CA property & Casualty practice exam Accurate 100%

Bob is thinking about obtaining insurance because he just found out he needs extensive surgery that will require several days in the hospital. This situation of waiting until the last minute to obtain insurance is known as: - ANSWER Adverse Selection According to the California insurance law, either party may rescind a contract for any of the following reasons EXCEPT: - ANSWER - ANSWER One party intentionally omits information from the other party. - ANSWER If a representation is false in a material point, whether affirmative or promissory, the injured party is entitled to rescind the contract. - ANSWER Once a contract is signed, it can never be rescinded. - ANSWER One party intentionally or unintentionally hides material information. - ANSWER #3 - ANSWER Which of the following are the main types of risks? - ANSWER - ANSWER Sharing and Transfer - ANSWER Avoidance and Retention - ANSWER Pure and Transfer - ANSWER Speculative and pure - ANSWER #4 - ANSWER What are the two types of torts? - ANSWER - ANSWER Intentional & Unintentional - ANSWER Legal & Non-Legal - ANSWER