Introduction to Business

Chapter 34: Vehicle and Property Insurance

Chapter Practice Review Quizzes

1
Which type of insurance protects vehicle owners from claims of injury or property damage to others?
A)liability insurance
B)collision insurance
C)comprehensive insurance
D)property damage insurance
2
Which type of insurance covers damage to the policyholder's vehicle?
A)liability insurance
B)collision insurance
C)comprehensive insurance
D)property damage insurance
3
Which term refers to the decline in value of an asset, such as a house, equipment, or a vehicle, because of use?
A)liability coverage
B)comprehensive coverage
C)cash value
D)depreciation
4
Which law requires drivers to pay for any damage or injuries caused in an accident?
A)compulsory insurance law
B)financial responsibility law
C)no-fault-insurance
D)liability insurance law
5
Which law requires drivers to have a minimum amount of car insurance?
A)compulsory insurance law
B)financial responsibility law
C)no-fault-insurance
D)liability insurance law
6
Which term refers to a request for payment from an insurer for damages covered by an insurance policy?
A)a provision
B)a deductible
C)a claim
D)a premium
7
Which term refers to the amount in damages a policyholder must pay before the insurance company pays a claim?
A)the provision
B)the deductible
C)the claim
D)the premium
8
Which term refers to possessions that can be moved, such as furniture or jewelry?
A)extended property
B)standard property
C)real property
D)personal property
9
Which event is NOT covered by a homeowners policy?
A)civil commotion
B)explosions
C)floods
D)windstorms
10
Which term refers to an addition to a policy that covers specific property or damages?
A)a rider
B)replacement value
C)a claim
D)a premium
11
Which type of protection covers the cost to repair or rebuild a house if it damaged or destroyed?
A)living expense protection
B)liability protection
C)personal protection
D)structural protection
12
Which type of protection covers against the cost of injury or property damage to other people?
A)living expense protection
B)liability protection
C)personal protection
D)structural protection
13
What percent of a home's market value do insurance companies recommend a homeowner insure?
A)50%
B)80%
C)100%
D)125%
14
Which term refers to the value of property when new less devaluation from use?
A)actual cash value
B)depreciation value
C)replacement value
D)premium value
15
Which term refers to the full cost of repairing damaged property?
A)actual cash value
B)depreciation value
C)replacement value
D)premium value
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