OTL Study guides, Class notes & Summaries

OTL 1 EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. VERIFIED/ Peril - cause of loss Risk - chance of loss Speculative Risk - a situation in which either profit or loss is possible -roll of dice -uninsurable Pure Risk - a risk that presents the chance of loss but no opportunity for gain -Insurable -a car accident doesn't allow for gain (injury, damaged car etc.) insurable risk - When there is a chance of loss and no chance of profit -Personal risk -Property risk -Liability risk...

OTL C81 STUDY 1 - STUDY 6 QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ What type of risk is insurable? What type of risk is non-insurable? - Pure risk is insurable as there is no chance to profit Speculative risk has the chance or earnings, and therefore cannot be insured What is the main reason we have insurance? - The world is filled with risk - insurance is based on the existence of risk. Risk is the chance of a loss - very little in life is certain. What are the three types of insur...

OTL EXAM A QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ unearned premium is defined as which of the following - premium representing the unexpired portion of a policy the fire statutory condition -- replacement, outlines the options available to the insurer for delivering indemnity to the insured. which of the following statements is false about how the insurer may do that - if requested by the insured, the insurers must pay a loss in cash what does an underwriter watch for when there ar...

OTL EXAM PRACTICE QUESTIONS & ANSWERS. GRADED A+/ VERIFIED/ Which exclusion is commonly found in the personal liability coverage of a homeowners policy? a. Damage caused to a neighbour's home b. Bodily injury caused because of negligence c. Damage caused to a neighbour's automobile d. Bodily injury caused by a criminal act - d. Bodily injury caused by a criminal act What type of coverage does a mobile home policy provide? a. Named perils on the building and contents, excluding damage...

OTL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ c. Spread the losses of a few over many - The main function of insurance is to a. Provide total security for everybody b. Provide a pool of capital so everyone who suffers a loss can be indemnified c. Spread the losses of a few over many d. Provide an aid to credit d. Forfeiture - The loss of a right as a result of the non-performance of some obligation is called a. Waiver b. Non-waiver c. Scienter d. Forfeiture b. Stock companies - W...

OTL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ List the five (5) elements of a contract. - Agreement Consideration Genuine Intentions Capacity to Contract Legality of Purpose Name the three (3) elements specific to insurance contracts. - Indemnity Insurable Interest Utmost Good Faith What are the three (3) ways Actual Cash Value (ACV) can be determined? - Cost to repair or replace less depreciation Fair market value Consideration of all relevant evidence of the value of the dama...

OTL EXAM REVIEW QUESTIONS & ANSWERS, GRADED A+/ VERIFIED/ A contract is an agreement enforceable at law. Under common law, which 3 of the 5 conditions of a contract determine it's enforceability: A) Agreement, consideration and capacity to contract. B) Consideration, capacity to contract and legality of purpose. C) Agreement, genuine intentions and legality of purpose. D) Genuine intentions, consideration and capacity to contract. - B) Consideration, capacity to contract and legali...

OTL EXAM #3 (INTRO TO POETRY - MALACHI) EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+ How much of the OT is written in poetic form? - -One third Poetry can be found in how many books in the bible? - -61; all but five books. What is the purpose of poetry? - -to facilitate retention and to express beauty, emotion, and worship. Wisdom Books - -Job, Proverbs, Ecclesiastes Hymnic Books - -Psalms, Song of Solomon Styles of poetry - -Lyrical, Didactic, and Dramatic Lyrical (Psalms) - -normall...

OTL FINAL EXAM REVIEW QUESTIONS AND ANSWERS, 100% ACCURATE. VERIFIED/ In what year was Daniel taken into captivity? - 605 BC What is the river which ran through the ancient city of Babylon? - Euphrates River What is the central theme of Daniel? - Sovereignty of God The Book of Daniel is written in that two languages? - Persian & Greek Apocalypses use symbols and visions to describe how people receive spiritual understanding from heavenly beings - True In some apocalyptic literature, the...

OTL FINAL EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ VERIFIED/ What is eisegesis? The attempt to force our own meaning onto the words of the bible. Which of the following is not a test for canonicity of Old Testament books? Written by an eyewitness to the events What is source criticism? The idea that the Bible cannot be trusted since we could never know the source of every word of the text What books are contained in the Tanak? The Law, the prophets, writings, and OT An interpreti...