Principles of Insurance

Principles of Insurance

University

12 Qs

quiz-placeholder

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Principles of Insurance

Principles of Insurance

Assessment

Quiz

Arts

University

Hard

Created by

NAZLIATUL ANIZA ABDUL AZIZ

Used 28+ times

FREE Resource

12 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

One reason catastrophes are difficult to insure is because the damage is so unpredictable.

True

False

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Which of the following is a fundamental purpose of the principle of indemnity?

to reduce moral hazard

to minimize physical hazards

to settle property insurance losses on a replacement cost basis

to require deductibles in all property insurance policies

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

The principle of indemnity reduces morale hazard.

True

False

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Under which of the following rules is actual cash value determined by taking into consideration all

relevant factors an expert would use to determine the value of the property?

the circumstantial evidence rule

the broad evidence rule

the property indemnity rule

the objective value rule

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

All of the following are exceptions to the principle of indemnity EXCEPT

life insurance.

valued policies.

replacement cost property insurance.

actual cash value property insurance.

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

Samʹs stereo was destroyed by a fire. The stereo cost $1200 when it was purchased, but a similar new stereo now costs $1800. Assuming the stereo was 50 percent depreciated, what is the actual cash value of Samʹs loss?

$600

$900

$1200

$1800

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

When must an insurable interest legally exist in life insurance?

only at the time of the insuredʹs death

only at the inception of the policy

only at the time the beneficiary is paid

both at the time of the insuredʹs death and at the inception of the policy

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