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Nebraska Crop Insurance Exam Questions With Correct Answers

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Nebraska Crop Insurance Exam Questions With Correct Answers Mutual - answerA ________ insurance company is owned by its policyholders. Reinsurance - answerIf an insurance company wants to transfer all or part of the risk it has accepted, it would buy which of the following types of insurance? ...

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©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM

Nebraska Crop Insurance Exam Questions
With Correct Answers

Mutual - answer✔✔A ________ insurance company is owned by its policyholders.

Reinsurance - answer✔✔If an insurance company wants to transfer all or part of the risk it has
accepted, it would buy which of the following types of insurance?

Domestic Insurer - answer✔✔An insurer organized under the laws of this state, whether or not it
is admitted to do business in this state.

Foreign Insurer - answer✔✔An insurer not organized under the laws of this state, but in one of
the other states or jurisdictions within the United States, whether or not it is admitted to do
business in the state or jurisdiction.

Alien Insurer - answer✔✔An insurer organized under the laws of any jurisdiction outside of the
United States, whether or not it is admitted to do business in this state.

Underwriting - answer✔✔Which insurance company department accepts the insurance risk?

Producer - answer✔✔Which of the following individuals represents the insurance company
when selling an insurance policy?

Express Authority - answer✔✔Authority that is written into the producer's contract. Example:
producer's binding authority if written in the contract

Implied Authority - answer✔✔Authority the public assumes the producer has. Example:
providing quotes, completing applications and accepting premiums on behalf of the insurer.

Apparent Authority - answer✔✔Authority created when the producer exceeds the authority
expressed in the agency contract. Example: the producer's issuance of a binder when, in fact, the
producer has not been granted such authority.

Moral Hazard - answer✔✔Type of Hazard -dishonest tendencies that increase the probability of
a loss; certain characteristics and behaviors of people. Most closely related to some form of
lying, cheating, or stealing.

Morale Hazard - answer✔✔An attitude of indifference toward the risk of loss that increases the
probability of of a loss occurring. i.e driving too fast for conditions, not wearing a seatbelt.

, ©THEBRIGHT EXAM STUDY SOLUTIONS 8/26/2024 11:32 AM

Large group with dissimilar members - answer✔✔Each of the following must be included in an
insurable risk, except:
1) Calculable chance of loss
2)Excluded catastrophic perils
3)Large group of dissimilar members
4)Accidental losses

Indemnity - answer✔✔Which principle of insurance restores the insured to the same economic
condition that existed before the loss?
1) Indemnity
2) Insurability
3) Adhesion
4) Underwriting

Indemnity - answer✔✔Each of the following is an element of a legal contract, except:
1) Consideration
2) Legal Purpose
3) Agreement
4) Indemnity

A statement that is guaranteed to be true - answer✔✔A warranty is defined as which of the
following?
1) Intentional misrepresentations on the application
2) Statement in the application that is guaranteed to be true
3) A false statement in the application
4) What a reasonable and prudent buyer can expect

Paid Losses + Loss Reserves / total earned premium - answer✔✔Which of the following
calculations equals a company's loss ratio?
1) All losses + expenses
2) Paid losses + loss reserves / total earned premium
3) Losses + total operating expenses / total written premium

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