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Exam 11: Auto and Homeowners Insurance

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Question 21

Multiple Choice

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Which of the following is not true about state financial responsibility laws?

A) They require individuals who drive cars to purchase a minimum amount of liability insurance.
B) They are the same for all states.
C) They may require proof of insurance to register a car.
D) They may require proof of insurance when drivers are involved in an accident.

E) A) and B)
F) A) and C)

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Question 22

Multiple Choice

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Which of the following is the only required coverage if you do not have a lien on your car?

A) Liability coverage
B) Medical payments to others
C) Collision and comprehensive coverage
D) None of the coverages are required.

E) A) and B)
F) A) and C)

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Question 23

Multiple Choice

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The insurance agent's role includes all of the following, except for

Which of the following is considered personal property for home insurance coverage?

A common form of auto insurance fraud is

All other things being equal, which of the following factors could lower a person's auto insurance rates?

The 25 in 50/100/25 refers to ________ coverage.

The insurance that will cover your possessions if you lease an apartment is called ________.

If your neighbor falls down the steps in your home and sues, you could be held responsible for her injuries.

Some states have implemented ________ insurance programs that do not hold a specific driver liable for causing an accident.

A deductible of $300 requires

The deductible is the amount of damage to your car that you are responsible for paying before any coverage is provided by the insurance company.

List four ways to reduce your auto insurance premiums.

In the context of insurance, the term liability is used to mean that you may be required to pay other individuals for damages that you caused to them or their property.

One of the problems with no-fault automobile insurance is that it

Use the following two columns of items to answer the matching questions below: -collision coverage A)pays for injuries to you or people in your car in an accident where you (the driver) are at fault B)requires individuals who drive cars to purchase a minimum amount of liability insurance C)a set dollar amount that you are responsible for paying before any coverage is provided by your insurer D)covers damage to your car when you are at fault in an accident E)vehicle insurance to cover various injuries, your property, and the property of others F)covers damage to your car as a result of theft, fire, vandalism, or various other events

The additional living expenses component of a homeowner's policy is designed to

Use the following two columns of items to answer the matching questions below: -deductible A)pays for injuries to you or people in your car in an accident where you (the driver) are at fault B)requires individuals who drive cars to purchase a minimum amount of liability insurance C)a set dollar amount that you are responsible for paying before any coverage is provided by your insurer D)covers damage to your car when you are at fault in an accident E)vehicle insurance to cover various injuries, your property, and the property of others F)covers damage to your car as a result of theft, fire, vandalism, or various other events

List two ways to reduce your homeowner's insurance premiums.

An umbrella policy is designed to cover