Principles of insurance

Principles of insurance

12th Grade

25 Qs

quiz-placeholder

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Principles of insurance

Principles of insurance

Assessment

Quiz

Business

12th Grade

Hard

Created by

Amy Cullen

Used 3+ times

FREE Resource

25 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which principle in insurance contracts mandates the disclosure of all relevant information by both the insurer and the insured?
a) Subrogation
b) Insurable Interest
c) Utmost Good Faith
d) Indemnity

Answer explanation

Jupiter is a gas giant made primarily of hydrogen and helium. Unlike terrestrial planets that have solid surfaces, gas giants like Jupiter don't have a well-defined solid surface, allowing them to accumulate more mass in a gaseous form. This composition has allowed Jupiter to grow significantly larger than planets with solid surfaces.

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What does insurable interest mean in insurance policies?
a) It ensures the insured party is compensated for the actual amount of loss suffered.
b) It prevents fraudulent claims.
c) The policyholder would suffer a financial loss if the subject matter of the policy were damaged or destroyed.
d) It allows for double recovery for the same loss.

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which principle ensures that the insured party is restored to the same financial position as before the loss?
a) Subrogation
b) Indemnity
c) Contribution
d) Proximate Cause

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a person's car is damaged in an accident and the repair costs amount to €2,000, what will the insurance policy cover?
a) The repair costs plus additional financial gain.
b) The actual cost of repairs, up to the policy limit.
c) Only a portion of the repair costs.
d) Nothing, as the accident wasn't the fault of the insured.

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

What principle deals with over insurance in insurance contracts?
a) Subrogation
b) Contribution
c) Indemnity
d) Loss Minimisation

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

If a person insures the same property twice, what principle dictates how the compensation payout is handled?
a) Proximate Cause
b) Average Clause
c) Loss Minimisation
d) Contribution

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Which principle allows the insurer to take over the insured's right to sue a third party for damages?
a) Subrogation
b) Indemnity
c) Utmost Good Faith
d) Average Clause

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