Exam 50: Insurance

An insurance contract is called a policy.

An insurer will issue an umbrella policy only if a stipulated minimum amount of basic coverage on other insurance policies has been purchased by the insured.

Most employers pay for disability insurance for their employees in totality.

The uninsured motorist coverage only covers when the accident is an insured's fault.

Which of the following statements is true of a personal articles floater?

The coverage of a standard fire insurance policy cannot be enlarged by adding riders or endorsements to the policy.

An automobile insurance with the omnibus clause is called an umbrella insurance policy.

Lienholders cannot purchase title insurance on a property on which they have a lien.

Insurance coverage is typically suspended during grace periods for payments.

If no beneficiary is mentioned in a life insurance,then the proceeds of the insurance go to the insured's estate.

The owner of the policy in a life insurance without exception is the ________.

A(n)________ is a comprehensive insurance policy that includes coverage for the risks covered by a fire insurance policy as well as personal liability insurance.

What kind of insurance can help restore Matheson's car after it has been damaged by the hurricane?

Premiums are based on an estimate of the number of parties within the pool who will suffer the risks insured against.

Henry works as an assembly line worker at MM Corporation.Two weeks back,he suffered multiple fractures while trying to repair a block in the machinery.The doctors have advised him to take two months of rest to recuperate from this accident.However,Henry is reassured that the ________ that he is eligible for will provide him with a monthly income until he is fit to return to work.

The ________ is a duty of the insurer to protect the insured against lawsuits or legal proceedings that involve a claim within the coverage of the insurance policy.

The suicide clause is a clause that states that insurance proceedings will not be paid in case of a suicide at any time during the policy's validity.

What are the duties of an insured and insurer?

A person who is to receive life insurance proceeds when the insured dies is known as a ________.

A buy-sell agreement made using proceeds from a key-life insurance is not considered valid.