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Four Characteristics Unique to Insurance Contracts

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which type of insurance contract involved a person receiving more than they have paid in terms of a contract?

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1. Which type of insurance contract involves a take-it-or-leave-it provision for a person or party?

2. According to the lesson, which of the following is NOT a characteristic of insurance contracts?

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About This Quiz & Worksheet

The following quiz and worksheet set will quickly and effectively test your knowledge of insurance contracts. Answer questions about the unique provisions present in the insurance industry.

Quiz & Worksheet Goals

Use these questions to find out what you know about topics like:

  • Types of insurance that pay out more than is received in payment
  • Take-it-or-leave-it provisions
  • Common characteristics of insurance provisions

Skills Practiced

  • Reading comprehension - ensure that you draw the most important information from the material, such as insurance contracts that involve a take-it-or-leave-it clause
  • Defining key concepts - ensure that you can accurately define main phrases, such as precedent conditions
  • Information recall - access the knowledge you've gained regarding the type of condition a suicide clause is an example of

Additional Learning

More information about this type of contract can be found by reading the lesson titled Four Characteristics Unique to Insurance Contracts. You will explore topics like:

  • Unilateral insurance contracts
  • Examples of different insurance clauses
  • Why the insurance industry has such singular and specific clauses in contracts
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