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Idaho Property and Casualty Insurance Exam Study Questions and Answers Updated Latest (Verified Answers) 1.Any financial interest in life or property such that, if the life or property were lost or harmed, the insured would suffer financially.Express Interest Insurable Interest Implied Interest Real Interest
: Insurable Interest
2.What are the 3 elements of insurable risk?Financial, Business, Loss Blood, Loss, Interest Financial, Blood, Business Business, Blood, Body
: Financial, Blood, Business 1 / 4
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3.When must insurable interest exist for a life insurance contract to be valid?When the policy is written Within the first 30 days of the policy. At the time of application.At the time of loss
: At the time of loss
4.The individual(s) whose name appears on the policy's declaration. Named Insured Insured All insured Only Insured
: Named Insured
5.The individual whose name appears first on the policy's declaration Named Insured Policyholder First Named Insured Only Insured
: First Named Insured
6.In commercial insurance policies, who has control of the policy and is the only insured who may cancel the policy or request changes to the 2 / 4
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policy, and is also the one responsible for paying premiums and reporting losses?Policyholder All Insured(s) Insured(s) First Named Insured
: First named insured
7.Individuals or business that are not named as insured on the declaration page, but are protected by the policy, usually in regard to a specific interest. 3 / 4
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Additional Insured Named Insured First Named Insured All Insured
: Additional Insured
8.A sudden, unplanned and unexpected event, not under the control of the insured, resulting in injury or damage that is neither expected nor intended.Accident Occurrence Event Loss
: Accident
9.A broader definition of loss, which differs from accident in that it includes losses caused by continuous or repeated exposure to conditions resulting in injury to persons or damage to property that is neither intended nor expected. Occurrence Peril Loss Accident
: Occurrence
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