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Module 1 Quiz: Insurance Coverages and Terms
You'll need to correctly answer at least 8 of the 10 questions below (at least 80%) to progress to the next unit.
Question #1: The only time it is permissible to discuss and explain an inventory client's insurance policy is if you are the insurance agent or you work for the insurance agency who wrote the policy and you hold the Department of Insurance required license to do so.
Question #2: An independent agent represents only one company and is unable to offer several company coverage quotes.
Question #3: You shouldn’t ask an insurance agent questions about their business practices.
Question #4: Fire, lightning, flood, and theft are most often a covered peril on a homeowner policy.
Question #5: The dwelling coverage on a policy typically covers the home and it’s attached structures.
Question #6: The HO-3 policy is the most popular form of homeowner’s insurance.
Question #7: An actual cash value policy (ACV) will pay the “like new” price for items involved in an insured claim.
Question #8: If you were to interview insurance agents, you would probably find that the majority of the claim problems arise out of the insured’s misunderstanding of the personal property coverage feature of a policy.
Question #9: Most insurance companies insure personal property without limits attached.
Question #10: A rider is a written agreement attached to a policy expanding or limiting the benefits otherwise payable under the policy. It can also be called an endorsement.