort law is essentially which of the following?
- That victims should be held responsible for the damage inflicted on them by others
- That people should be held responsible for the damage they inflict on others
- That people should never be held responsible for their mistakes or the mistakes of others
- None of the answers supplied are correct
Question 7 of 75

7. Question
Negligence law is designed to force the population to act in which of the following ways?
- With a reasonable standard of care
- None of the answers supplied are correct
- With perfect grace, for fear of litigation
- Without a care in the world, because insurers will pay for their mistakes
Question 8 of 75

8. Question
If a person has no legal duty to help someone, which of the following is true?
- They must help or else they will be held liable under the Good Samaritan Law.
- They can help if they want to, and they are protected from liability by the Good Samaritan Law.
- They cannot help, or else they will be held liable under the Good Samaritan Law.
- None of the answers supplied are correct.
Question 9 of 75

9. Question
Typically, the most difficult part of an automobile accident is which of the following?
- Finding witnesses
- Surviving the accident
- Determining the primary cause
- Getting to work the next day
Question 10 of 75

10. Question
In most property insurance cases which aspects of the policy are known quantities?
- When and where the losses will occur
- Who will be held responsible for the damages to the property
- The risks, and ways to reduce those risks
- None of the answers supplied are correct
Question 11 of 75

11. Question
Personal automobile policies are related to indemnity in which of the following ways?
- They have a perfect record of restoring insured individuals to their pre-loss condition.
- They rarely manage to restore policy-holders to their pre-loss condition.
- All of the answers supplied are correct.
- They are never capable of restoring policy-holders to their pre-loss condition.
Question 12 of 75

12. Question
Which of the following describes why state legislatures have made liability insurance compulsory for anyone that wants to drive?
- To ensure that there will be funds to pay for the harm they may cause
- To ensure that the multi-line companies get larger and remain more stable in uncertain economic times
- To make sure insurers are capable of returning their clients to a pre-loss state following an accident
- None of the answers supplied are correct
Question 13 of 75

13. Question
The fact that collision insurance is not compulsory encourages which of the following?
- It encourages those that have it to flaunt their power by wrecking into other cars.
- It encourages those that do not have it to attempt to shift the blame away from themselves, even if they have to resort to fraud.
- It encourages those that have it to attempt to shift the blame to themselves, even if they have to resort to fraud.
- It encourages states to make collision insurance compulsory by showing them how terrible everything is when drivers do not have it.
Question 14 of 75

14. Question
What is a problem inherent with compulsory liability insurance?
- Insured individuals drive more recklessly
- Insurers deny everyone coverage
- Insurers are forced to cover risky drivers
- None of the answers supplied are correct
Question 15 of 75

15. Question
In states where the law requires that drivers have liability insurance, which of the following is true?
- All drivers have liability insurance
- There are less wrecks per capita
- There is no need for drivers to have uninsured motorist insurance
- None of the answers supplied are correct
Question 16 of 75

16. Question
Tighter driving regulations and harsher court penalties are primarily reactions to which of the following?
- United Nation rulings
- Demands of the Insurance Commissioner
- The demands of the public
- Tort law
Question 17 of 75

17. Question
There are regulations governing which of the following aspects of the automobile insurance industry?
- The rates insurers can charge
- All of the answers supplied are correct
- The licensing of agents
- How to deal with negligence
Question 18 of 75

18. Question
Setting a limit of liability that drivers must meet ensures which of the following?
- That drivers will not have to pay for the damage they cause
- That drivers can pay for a certain amount of the damage they cause
- That drivers can pay for all of the damage they cause
- That insurers can cover all the costs of all the damage drivers cause
Question 19 of 75

19. Question
Which of the following would establish a driver’s financial responsibility?
- Liability insurance that meets the minimum amounts
- A bond that meets the minimum amounts
- All of the answers supplied are correct
- Depositing cash that meets the minimum requirements
Question 20 of 75

20. Question
A person who does not have uninsured motorists coverage that is hit by an uninsured motorist who cannot pay for the damages can do which of the following?
- Nothing, there is no possible recourse
- Attempt to get uninsured motorists coverage that covers previous accidents
- None of the answers supplied are correct
- Attempt to receive payment from an unsatisfied judgment fund
Question 21 of 75

21. Question
Assigned risk plans cater to which class of drivers?
- Those that pose the least risk
- Those least likely to be in an accident
- Those with the worse loss records
- Those with the best loss records
Question 22 of 75

22. Question
Which of the following is true of state automobile insurance regulations?
- They are very similar, making it easy for agents of cover multiple states.
- They are very different and require a great deal of research on the part of an agent.
- They are exactly the same nationwide, which is why agents are certified on a national level.
- None of the answers supplied are correct.
Question 23 of 75

23. Question
A personal automobile policy is issued to cover which of the following?
- A privately-owned vehicle
- A government owned vehicle
- A business owned vehicle
- None of the answers supplied are correct
Question 24 of 75

24. Question
A personal automobile policy can cover which of the following?
- A government owned vehicle
- A rental vehicle
- A business owned vehicle
- None of the answers supplied are correct
Question 25 of 75

25. Question
Which of the following is NOT one of the basic automobile insurance coverages discussed in this course?
- Medical Payments Coverage
- Liability Coverage
- Passenger Coverage
- Coverage for Damage to Your Auto
Question 26 of 75

26. Question
Which of the following is a coverage that pays for medical costs regardless of if the insured is determined to be at fault or not?
- Uninsured Motorists Coverage
- Other than Collision Coverage
- Medical Payments Coverage
- Liability Coverage
Question 27 of 75

27. Question
Uninsured Motorists Coverage would protect the insured in which of the following scenarios?
- The insured has an accident with an uninsured driver and the insured is at fault.
- The insured has an accident with an uninsured driver and the uninsured driver is at fault.
- The insured has an accident with another insured driver and the insured driver is at fault.
- None of the answers supplied are correct.
Question 28 of 75

28. Question
Damages to the insured’s automobile not caused by the negligence of other drivers is covered by which of the following?
- Coverage for Damage to Your Auto
- Liability Coverage
- Uninsured Motorists Coverage
- Blanket Damage Coverage
Question 29 of 75

29. Question
A Personal Auto Policy is made up of which three basic sections?
- Driver, Passenger, and Accident
- Declarations, Insuring Agreement, and Policy Definitions
- Liability, Medical Payments, and Uninsured Motorists
- Declarations, Coverages, and Definitions
Question 30 of 75

30. Question
What kind of information is found on the Declarations page?
- Basic information about the terms used in the policy contract
- Basic information about the insurance company and state regulations
- Basic information about the insured and the policy
- None of the answers supplied are correct
Question 31 of 75

31. Question
Which section of a Personal Auto Policy contains the legally enforceable contract between the insurer and the insured?
- The Declarations
- The Coverages
- The Policy Definitions
- The Insuring Agreement
Question 32 of 75

32. Question
Which of the following is true of an insurer writing up a Person Auto Policy contract?
- They are free to do what they want as long as they offer liability insurance.
- They are restricted to only offering liability insurance.
- They must conform to certain standards just as all insurance contracts do.
- None of the answers supplied are correct.
Question 33 of 75

33. Question
In order for a Personal Auto Policy to be legally enforceable, which of the following must be true?
- There must be an acceptance of an offer.
- All of the answers supplied are correct.
- There must be an offer.
- The contracts purpose must be legal.
Question 34 of 75

34. Question
A Personal Auto Policy would be made immediately invalid if it included which of the following?
- An intoxicated signing agent
- A 21 year old prospective insured
- An exchange of things value between the parties entering into the contract
- All of the answers supplied are examples of actions that would immediately invalidate a PAP contract
Question 35 of 75

35. Question
The Policy Definitions section does which of the following?
- Defines which party is the insurer and the insured
- Explains the terms used in the policy
- Describes the insurer and all the policies they offer
- None of the answers supplied are correct
Question 36 of 75

36. Question
In a Personal Auto Policy, which party is typically referred to as “you?”
- The insurer
- The agent
- The insured
- The covered vehicle
Question 37 of 75

37. Question
In a Personal Auto Policy, which party is typically referred to as “us?”
- The insured
- The agent
- The policy provisions
- The insurer
Question 38 of 75

38. Question
Though the second section of the Definitions section is typically described as a list of terms, it is vitally important for which of the following reasons?
- It makes sure the insurer is a native English speaker.
- It ensures that the insured knows exactly what they are signing after they finish reading it.
- It defines the coverage offered by the policy, as well as any exclusions.
- None of the answers supplied are correct.
Question 39 of 75

39. Question
When an insured gets a new vehicle they should do which of the following?
- Rely on their liability coverage to protect the vehicle indefinitely
- Contact their agent to learn of any coverage gaps related to an additional vehicle
- Know that they are driving completely uninsured and be prepared to deal with the consequences
- Rely on the uninsured motorists coverage other individuals have to cover any damages
Question 40 of 75

40. Question
Faked or exaggerated damages are dangerous to the population as a whole for which of the following reasons?
- They raise automobile insurance rates and threaten the solvency of insurers.
- They reinforce a nation of liars.
- They undermine the principles that founded America.
- None of the answers supplied are correct.
Question 41 of 75

41. Question
Liability Coverage defines the term “insured” in which of the following ways?
- As including any person using the covered auto
- All of the answers supplied are correct
- In much broader terms than the Declarations Page
- As including any family member for the ownership, maintenance, or use of any auto or trailer
Question 42 of 75

42. Question
The rate an insured pays for coverage is determined using which of the following factors?
- Only information about the insured's driving record
- Only information about the vehicle's reliability and safety
- Information about both the insured and the vehicle
- Only information about where the vehicle is garaged
Question 43 of 75

43. Question
A bail bond is intended to guarantee which of the following?
- That a person can pay for a judgment
- That a judgment against an insured will be paid
- That a person is financially responsible
- That a person will appear in court
Question 44 of 75

44. Question
Liability Coverage will not protect a covered vehicle from which of the following?
- Intentional damage
- Standard risks
- Uninsured motorists
- None of the answers supplied are correct
Question 45 of 75

45. Question
The logical basis for the exclusions found in Medical Payments Coverage include which of the following?
- Relieving the insurer from paying claims covered by other insurance coverages
- All of the answers supplied are correct
- Ensuring the insurer only covers risks associated with the rates the insured was paying
- Relieving the insurer from risks resulting from unpredictable conditions
Question 46 of 75

46. Question
Insurers limit payouts in Personal Auto Policies in which of the following ways?
- Only per person involved in the accident
- They do not limit payouts
- Both per person and per accident
- Only per accident
Question 47 of 75

47. Question
Which of the following is true of Uninsured Motorists Coverage?
- It only covers against uninsured motorists.
- It does not cover against uninsured motorists.
- It covers the damage to uninsured vehicles driven by uninsured motorists.
- None of the answers supplied are correct.
Question 48 of 75

48. Question
Uninsured Motorists coverage does NOT cover which of the following?
- An insured is the victim of a hit and run
- Damages such as pain and suffering
- An insured is in an accident with an uninsured driver who is determined to be at fault
- An insured is in an accident with an insured driver whose insurer is unable to pay and that driver is determined to be at fault
Question 49 of 75

49. Question
In order for an insured to collect from an Uninsured Motorists Coverage which of the following is required?
- Negligence to be established
- An uninsured driver to be involved
- Pain and suffering to be involved
- None of the answers supplied are correct
Question 50 of 75

50. Question
Most of the Uninsured Motorists Coverage policy section is intended to do which of the following?
- To protect the insured
- To ensure that the insurer does not make payments covered by another policy
- All of the answers supplied are correct
- To ensure that the loss occurred on the requirements of the policy
Question 51 of 75

51. Question
The fact that uninsured drivers are so hard to predict makes them which of the following?
- A welcome surprise
- Something insurers can prepare for
- All of the answers supplied are correct
- A threat to the stability of the insurer
Question 52 of 75

52. Question
An arbitration provision is built into the Uninsured Motorists Coverage section for which of the following reasons?
- To help settle disagreements between the insured and the uninsured driver
- To help settle disagreements between the insured and the state
- To help settle disagreements between the insured and the insurer
- None of the answers supplied are correct
Question 53 of 75

53. Question
Which coverage would pay for losses caused by a covered vehicle impacting another vehicle or object?
- Collision Coverage
- Other than Collision Coverage
- Liability Coverage
- Uninsured Driver Coverage
Question 54 of 75

54. Question
Losses to a covered vehicle not caused by a collision or a liable third party are covered by which of the following?
- Uninsured Motorists Coverage
- Other than Collision Coverage
- Liability Coverage
- None of the answers supplied are correct
Question 55 of 75

55. Question
Collision coverage is a prerequisite for which of the following?
- Uninsured Motorists Coverage
- Liability Coverage
- Other than Collision Coverage
- None of the answers supplied are correct
Question 56 of 75

56. Question
Other than Collision Coverage is focused on covering losses that can be described as which of the following?
- Very common
- Very large
- Very likely
- Very unpredictable
Question 57 of 75

57. Question
If a squirrel jumped into an insured’s covered car and caused that insured to swerve into a ditch, which coverage would pay for the damages?
- Collision Coverage
- Uninsured Motorists Coverage
- Other than Collision Coverage
- None of the answers supplied are correct
Question 58 of 75

58. Question
When an insured is denied access to their covered vehicle due to a collision or other than collision incident, which of the following is true?
- They have to take the bus.
- The insurer will offer to cover transportation expenses.
- They must carpool.
- The insurer will hire them a chauffeur.
Question 59 of 75

59. Question
Most of the exclusions found in the Coverage for Damage to Your Auto section were added for which of the following reasons?
- To address claims that insurers have received in the past
- To extend the coverage of Other than Collision coverage
- To divide Collision and Other than Collision Coverage
- All of the answers supplied are correct
Question 60 of 75

60. Question
An insurer must be strict about the losses it pays for which of the following reasons?
- Because it helps the bottom line
- Because it helps the insurer remain solvent
- Because it keeps the agents on their toes
- Because it confuses the insured
Question 61 of 75

61. Question
A bailee is which of the following?
- An agent of an insurer that can bind policies
- An agent of the insured that can bind them to policies
- The person or entity storing a vehicle
- None of the answers supplied are correct
Question 62 of 75

62. Question
The general insurer/insured agreement is that the insured will pay their premiums and the insurer will do which of the following?
- Invest them for maximum profit
- Keep the money safe and return it when requested
- None of the answers supplied are correct
- Maintain a reserve and the staff necessary to deal with a loss
Question 63 of 75

63. Question
Personal Automobile Policy insurers should supply their insured with which of the following?
- Regular monthly payments
- A safe car to drive
- A check-list of what to do after an accident
- All of the answers supplied are correct
Question 64 of 75

64. Question
Calling the police after an accident will do which of the following?
- Make sure someone gets arrested
- Reduce the possibility of fraud
- Keep everyone safe
- Reduce the liability of the caller
Question 65 of 75

65. Question
How will an insured know what to do after a loss?
- The insurer will send a claims form.
- The insured will consult their policy and endorsements.
- The insured will consult with an attorney.
- The insurer will send a police officer to decide how to proceed.
Question 66 of 75

66. Question
Endorsements do which of the following?
- Vouch for an insured's good driving record
- Help tailor a policy to an insured's specific needs
- Help protect an insured from uninsured drivers
- Vouch for a covered car's reliability and safety features
Question 67 of 75

67. Question
An insure will no longer be obligated to provide coverage to an insured that does which of the following?
- Provides fraudulent information when obtaining a policy
- Provides fraudulent information when filing a claim for loss
- All of the answers supplied are correct
- Provides exaggerated information when filing a claim for a loss
Question 68 of 75

68. Question
Which provision clarifies the idea that the policy only covers losses that occur within the time period and in the named locations?
- Time Period and Location Provision
- Policy Period and Territory Provision
- Time and Place Provision
- None of the answers supplied are correct
Question 69 of 75

69. Question
How can an insured determine their liability limit?
- By looking at their highest liability limit
- By adding up all their liability limits from the same insurer
- By adding up all their liability limits from all of their insurers
- None of the answers supplied are correct
Question 70 of 75

70. Question
The premiums offered by an insurer can be affected by which of the following?
- Administrative fees
- All of the answers supplied are correct
- The marital status of the driver
- The type of vehicle
Question 71 of 75

71. Question
Which factor used to determine premiums does an insured have direct control over?
- The administrative fees of their insurer
- Their age
- Their driving record
- The depreciation of their vehicle
Question 72 of 75

72. Question
How do Personal Auto Policy insurers determine the rates for their clients?
- They determine the risks of each person individually.
- They determine the risks of all people nationwide.
- None of the answers supplied are correct.
- They arrange risks into classes, then arrange clients into those classes.
Question 73 of 75

73. Question
What tactic do insurers use to incentivize good driving records and safety measures?
- Complementary tote bags
- Exclusive club memberships
- Premium discounts
- Higher premiums
Question 74 of 75

74. Question
In a No-Fault insurance system, insurers pay for which of the following?
- Damages for which the insured are liable
- Damages sustained by the insured
- Damages for which the insured are not liable
- None of the answers supplied are correct
Question 75 of 75

75. Question
Why do drivers need liability coverage under a No-Fault insurance system?
- To cover a property damage for which they are responsible
- To cover any damage to other drivers for which they are responsible
- To allow them to sue for damages associated with pain and suffering
- All of the answers provided are correct

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