4. A client who goes on a whitewater rafting trip is asked to sign a hold-harmle

Question

4. A client who goes on a whitewater rafting trip is asked to sign a hold-harmless agreement. Which of the following statements about hold-harmless agreements is (are) correct?

I. A hold-harmless agreement is a type of noninsurance transfer.

II. A person signing a hold-harmless agreement promises to assume responsibility for losses that might otherwise be somebody else's responsibility.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

5. Which of the following statements concerning the damages involved in liability claims is

(are) correct?

I. Compensatory damages are designed to financially compensate a claimant who has suffered a loss.

II. Punitive damages are designed to indemnify a claimant for pain and suffering.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

6. Which of the following statements concerning state high-risk pools for individual medical expense coverage is (are) correct?

I. As a result of state subsidies, premiums tend to be much lower than in the regular market place.

II. Benefits for preexisting conditions are often subject to a waiting period.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

7. Which of the following statements concerning coinsurance under group major medical plans is (are) correct?

I. Different coinsurance percentages may apply to different categories of medical expenses.

II. The coinsurance percentage typically is applied to a person's covered expenses prior to subtracting the deductible amount.

A. I only

B. II only

C. Both I and II

D. Neither I nor II

Explanation / Answer

4. A Hold Harmless Agreement is a contract between two parties designed to release one or both parties from legal claims. Most often, one party agrees not to sue the other party for any expenses, damages, or losses arising from a transaction or activity between the two parties.

Hence C is correct answer.

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