MGTU 310 Week 7 Quiz | Assignment Help | Brandman University
- brandman-university / MGTU 310
- 23 Apr 2021
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MGTU 310 Week 7 Quiz | Assignment Help | Brandman University
Review Test Submission: MGTU 310 Week 7 Quiz
Question 1
Which of the following best defines insurance?
It is a contract whereby a party transfers his right to receive interest to a third-party such as an agent.
It is a contract whereby a party transfers a risk of physical injury to the risk bearer for a fee.
It is a contract whereby a party transfers his right to a claim for a particular fee.
It is a contract whereby a party transfers a risk of financial loss to a risk bearer for a fee.
• Question 2
The maximum amount that the insurer agrees to pay in case of a loss is known as the _____.
face
insurable risk
premium
Policy
• Question 3
James mortgaged his house and received a certain amount of money in return as a loan. However, he repaid half the loan in six months. Which of the following is likely to be true in this scenario, at the present moment?
The mortgagee has an insurable interest towards 25 percent of the loan amount.
The mortgagee does not have an insurable interest in the loan amount.
The mortgagee has an insurable interest towards the entire loan amount.
The mortgagee has an insurable interest towards half the loan amount.
• Question 4
Which of the following is true of life insurance contracts?
Life insurance contracts are commonly not claimable for cases of suicide.
Life insurance contracts are not applicable for minors.
Life insurance contracts do not include endowment contracts.
Life insurance contracts are not applicable for people over the age of 60.
• Question 5
How does a deductible affect the amount an insurance company must pay?
not at all; the deductible is a matter between two insureds
the insurance company pays the loss less the deductible
the amount of the deductible is added to the loss amount
the deductible is added to the annual cost of premiums
• Question 6
A party who undertakes to be responsible for another is a _____.
guarantor
creditor
principal
Debtor
• Question 7
Which of the following is a requirement of a security agreement?
It must be an unwritten agreement.
It must describe the collateral.
It must be signed by a seller.
It must contain the specific instrument of payment.
• Question 8
Companies may purchase insurance against the risk of dishonest employees, often referred to as a _____.
coupon bond
registered bond
fidelity bond
principal bond
• Question 9
Jake, a businessman, filed for bankruptcy and was declared insolvent by the courts. He owed $15,000 each to two creditors and $5,000 each to two others. The courts also decreed that he should sell his house worth $30,000, to pay his debts. Which of the following is legally permissible in this scenario?
After selling his house, Jake will pay the creditors on a pro-rata basis.
After selling his house, Jake will pay whomsoever he chooses.
After selling his house, Jake will pay the creditors he to which owes the maximum amount of money.
After selling his house, Jake will pay the creditors to which he owes the least amount of money.
• Question 10
Which claims have the lowest priority in payment?
tax claims
administrative claims
unsecured claims
wage claims
USA 
India