Ohio Insurance Laws and Regulations Practice Exam

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Prepare for the Ohio Insurance Laws and Regulations Exam. Dive into essential topics with detailed practice questions designed to enhance your knowledge and readiness. Ace your exam and ensure your success in the insurance field!

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A client told an intentional lie to an insurer in order to receive a favorable premium. This is an example of?

  1. Misrepresentation

  2. Fraud

  3. Warranty

  4. Indemnity

The correct answer is: Fraud

This is considered fraud because the client intentionally provided false information in order to gain a benefit (lower premium). This is different from misrepresentation, which is providing incorrect information without the knowledge that it is incorrect. Warranty refers to a promise or guarantee made in a contract, and indemnity refers to security or protection against damage or loss.

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