1. The basic parts of an insurance contract are often summarized with the acronym ______________________. Please briefly discuss four of the five parts of a standard insurance policy.

2. Discuss and provide examples of exclusions that are necessary in any commercial insurance policy. Explain the problem that may ensue if either of these exclusions are not part of a policy.

3. If an applicant for life or health insurance is concerned about becoming disabled and being unable to pay the insurance premiums, a ________________________________ rider should be purchased as part of the policy.

4. Provide a hypothetical example that explains the difference between an aggregate deductible and a straight deductible.

5. Using the internet, cite a liability case that was based on the doctrine of Res Ipsa Loquitur, and provide a brief summary.

6. Briefly discuss the following laws and explain the key changes that resulted from each:

a. Sarbanes-Oxley Act

b. Dodd-Frank Wall Street Reform and Consumer Protection Act

c. McCarren Ferguson Act

d. Modernization Act