CENTRAL UNIVERSITY OF ECUADOR

FACULTY OF ECONOMIC SCIENCES

FINANCE DEGREE
RISKS AND INSURANCE

CLASS 17
What does vehicle insurance cover?

a) Structure and Heritage.

b) Asset and object
c) Intentional damage
Response: a

2. Select the correct option:

a) The vehicle insurance is open to any driver as long as the driver has
relationship with the vehicle owner
b) The vehicle insurance is for any driver, meaning that the coverage applies to
the insured matter, as long as there is a relationship of insurable interests with it
insured.
c) The vehicle insurance applies to the driver of the vehicle, who must notify
the sinister for what apply the insurance
Answer: b

3. Within the additional coverages in vehicle insurance. The coverage of

civil liability covers:

a) The damages or injuries caused by the insured vehicle to third parties, whether to their
goods or to people.
b) The damages or injuries caused by the insured vehicle to third parties and the theft of the
vehicle
c) The damages that the vehicle suffers due to accidents
Answer: a

Choose as appropriate.

4. The vehicle policy excludes:

a) Pre-existing damages, when traveling outside Ecuadorian territory, mechanical failure,

transport, towing or storage expenses.
b) Preexisting damages, when operating within Ecuadorian territory, only failures.
electricity, storage and maintenance costs
 c) Existing damages, when it circulates outside the Ecuadorian territory, when it is used.
for activities described in the request and transportation expenses
Answer: a

5. What are the liability exclusions in the vehicle policy.

a) Bodily injuries resulting from a fire in the vehicle, the driver infringes
traffic laws
b) Fines or bail imposed on the owner, suicide and self-inflicted injuries,
bodily injuries or property damage to third parties
c) bodily injuries or property damage to third parties, as a result of fire,
explosion originating from the vehicle, the driver violates traffic laws, profit
unemployed.
Respuesta: c

6. Risk management is a technique that allows us to make a decision.

for:

a) Acquire, leave, grant, transfer the risks

b) Accept, reject, prevent, transfer total or partially a risk.
c) Admit, prevent, fully transfer a risk
Respuesta: b

7. What is a disaster?

a) The occurrence of an event that causes damages and for which the insurer compensates.
It is an event that causes certain specific damages, and the insurance reimburses you.
well lost or damaged
c) It is the occurrence of a risk that causes loss or damage, which determines the request.
of compensation to the insurer, for the value that allows to leave things as
they were before the occurrence of the incident.
Respuesta: c
8. Write T or F as appropriate:

Risk accumulation is a specific number of risk situated in a single (V)

locality.

To strengthen means to guarantee the insurance contractor the protection of their interests or rights. (F)
9. The insurer (systems) is defined by:

a) The legal entity authorized to assume risks in exchange for payment

a cousin
b) Set of insurance companies, insurance cooperative, agents and agencies
insurance experts, claims abusers, insurance adjusters.
c) The legal entity and group of insurance companies that assume the risk to
change of payment of a premium
Respuesta: b

10. Choose the correct option.

What does EXECUTIVE MERIT mean?

Response option:
a) Capacity to meet the payment of economic commitments through the
set of resources that constitute the heritage or the asset
characteristic that some documents have of making the payment enforceable
obligation.
c) Set of parameters stipulated in a document, which allows for quoting the
risks in a specific sector
Response: b

11. Choose the correct option.

Adjuster: natural or legal person dependent on the insurance company and
authorized by:
Response option:
Superintendency of Popular and Solidarity Economy
Superintendency of Companies
c) Superintendency of Banks.
Respuesta: c

12. Choose the correct option:

Definition of COVERAGE:
a) Insurer that shares proportionally and not in solidarity a portion
of the policy
b) Reinsurance system that is optional for the cedent and mandatory for the
reinsurer
c) Coverages provided by a policy in case of an incident.
Response: c
 13. Choose the correct option:
It is the amount of the insured or reinsured sum that an insurer can accept.
the reinsurer:
Response option:
a) Capacity.
b) Policy
c) First
Answer: a

14. Civil liability compensates for damages and losses caused to:
Response option:
a third party.
b) Other
c) The insured

Answer: a
15. Choose the correct answer:
For an action or omission to generate civil liability with the obligation
of compensation must:
Response option:
a) Cause certain damage, the damage can be valued economically, establish the relationship
cause-effect.
b) To establish the cause-effect relationship, it can be assessed by a judge
c) Evaluate economically, cause certain damage
Answer: a
16. What is the difference between contractual liability coverage and
extracontractual?
a) The contractual refers to a voluntary obligation and the extracontractual to
an obligation that is subscribed between the parties
b) Contractual civil liability is that which arises through a contract.
while in extracontractual civil liability there is no contract or
agreement between the parties.
c) Both are correct
d) None
Answer: b
17. Which of these coverages refers to the following: “the company will face against
any claim for bodily injury or death of workers
in the performance of their activities.

a) Product liability coverage

b) Coverage of contractual liability
c) Employer liability coverage.
d) Coverage for extracontractual civil liability
Response: c

18. What is understood as Accidental?

a) Pollution from an accident to the insured
b) Pollution caused by an accident as an external event.
c) Through the review of simultaneous effects
d) Through the triggering event to third parties
Answer: b

19. The Employer's Liability Insurance covers:

to the worker for compensation from the Company
b) To the employer regarding the claims of their workers for labor accidents.
to the entrepreneur of heritage claims
Answer: b

20. Who is the only person who benefits in the liquidation of a company?
the insured
b) the insurer
c) the liquidator.
Answer: c

21. What is the technique used to establish the actual value of the compensation?
according to the terms and conditions of the insurance contract
a) usury
b) adjustment.
c) Assignment
Respuesta: b
22. Who is responsible for determining the cause of the accident
a) Subscriber
b) producer
c) adjuster.
Response: c

23. Who is the legal entity legally authorized in ECUADOR, technical and
financially structured to assume the risk or payment change of a
first committing to indemnify the loss in favor of the insured
adjuster
b) insurer.
c) Liquidator
Answer: b

24. According to the modalities of life insurance, respond if the following

statements are true or false
In the death insurance, if the insured reaches the expiration alive (F)
from the contract the insurer guarantees the beneficiaries the payment of the policy

Survival insurance is also known as risk insurance. (F)

In the mixed insurance, the company guarantees the payment of the policy only. (F)
in the event of the insured's death

25. Choose the correct option as appropriate: Additional risks of life insurance
individual

Serious illness a) Additional coverage for the risk of

become incapable of developing
a professional or labor activity for
blame for an accident.
Temporary or permanent disability b) Covers the risk of suffering from a
serious illness, and moreover said
disease must be found in the
disease catalog.
3. Disability or death due to c) Extra compensation for disability or
accident death in case of an accident
including the traffic accident.
 Opciones de respuesta:

1. a-1; b-2; c-3

2. a-2; b-1; c-3.
3. a-2; b-3; c-1
Response: 2

26. Select the exclusions that belong to life insurance:

a) Serious illness, high-risk sports, reckless actions of the insured

b) Death caused, serious illnesses, psychological problems,
diseases before taking out insurance
c) Death caused by the beneficiary, risk sports, death by accident
aircraft (unauthorized flight), drug addiction, alcoholism.
d) None of the above
Answer: c

27. Put V or F as appropriate:

1. A group life insurance is one that covers one or more people under a
unique contract called master collective insurance contract F
2. Retired individuals are not eligible for group life insurance because they
consider that they have finished their productive life ( F )
A group life insurance policy will be made only if 50% of the
persons belonging to the group, in a number not less than 50, shall be included in a
sure. (V)
4. The parts of a basic collective insurance contract are: The insurance company, The
the policyholder and the insured group. ( V )

28. In the life policy, select the accepted age range for it to
genere el respectivo contrato:

a) 18-49
b) 18-59
c) 18-69
20-69
e) 21-58
 29. Underline the correct answer. What are the personal elements of insurance?

a) Asegurado, intermediario, beneficiario, contratante

b) Contractor, reinsurer, beneficiary, intermediary

c) Insurance and reinsurance company, beneficiary, intermediary

d) Insured, contractor, beneficiary, insurance company.

Answer: d

30. What are the technical elements of insurance?

a) Insurable interest, insurable risk, insurable premium.

b) Contractor's interest, premium risk, insurable risk

c) Beneficiary's interest, insurable premium, risk of the premium

d) Insurable interest, risk of the premium, beneficiary's premium

Response: a

31. Respond true or false as appropriate

Deductible is the value or percentage established in the subscribed policy whose (F)
Import has to be recovered in order for a claim to be paid, amount
for which the insured cannot be their own insurer
The emission rights are administrative expenses incurred by the (V)
insurance company when issuing a document which is paid to the contractor of the
sure.

32. Choose the correct option as appropriate: About the parts of an insurance policy
sure.

1 General conditions A) They are those that modify the

general conditions expanding,
limiting or clarifying the scope of the
same, which are approved by the
Banking Super.
2 Special Conditions B) Those conditions that have
all the information of the policy data
as name, address of the insured,
clear definition of the insurance object,
insured sum and coverage.
3 Specific conditions C) They are those that contain all
the pre-elaborated causes of the contract and
which are the same for all customers
from the same branch, they are approved by
the Superintendency of Banks.

Response options:

1. 1-B; 2-C; 3-B

2. 1-A; 2-B; 3-C
3. 1-C; 2-A; 3-B.
Answer: 3

33. Within all contractor risk, there are additional coverages.

Relate as appropriate:

Coverage B a) The responsibility civil

extracontractual of the Insured for
injuries, including death
produced for people who are not at
service of the insured for whom it is
doing the construction.

Coverage C b) When in the contract of

construction of the insured work, the
the contractor agrees to review and/or
eliminate defects that appear
subsequent to the acceptance and/or
commissioning of the works.

3) Coverage D c) The responsibility civil

extracontractual of the Insured by
material damage caused to goods of
third parties.

Answers:

a) 1=b; 2=c; 3=a.

b) 1=a; 2=b; 3=c
c) 3=b; 1=c; 2=a
Response: a
 34. Choose the correct answer
What is insurable value?

a) The value stated in the policy corresponds to the values requested by the client.
b) Value of the damages from an incident, which can generate one or more claims with their
individual values
c) Commercial value that must be insured for the assets in the policy, corresponding to the value
what the goods have at the time of the incident.
Response: c

35. Choose the correct answer

a) The Electronics Equipment policy covers the electronic devices of an individual or

companies that are not older than 5 years.
b) The Electronic Equipment Risk covers the electronic equipment of an individual or
companies that do not exceed an antiquity of 3 years
c) The Electronic Equipment policy covers the electronic equipment of an individual or
companies that have been established for more than 6 years
Answer: a

36. Select the correct answer: What is LOST PROFIT?

a) Situation in which a company finds itself when it expressly recognizes that its
payment commitments of debts exceed their immediate possibilities for
attend to them
It is the natural wear of things that has no insurance coverage.
covers losses due to business interruption resulting from damage that occurred in any
well, used by the insured in the establishment for business purposes.
Respuesta: c

37. Which of the following options is not an exclusion in transportation insurance?

a) Injury, strikes, weather variations, wars, pollution.

b) Dolo, strikes, goods transported on sailboats, flowers, shrimp
c) Used machinery, inventory losses, illegal drugs, wars
d) Climatic variations, household goods, civil and military wars
Response: a
38. Select the correct answer
The foreign insurance company that wishes to establish itself in Ecuador must
submit a request to the superintendent of banks. Indicate which of the following
requirements must be submitted

Reason for wanting to establish themselves in the country

b) The insurance in which you propose to work.
c) Date from which they want to start activities
d) People who will work in the company
e) Place where your main office will operate.
f) Duration the company will operate
g) Name and nationality of the person designated as the main attorney-in-fact
of the company.
Response options:

a) b, e, g
b) c,d,e
c) a,b,c
Answer: a

39. What is a policy?

a) The contract by which the insurer agrees to compensate for losses

produced by the occurrence of the events provided for in that contract to the insured.
Maximum responsibility that the insurer has regarding a property or person
c) It occurs when the insured amount is less than the insurable amount and therefore
The insured becomes their own insurer for the portion that was not insured.
d) Natural or legal persons who, with prior authorization from the SCVS, engage in
place reinsurance and retrocessions in one or several reinsurance companies
Response: a
40. What is infra safe?

a) The contract by which the insurer agrees to indemnify the losses

produced by the occurrence of the events provided for in said contract to the insured
Maximum responsibility that the insurer has regarding a property or person
c) It occurs when the insured amount is less than the insurable amount and therefore
The insured becomes their own insurer for the part that is not insured.
d) Natural or legal persons who, with prior authorization from the SCVS, engage in
place reinsurance and retrocessions in one or more reinsurance companies
Answer: c
41. What is insured amount?

a) The contract by which the insurer commits to compensate for the losses
produced by the occurrence of the events provided in said contract to the insured
b) Maximum responsibility that the insurer has with respect to a property or person.
c) Se produce cuando la suma asegurada es menor que la suma asegurable y por lo tanto
the insured becomes their own insurer for the portion that was not insured
d) Natural or legal persons that, with prior authorization from the SCVS, engage in
place reinsurance and retrocessions, in one or more reinsurance companies
Respuesta: b
42. What is a reinsurance intermediary?

a) The contract by which the insurer agrees to indemnify for losses

produced by the occurrence of the events provided for in that contract to the insured
Maximum responsibility that the insurer has regarding a property or person
It occurs when the insured amount is less than the insurable amount and therefore
the insured becomes their own insurer for the portion that was not insured
Natural or legal persons that, with prior authorization from the SCVS, engage in
place reinsurance and retrocessions in one or several reinsurance companies.
Answer: d