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Exam 10: Property and Motor Vehicle Insurance

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Question 31

Multiple Choice

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Using a home security system is an example of ____________ risk.

A) shifting
B) accepting
C) reducing
D) sharing
E) transferring

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Question 32

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Property damage liability coverage would pay for damage to another vehicle for which you were at fault.

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Question 33

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Nick Rodr owns a home in Edmond, Oklahoma and pays $665 per year in insurance on the home. The $665 is an example of a:

Kyle Burroughs left his car parked on the street all night. When he came out in the morning all four of his tires had been slashed by vandals. What part of Kyle's automobile insurance would cover this damage?

The 100/300 amounts for bodily injury liability insurance refer to the costs of insurance coverage.

The most common method of dealing with risk is to shift, or transfer it to an insurance company or some other organization.

Brett Johnson owns a home in Yukon, Oklahoma. A babysitter he hires breaks her leg when she trips over the dog. What part of his homeowner's insurance would cover this loss?

Renter's insurance would include coverage for:

George and Dr. Martha Cooper rent a condominium in an area known for litigious residents and high cost judgments. George has an extensive stamp collection and Martha has expensive photographic equipment. What kind of insurance would you recommend for a couple in their living situation?

Your home insurance provides for replacement value for personal property losses. A microwave is stolen. It cost $300 two years ago and has an expected life of six years. A comparable microwave costs $400 today. What amount will the insurance company pay?

The process of establishing a monetary fund to cover the cost of a loss is called:

Which one of the following types of coverage would pay for damage to your automobile in an accident for which you were at fault?

Which of the following would not be considered personal property under a typical homeowner's insurance policy?

Which one of the following is not covered by renter's insurance?

Your home insurance policy has a $250 deductible. If a small fire causes $600 damage to your home, what amount of the claim would the insurance company pay?

What type of personal liability coverage is also called a personal catastrophe policy?

Medical payments coverage in a home insurance policy is designed to pay for legal action taken against a homeowner who may be legally responsible for injury or property damage of others.

The purpose of an assigned risk pool is to assist people with poor driving records in obtaining automobile insurance coverage.

Medical payments automobile insurance coverage pays for the costs of injuries to persons in the driver's vehicle.

Peter Jacobs has set aside $5,000 in case he has an accident in his 1980 Honda Civic. He does not have collision insurance on this car. How is Peter managing his risk?