Exam 10: Property and Motor Vehicle Insurance

The purpose of financial responsibility laws is to:

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?

No-fault insurance systems always reduce the time and costs involved in settling auto injury claims.

Which of the following is a system in which drivers involved in an accident collect medical expenses,lost wages,and related injury costs from their own insurance company?

Albert Finney owns a home in Pompano Beach,Florida.His house is broken into and the burglar steals his computer,his big screen TV,his stereo equipment,and his toaster.What part of his homeowner's insurance would cover this loss?

Larry Foster has bought a car with extra safety features,including front and side airbags and antilock brakes.How is Larry managing his risk?

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

Personal risks,property risks,and liability risks are types of ________ risk.

Ginger Simpson ran off the road and hit a bridge support.She was seriously injured and spent three days in the hospital.What part of Ginger's automobile insurance policy would cover Ginger's injuries?

Which of the following is an insurable risk?

A friend wants to understand what affects the cost of auto insurance.Explain the main factors used to determine the automobile insurance premiums a person pays.

Which of the following is a risk-sharing firm that agrees to assume financial responsibility for losses that may result from an insured risk?

List and describe the four steps in developing a personal insurance program.

The driver classification category is based on automobile style,model,and value of the vehicle.

Tara Guest owns a home in Edmond,Oklahoma.She is worried about a tornado causing damage to her home.The tornado is an example of a:

Thomas Joslin was judged at fault in an automobile accident.Three others were awarded damages of $125,000,$100,000,and $75,000.Thomas has 100/300 bodily injury liability coverage.What amount,if any,would not be covered by his insurance?

David Bowers must show a card from his automobile insurance company when he registers his car in the state of Oklahoma each year to show financial responsibility.Which of the following types of laws is the reason he must show this card each year?

Defective house wiring is an example of a:

Possible losses due to negligence resulting in bodily injury or property damage to others are called ________ risks.

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