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Insurance Past Questions
The person that transfers risks to the insurance company is called
- A. a broker
- B. an insured
- C. an underwriter
- D. a loss adjuster
Which of the following statements is true about property insurance?
- A. The probability that the event may occur
- B. The probability that the event will not occur
- C. The probability that the event may or may not occur
- D. The probability that the event must occur
The shifting of responsibility of one’s own losses to another is known as ---------- transfer
- A. Fund
- B. Risk
- C. Business
- D. Policy
A house worth N=60,000 insured against fire for N=40,000. Fire destroyed and cause damage worth N=30,000. On the house under which insurance principle will the owner be entitled to compensation of N=30,000.
- A. Contribution
- B. Subrogation
- C. indemnity
- D. Uberrimae fidei
Which of the following is a contract of benefit?
- A. Personal accident insurance
- B. Business interruption insurance
- C. Fire insurance
- D. Money insurance
A formal document containing the condition of the insurance contract is called
- A. agreement
- B. contract form
- C. contract slip
- D. policy document
Occurrence of an unplanned event is called
- A. hazard
- B. loss
- C. risk
- D. speculation
Another name for utmost good faith
- A. expirit - de - corps
- B. uberrimae fidei
- C. caveat emptor
- D. proximate cause
Cover note usually run for about
- A. One month
- B. Two days
- C. 5 years
- D. 3 days
Which of the following policies is a peril covered under a standard fire policy?
- A. Lightning
- B. Storm
- C. Civil commotion
- D. Escape of oil