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True or False Quiz
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1
Risk management only determines what types of insurance a business should purchase.
A)True
B)False
2
Jones may purchase fire insurance in advance of a real estate closing and have a valid policy when she obtains title to the property in question.
A)True
B)False
3
If Andy wants to insure Vernon's life, Andy must have an insurable interest in Vernon's life when Andy purchases the life insurance.
A)True
B)False
4
A convertible term life insurance policy is one that the purchaser may convert to cash.
A)True
B)False
5
Lea's life is insured for $500,000 by her son Tony. If Lea is murdered by a stranger in a road rage incident, Tony may collect the insurance.
A)True
B)False
6
Coinsurance means that two or more insurance companies have insured the same property.
A)True
B)False
7
Tina has uninsured-motorist insurance and if her car is damaged by an uninsured motorist, Tina's repair bill will be paid by Tina's insurance company.
A)True
B)False
8
Medicare is a federally funded health insurance program for people 65 and older.
A)True
B)False
9
If John fails to pay his insurance premium on time, his insurance coverage immediately lapses.
A)True
B)False
10
When asked if he has ever had cancer, Sarah falsely states "no" on her life insurance application. This misrepresentation will allow the insurance company to cancel the insurance even if the cancer were cured twenty years ago.
A)True
B)False





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