Top of Form Grading Summary These are the automatically computed results of your exam. Grades for essay questions, and comments from your instructor, are in the “Details” section below. Date Taken: 3/24/2017 Time Spent: 1 h , 25 min , 00 secs Points Received: 25.00 / 25.00 (100%) Question Type: # Of Questions: # Correct: True/False 1 1 Multiple Choice 29 29 Grade Details – All Questions Question 1. Question : Ralf owns a home with a fireplace and a generator. He has stacks of wood and several 55-gallon drums of camping oil in his garage. He likes to go camping and leaves his home for several days at a time, often with a fire burning in his fireplace. In addition, he leaves his home unlocked. Which of the following hazards apply? Physical hazard and moral hazard. Morale hazard only. Morale hazard and physical hazard. Physical hazard only. Points Received: Comments: Question 2. Question : Brea is looking for an insurance policy for her car. Her friend, Justin, who is an attorney, just told her that the policy is a contract and has some unique characteristics. Which of the following terms applies to the insurance contract? 1. Unilateral. 2. Aleatory. 3. Adhesive. Statements 1 and 2. Statement 2 only. Statements 2 and 3. Statements 1, 2 and 3. Points Received: Comments: Question 3. Question : Nancy owns a home and an automobile. She has property insurance, but does not have disability insurance through her employer. She does not know that much about disability, except that a friend of hers told her that she needed to acquire it. Which of the following are important elements of a disability policy? The definition of disability. Coverage for sickness and accidents. The elimination period. All of the above. Points Received: Comments: Question 4. Question : Janice is a nurse in the critical care department. She has property insurance, but does not have disability insurance through the hospital. She does not know that much about disability, except that a friend of hers told her that she needed to acquire it. Which of the following statements is correct? Any occupation is the better choice for coverage than own occupation. The elimination period is the period after the policy stops paying benefits. A guaranteed renewable feature of a policy obligates the insurer to continue coverage as long as premiums are paid on the policy. All of the above. Points Received: Comments: Question 5. Question : Lenny works at a hotel in accounting. He is planning on purchasing a home and has met with an insurance agent. However, he is really not clear about all the policies that they discussed. Which of the following statements is correct? It is better to purchase a named peril homeowners policy. PLUPs are generally inexpensive relative to the coverage they provide. The rates on auto insurance are relatively uniform among the states. It is important to get a homeowners policy that provides for contents protection equal to actual cash value. Points Received: Comments: Question 6. Question : Loss severity is the: Probability that a liability judgment may exceed an individuals net worth. Probable size of a loss that may occur. Probable number of losses that may occur. Probability that a particular property could be totally lost. Points Received: Comments: Question 7. Question : Which of the following is not a response to a perceived risk? Risk avoidance. Risk reduction. Risk transmission. Risk transfer. Points Received: Comments: Question 8. Question : Which of the following statements is / are correct? 1. The cause of a loss is a peril. 2. A hazard is a condition that increases the probability of a loss occurring. 1 only. 2 only. Both 1 and 2. Neither 1 nor 2. Points Received: Comments: Question 9. Question : B.J. leaves his garage door open during the day because he knows he has property insurance and he is lazy. One day someone steals his new truck from his garage. Leaving the garage door open is an example of: Physical hazard. Moral hazard…
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