Question 1

What would be the main benefit to Peter on the option of including a personal property floater in his insurance policy?

Accepted Answer

A) Reduce the amount of deductible in his insurance claims. 
B) Extend liability insurance protection to his boat and secondary properties. 
C) Receive replacement cost coverage in the event of insurance claims. 
D) Extend his homeowner's insurance policy to cover certain expensive assets. 
A) Reduce the amount of deductible in his insurance claims. 
B) Extend liability insurance protection to his boat and secondary properties. 
C) Receive replacement cost coverage in the event of insurance claims. 
D) Extend his homeowner's insurance policy to cover certain expensive assets. D

Question 2

If Jack damages his car by skidding on ice and colliding with a fence,his property damage liability would cover the damage to his car.

Accepted Answer

A) True 
 B)False  False

Question 3

A higher insurance deductible reduces the amount of coverage provided by homeowner's insurance,and therefore results in a lower insurance premium.

Accepted Answer

A) True 
 B)False  True

Question 4

Which of the following would not be covered by liability portion of your homeowner's insurance?

Accepted Answer

A) Your dog bites a guest and the guest sues you. 
B) While your accountant is visiting you,she trips on your carpet,breaks her leg and sues you. 
C) Your neighbour sues you because you have a tree he feels will fall on his home and damage it. 
D) An uninvited salesman walking up your sidewalk trips and falls and sues you. 
A) Your dog bites a guest and the guest sues you. 
B) While your accountant is visiting you,she trips on your carpet,breaks her leg and sues you. 
C) Your neighbour sues you because you have a tree he feels will fall on his home and damage it. 
D) An uninvited salesman walking up your sidewalk trips and falls and sues you.

Question 5

Which of the following will reduce your insurance rate?

Accepted Answer

A) Decreasing your deductible 
B) Paying all speeding tickets promptly 
C) Driving antique classic cars 
D) Increasing your deductible 
A) Decreasing your deductible 
B) Paying all speeding tickets promptly 
C) Driving antique classic cars 
D) Increasing your deductible

Question 6

Discuss six ways to reduce your automobile insurance premiums and indicate whether it is via sharing,reducing,avoiding,or accepting.

Accepted Answer

Any six of the following,categorization

Question 7

What is the name of the document which needs to be completed for additional personal property insurance not adequately covered by your homeowner's policy?

Accepted Answer

A) A general liability agreement 
B) A personal property floater 
C) Extra value full replacement rider 
D) An endorsement 
A) A general liability agreement 
B) A personal property floater 
C) Extra value full replacement rider 
D) An endorsement

Question 8

Which of the following actions is a suggestion to reduce your homeowner's insurance?

Accepted Answer

A) Install better locks or a security system. 
B) Make prompt small claims against your policy. 
C) Eliminate your deductible all together. 
D) Decrease your liability coverage. 
A) Install better locks or a security system. 
B) Make prompt small claims against your policy. 
C) Eliminate your deductible all together. 
D) Decrease your liability coverage.

Question 9

If your neighbour falls down the steps in your home and sues you for damages,you could be held responsible to pay compensation for his or her injuries and rehabilitation.

Accepted Answer

A) True 
 B)False

Question 10

Comprehensive coverage would cover financial losses due to

Accepted Answer

A) damage to your car caused by a hit and run collision. 
B) damage to your car in an accident for which you were at fault. 
C) damage to your car caused by wind or hail. 
D) damage to a neighbour's fence caused by your car. 
A) damage to your car caused by a hit and run collision. 
B) damage to your car in an accident for which you were at fault. 
C) damage to your car caused by wind or hail. 
D) damage to a neighbour's fence caused by your car.

Question 11

If you have automobile and homeowner's insurance,there is no reason to purchase an umbrella personal liability policy for additional coverage of $1 million.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following statements about uninsured motorist coverage is true?

Accepted Answer

A) This coverage applies to bodily injury when you are in an accident with an uninsured driver,regardless of who was at fault. 
B) It does not apply to accidents caused by a hit-and-run driver. 
C) It covers bodily injury when an accident is caused by another driver who is not insured. 
D) It does not pay out when a driver who is at fault has an insurance company that goes bankrupt. 
A) This coverage applies to bodily injury when you are in an accident with an uninsured driver,regardless of who was at fault. 
B) It does not apply to accidents caused by a hit-and-run driver. 
C) It covers bodily injury when an accident is caused by another driver who is not insured. 
D) It does not pay out when a driver who is at fault has an insurance company that goes bankrupt.

Question 13

Brenda inherited some pieces of valuable art which she keeps in her home.She needs full comprehensive coverage to make sure her art is covered for replacement value.

Accepted Answer

A) True 
 B)False

Question 14

Which of the following statements is true concerning comprehensive and collision insurance?

Accepted Answer

A) If you are financing a car,this insurance may be required by the lender. 
B) Financially,it is advisable to take out the lowest deductible possible. 
C) If you were in an accident,this coverage could enable you to replace your older car with a new one. 
D) The deductible is really a form of transferring insurance. 
A) If you are financing a car,this insurance may be required by the lender. 
B) Financially,it is advisable to take out the lowest deductible possible. 
C) If you were in an accident,this coverage could enable you to replace your older car with a new one. 
D) The deductible is really a form of transferring insurance.

Question 15

Jasmeen was involved in a car accident which caused extensive medical expenses for herself and her son totalling $700 000.If the driver who caused the accident had $200 000 third Chaptery liability coverage,then Jasmeen's family protection coverage could cover $500 000.

Accepted Answer

A) True 
 B)False

Question 16

Various home homeowners' insurance policy features can play a significant role in the protection of one's net worth.Give your own specific examples of what the following elements of property insurance could protect you from,compared with someone who had weaker coverage,or no coverage.
Comprehensive coverage versus named perils
Personal property floater
Umbrella personal liability coverage
Tenant's insurance
Personal property replacement cost

Accepted Answer

Answers will vary a lot.
Comprehensive c

Question 17

Insurance should be considered in some circumstances even when there is only a small likelihood than an event that could cause a financial loss would occur.

Accepted Answer

A) True 
 B)False

Question 18

It is a good idea to list all of your personal assets,estimate the market value of each item,and then film the contents of your house with a video camera to be able to show proof of their existence.

Accepted Answer

A) True 
 B)False

Question 19

If Eric's dog ran across a road and caused a driver to swerve and injure a passerby,Eric's umbrella personal liability coverage could cover the expenses of both the driver and the injured pedestrian.

Accepted Answer

A) True 
 B)False

Question 20

Insurance agents for an insurance company

Accepted Answer

A) market insurance policies. 
B) calculate the risks of specific policies. 
C) decide what insurance policies to offer. 
D) decide what premiums to charge. 
A) market insurance policies. 
B) calculate the risks of specific policies. 
C) decide what insurance policies to offer. 
D) decide what premiums to charge.

What would be the main benefit to Peter on the option of including a personal property floater in his insurance policy?

If Jack damages his car by skidding on ice and colliding with a fence,his property damage liability would cover the damage to his car.

A higher insurance deductible reduces the amount of coverage provided by homeowner's insurance,and therefore results in a lower insurance premium.

Which of the following would not be covered by liability portion of your homeowner's insurance?

Which of the following will reduce your insurance rate?

Discuss six ways to reduce your automobile insurance premiums and indicate whether it is via sharing,reducing,avoiding,or accepting.

What is the name of the document which needs to be completed for additional personal property insurance not adequately covered by your homeowner's policy?

Which of the following actions is a suggestion to reduce your homeowner's insurance?

If your neighbour falls down the steps in your home and sues you for damages,you could be held responsible to pay compensation for his or her injuries and rehabilitation.

Comprehensive coverage would cover financial losses due to

If you have automobile and homeowner's insurance,there is no reason to purchase an umbrella personal liability policy for additional coverage of $1 million.

Which of the following statements about uninsured motorist coverage is true?

Brenda inherited some pieces of valuable art which she keeps in her home.She needs full comprehensive coverage to make sure her art is covered for replacement value.

Which of the following statements is true concerning comprehensive and collision insurance?

Jasmeen was involved in a car accident which caused extensive medical expenses for herself and her son totalling $700 000.If the driver who caused the accident had $200 000 third Chaptery liability coverage,then Jasmeen's family protection coverage could cover $500 000.

Insurance should be considered in some circumstances even when there is only a small likelihood than an event that could cause a financial loss would occur.

It is a good idea to list all of your personal assets,estimate the market value of each item,and then film the contents of your house with a video camera to be able to show proof of their existence.

If Eric's dog ran across a road and caused a driver to swerve and injure a passerby,Eric's umbrella personal liability coverage could cover the expenses of both the driver and the injured pedestrian.

Insurance agents for an insurance company

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

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Exam 3: Protecting Your Wealth - Auto and Homeowner's Insurance

What would be the main benefit to Peter on the option of including a personal property floater in his insurance policy?

If Jack damages his car by skidding on ice and colliding with a fence,his property damage liability would cover the damage to his car.

A higher insurance deductible reduces the amount of coverage provided by homeowner's insurance,and therefore results in a lower insurance premium.

Which of the following would not be covered by liability portion of your homeowner's insurance?

Which of the following will reduce your insurance rate?

Discuss six ways to reduce your automobile insurance premiums and indicate whether it is via sharing,reducing,avoiding,or accepting.

What is the name of the document which needs to be completed for additional personal property insurance not adequately covered by your homeowner's policy?

Which of the following actions is a suggestion to reduce your homeowner's insurance?

If your neighbour falls down the steps in your home and sues you for damages,you could be held responsible to pay compensation for his or her injuries and rehabilitation.

Comprehensive coverage would cover financial losses due to

If you have automobile and homeowner's insurance,there is no reason to purchase an umbrella personal liability policy for additional coverage of $1 million.

Which of the following statements about uninsured motorist coverage is true?

Brenda inherited some pieces of valuable art which she keeps in her home.She needs full comprehensive coverage to make sure her art is covered for replacement value.

Which of the following statements is true concerning comprehensive and collision insurance?

Jasmeen was involved in a car accident which caused extensive medical expenses for herself and her son totalling $700 000.If the driver who caused the accident had $200 000 third Chaptery liability coverage,then Jasmeen's family protection coverage could cover $500 000.

Insurance should be considered in some circumstances even when there is only a small likelihood than an event that could cause a financial loss would occur.

It is a good idea to list all of your personal assets,estimate the market value of each item,and then film the contents of your house with a video camera to be able to show proof of their existence.

If Eric's dog ran across a road and caused a driver to swerve and injure a passerby,Eric's umbrella personal liability coverage could cover the expenses of both the driver and the injured pedestrian.

Insurance agents for an insurance company

Tools for Financial Planning - Applying Time Value Concepts

Tools for Financial Planning - Planning with Personal Financial Statements

Tools for Financial Planning - Using Tax Concepts for Planning

Managing Your Financial Resources - Banking Services and Managing Your Money

Managing Your Financial Resources - Assessing,Managing and Securing Your Credit

Managing Your Financial Resources - Purchasing and Financing a Home

Protecting Your Wealth - Health and Life Insurance

Personal Investing - Investing Fundamentals

Personal Investing - Investing in Stocks

Personal Investing - Investing in Bonds

Personal Investing - Investing in Mutual Funds

Retirement and Estate Planning - Retirement Planning

Retirement and Estate Planning - Estate Planning

Synthesis of Financial Planning - Integrating the Components of a Financial Plan

Filters