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Exam 51: Insurance Law

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Question 51

Multiple Choice

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Which type of insurance protects a person or property from accidental injury?

A) casualty insurance
B) economic loss insurance
C) property insurance
D) negligence insurance
E) injury to self and property insurance

F) B) and E)
G) A) and D)

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Question 52

True/False

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If an insured makes a claim for property damage and the insurer offers a payout lower than what the insured believes the property was worth, the insured can demand an appraisal under the contract's antilapse clause.

A) True
B) False

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Question 53

Multiple Choice

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Conan, a bit of a hypochondriac, decides that he should have MRIs covering his whole body and insists that his doctor order them. Conan tells his doctor that he is not concerned about cost because he has great insurance. Which of the following is the appropriate and recognized term for the problem associated with Conan's behavior as far as an insurer is concerned?

The ________ type of life insurance provides coverage for a specified term.

If a person who is in good health lies about their age on a life insurance application and the misrepresentation is discovered at the time of the person's death, what is usually the effect?

[Imari's Imprudence] Imari was texting while driving and slammed into the back of Cody's car. Shortly thereafter she received notice of a lawsuit setting forth Cody's claims for personal injury and property damage. Imari was very busy studying for college and did not feel like dealing with a pesky lawsuit. Several months later, Beatriz, a new agent with the insurer, called Imari and told Imari that she had just heard something about a lawsuit from the Cody's lawyer. Beatriz told Imari that although investigation would be difficult after so many months, she would like to talk with Imari because the trial was scheduled for next week. Imari told Beatriz that she had no time to meet at the moment and that just before court, she would meet with the lawyer the company appointed to represent her. Beatriz told Imari that the insurance company was going to deny coverage. Beatriz also told Imari that vehicle insurance did not typically provide for legal representation and that, in any event, no lawyer would be provided. Finally, Beatriz told Imari that Imari's insurance was cancelled immediately because she was a real jerk and failed to help, that insurance would not pay for accidents that were the fault of Imari anyway, and that the insurer wanted nothing more to do with her. -Regarding Beatriz's assertion that the insurer was not liable for accidents that were the fault of the insured, which of the following is true?

[Imari's Imprudence] Imari was texting while driving and slammed into the back of Cody's car. Shortly thereafter she received notice of a lawsuit setting forth Cody's claims for personal injury and property damage. Imari was very busy studying for college and did not feel like dealing with a pesky lawsuit. Several months later, Beatriz, a new agent with the insurer, called Imari and told Imari that she had just heard something about a lawsuit from the Cody's lawyer. Beatriz told Imari that although investigation would be difficult after so many months, she would like to talk with Imari because the trial was scheduled for next week. Imari told Beatriz that she had no time to meet at the moment and that just before court, she would meet with the lawyer the company appointed to represent her. Beatriz told Imari that the insurance company was going to deny coverage. Beatriz also told Imari that vehicle insurance did not typically provide for legal representation and that, in any event, no lawyer would be provided. Finally, Beatriz told Imari that Imari's insurance was cancelled immediately because she was a real jerk and failed to help, that insurance would not pay for accidents that were the fault of Imari anyway, and that the insurer wanted nothing more to do with her. -Regarding Beatriz's complaint that Imari failed to help, which of the following is true?

Which type of insurance is the most important type of insurance as a business person that protects you from tort liability to third parties?

[Imari's Imprudence] Imari was texting while driving and slammed into the back of Cody's car. Shortly thereafter she received notice of a lawsuit setting forth Cody's claims for personal injury and property damage. Imari was very busy studying for college and did not feel like dealing with a pesky lawsuit. Several months later, Beatriz, a new agent with the insurer, called Imari and told Imari that she had just heard something about a lawsuit from the Cody's lawyer. Beatriz told Imari that although investigation would be difficult after so many months, she would like to talk with Imari because the trial was scheduled for next week. Imari told Beatriz that she had no time to meet at the moment and that just before court, she would meet with the lawyer the company appointed to represent her. Beatriz told Imari that the insurance company was going to deny coverage. Beatriz also told Imari that vehicle insurance did not typically provide for legal representation and that, in any event, no lawyer would be provided. Finally, Beatriz told Imari that Imari's insurance was cancelled immediately because she was a real jerk and failed to help, that insurance would not pay for accidents that were the fault of Imari anyway, and that the insurer wanted nothing more to do with her. -The insurer would likely attempt to deny coverage based on which of the following legal theories?

What is meant by an antilapse clause, and how do these usually work? Do you believe that all states and all types of policies should have antilapse clauses, and why or why not?