Nebraska Crop Insurance Exam Practice Questions and Answers
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Course
Nebraska
Institution
Nebraska
Nebraska Crop Insurance Exam Practice
Questions and Answers
Mutual - Answer️️ -A ________ insurance company is owned by its
policyholders.
Reinsurance - Answer️️ -If an insurance company wants to transfer all or
part of the risk it has accepted, it would buy which of the following type...
Nebraska Crop Insurance Exam Practice
Questions and 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.
Large group with dissimilar members - Answer✔️✔️-Each of the following
must be included in an insurable risk, except:
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
3
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