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Subject: Special Topics in Financial Management - Principal Insurance

1. In the event of an accident, the policyholder of the offending vehicle has a duty to a. all of these b. investigate the cause and damage of the accident c. inform his insurer as soon as practicable d. make a reasonable settlement between himself and the injured party 3. An injury claim may be made a. by an injured party against all that are at fault b. only is the offending vehicle and its driver are covered by insurance c. only is the injured party was not at fault d. only against the insurer of the one offending vehicle 5. The measure of insurable risk may be known by the question a. What will the insured lose by the destruction of the thing insured? b. What will the insured gain by the destruction of the thing insured? c. Why should a person insure an object? d. how much does a person syand to gain by insuring the object? 6. A Money and Securities coverage gives insurance against all of the following except a. dishonest acts by employees b. robbery of merchandise c. all risk of monies and securities d. burglary from safes 7. A disadvantage of a Term Policy: a. the rates become prohibitive as one gets older b. close relations cannot benefit c. all of these d. it offers minimal protection 9. The Law of Large Number states that a. as the number of units in a group decreases, prediction about the group becomes more accurate b. as the number of units in a group approach constancy, prediction about it becomes more reliable c. as the number of units in a group increases, prediction about the group becomes more accurate d. as the number of units in a group increases, prediction about the group becomes less accurate 10. Contact with the public for the writing of insurance and settlement of claims are functions normally carried out by a. insurer organizations b. field organizations c. insurance salesmen d. insurance associations 11. Without this, any kind of credit is not possible a. trust b. money c. greed d. risk 12. The amount of crop insurance cover depends on a. crop season b. land type c. all of these d. production inputs by the farmer 13. By means of this type of insurance, a manufacturer can protect himself against the risk of losing his profits, which can be earned from goods not yet delivered: a. profit insurance b. over-insurance c. fire insurance d. marine insurance 15. This is the type of insurance secured for a person that handles liquid assets a. theft insurance b. fidelity bond c. good behavior bond d. personal insurance 16. Every insurance rating organization in the Philippines is subject to the rules and regulations a. of the Insurance Code of the Philippines b. of the Insurance Association of the Philippines c. of the Social Security System of the Philippines d. all of these 18. An individual or company that, for a consideration, acts as security for a principle a. obligator b. obligee c. bondee d. surety 19. That no rate shall discriminate unfairly between risks involving essentially the same hazards in the application of charges is a provision imposed by the Code upon a. both a and b b. rating organizations c. insurance companies d. neither a nor b 20. Life insurance differs from al, other insurance because it is one that covers a. an event of surpassing importance b. an event that is sure to happen c. an eventuality that may or may not occur d. an event that can not be minimized 21. The percentage deductions from provable loses is technically called a. liability b. exposure c. primary loss d. co-insurance 22. What is the maximum number of days a covered employee may benefit from the SSS Sickness benefit plan for any one hospital confinement? a. 260 days b. 240 days c. 360 days d. 140 days 23. A person may still die with an estate to bequeath even though he had no properties if he had a. survivorship annuity b. life insurance c. annuity insurance d. endowment insurance 24. Under this type of policy, the insurance company agrees to pay the replacement value of the automobile at the time of loss, limited only to the amount stated in the policy a. Actual Cash Value Policy b. Replacement Policy c. Value Monthly Reduction d. Stated amount Policy 25. The indemnity assumed by a fire insurance company is conditioned and determined by a. the personal character of the insured b. the circumstances surrounding the particular risk c. none of these d. the market value of the subject of the insurance 26. A Banker's Bond covers which of the following situations a. losses from mysterious disappearances b. losses from fraudulent acts of bank managers c. losses arising from customers forheries d. all of these 28. The greatest difficulty encountered in the administration of crop insurance a. how to secure incentives for drop care so as to prevent crop loss and damage b. the vagaries of weather c. assigning an actual value to the loss of a crop d. the non-cooperation of farmers with insurance and safety schemes 29. The payroll handled by a custodian whether inside or outside the business premises can be insured through a. robbery insurance b. paymaster robbery insurance c. either a or b d. neither a nor b 30. Under this type of Bond, the bonding company assumes liability for the principle's failure to a designated task a. Named-Schedule Bond b. Fidelity Bond c. Court Bond d. Contract Bond 31. Under a Valuable Paper Policy, loss of a valuable manuscript is covered except in cases of: a. accidental destruction b. robbery c. wear and tear d. larceny 32. The Insurance Code of the Philippines requires a land transportation operator to cover by means of insurance or cash guarantee liabilities for death or injury caused by his vehicles to a. passengers b. third parties c. both passengers and third parties d. neither passengers nor third parties 34. A protected form of savings plan a. annuity insurance b. endowment insurance c. cash refund annuity d. term maturity policy 35. Which of the following workers is not covered under the present Social Security System? a. all of these b. medical intern c. domestic servant d. casual employees 36. Damage to vessels or cargo occasioned through floundering, grounding, stranding, collision, or straining of a vessel are all included in the definition of a. natural disasters b. perils of the sea c. high seas misadventure d. sea hazards 37. In a surety bond, the person who supplies the bond is the a. surety b. principal c. obligee d. guarantor 38. Represents the hire received by the owner who lets his ship to another for operation a. charter b. freight c. cargo d. hull 39. Which of the following types of risks is involved in starting a business? a. liability risk b. speculative risk c. property risk d. pure risk 40. In the event that an insured stolen property is recovered by the insurance company, the insurer has the right to a. keep the recovered property for its own use b. surrender the stolen property to the police as an exhibit at a claims court c. return the stolen property and be reimbursed for the insurance claim d. sell the recovered property to cover the cost of the insurance claim 41. A type of insurance participated in by the community against various contingencies that threaten worker's with economic disaster: a. health insurance b. worker's compensation c. social legislation d. social insurance 42. Residence insurance covers loss of personal property within the premises due to a. theft b. larceny c. all of these d. burglary 43. Institutions whose financial functions is to assume and carry the burden of risk a. all of these b. field insurance organizations c. insurance associations d. insurer organizations 44. The most important feature of a marine insurance open policy a. protection of shipment even though the name of the vessel is not supplied b. protection of shipment irregardless of destination c. protection of shipment even if the exporter does not know that the ship has arrived d. protection against piracy, fire, scuttling, etc. 46. A type of insurance that provides income protection for the breadwinner a. joint life survivorship annuity b. annuity insurance c. worker's compensation d. endowment insurance 47. An advantage of Ordinary Life Insurance a. maximum protection at minimal cost b. the protection is combined with saving since the insured may borrow against it c. premium payments are made during the productive years of a person's life d. permanent protection is secured even after the lapse of the policy 48. A crop is considered "total loss" when a. 60% of the guaranteed yields is damaged irrevocably b. a drought occurs before harvest c. the crop is stricken with plant disease d. it can no longer be matured to profitability 49. When a manufacturing company distributes safety manuals among its workers, it is practicing a. risk transfer b. risk reduction c. risk avoidance d. risk management 50. Willful conduct on the part of the master or mariner resulting in loss to the owner of a ship or cargo a. barratry b. jettisoning c. piracy d. bottomry