Question 13 (1 point)

Tonya purchased a life insurance policy on her own life. Her husband Donald is the beneficiary of the policy. Which of the following is not a necessary legal element of the contract?

Question 13 options:

1)	Offer and acceptance.

2)	Legal competency of all parties.

3)	Listed beneficiary.

4)	Consideration.

Question 14 (1 point)

Which of the following statements is/are correct? 1. Insurance companies are concerned with morale hazard as people who have insurance are not as concerned about protecting their own property. 2. Intentional acts of an insured resulting in a loss are generally insurable.

Question 14 options:

1)

1 Only

2)

2 Only

3)	Both 1 and 2

4)	Neither 1 nor 2

Question 15 (1 point)

Jason is at home drinking a beer and enjoying his day. The sun begins to go down and he decides to go in for the night. He knows that he left his car unlocked, but decides to not get out of bed and lock the car because he has insurance. This is an example of _______.

Question 15 options:

1)	Morale Hazard

2)	Moral Hazard

3)	Loss Aversion

4)	Peril-neutral

Question 16 (1 point)

Dawn has a coin collection worth thousands of dollars. She decides against insuring the coins from theft and will replace them with her own money if they are stolen. Which type of risk management technique is Dawn using?

Question 16 options:

1)	Risk Reduction

2)	Risk Retention

3)	Risk Transfer

4)	Risk Avoidance