Insurance Past Questions

Refresh Questions
A professional officer of an insurance company whose duty among others is to calculate the premium to be paid by the insured is called
  • A. Agent
  • B. Principal
  • C. Actuarist
  • D. Adjuster
  • E. Adjuster
The payment made when the insured is not entitled to claim under a policy is
  • A. voluntary excess
  • B. ex-gratia
  • C. return premium
  • D. premium
  • E. premium
The following are exempted from a contract because they do not have the contractual capacity except
  • A. Drunkard
  • B. Alien
  • C. Mental patient
  • D. Adult
  • E. Adult
Which of the following cannot enter into an insurance contract?
  • A. adult
  • B. insured
  • C. minor
  • D. insurer
  • E. insurer
The legal right to insure a subject matter is
  • A. Indemnity
  • B. Subject Matter
  • C. Subrogation
  • D. Insurable interest
  • E. Insurable interest
The maximum number of days allowed for a policy holder to pay his renewal premium after it has become due is called
  • A. surrender value
  • B. conditions
  • C. days of grace
  • D. days of liberty
  • E. days of liberty
A policy taken to cover several shipments for a sum assured is
  • A. floating policy
  • B. valued policy
  • C. declaration policy
  • D. special policy
  • E. special policy
One of the information contained in a renewal notice is the
  • A. previous losses
  • B. location of the risk
  • C. occupation of the insured
  • D. sum insured
  • E. sum insured
A contract that is contrary to public policy is
  • A. valid contract
  • B. legal contract
  • C. illegal contract
  • D. voidable contract
  • E. voidable contract
The difference between theft and burglary insurance lies in evidence of
  • A. pilfering of insured items
  • B. removal of insured items by tricks
  • C. forceful violent entry or exit affecting insured items
  • D. threat leading to loss of insured items
  • E. threat leading to loss of insured items