Insurance Past Questions

Refresh Questions
Spreading of risk to ensure that no insurer is liquidated by the occurrence of a large loss is the concept of
  • A. Insurance
  • B. Re insurance
  • C. Renewal
  • D. Treaty
Unlawful breaking and entering into any premises or place of safe keeping is covered under which of these policies?
  • A. burglary
  • B. business interruption
  • C. employers liability
  • D. public liability
The amount given to the insured if he does not want the contract to continue is called
  • A. Insurance broker
  • B. Premium
  • C. Surrender value
  • D. Assessor loss adjuster
The uncertainty of an event occurring is known as
  • A. Hazard
  • B. Risk
  • C. Loss
  • D. Accident
The deliberate or intentional throwing over board of part of a cargo to lighten the ship in the interest of the reminder of the cargo is
  • A. Barratry
  • B. Jettison
  • C. Breach
  • D. Caveat emptor
Renewal notice is used by insurers to remind the insured of the
  • A. reduction of cover
  • B. continuation of cover
  • C. expiration of cover
  • D. increase of cover
Insurance feature that emphasized the fact that insurance contract is a contract between the insurer and the insured and which states that the insured must adhere to the agreement is called
  • A. Disclosure
  • B. Warranty
  • C. Adhesion
  • D. Material facts
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
Risk that affect the society and whose causes are beyond human control is
  • A. particular risk
  • B. pure risk
  • C. fundamental risk
  • D. static risk
If the insured does not want the contract to continue he receives
  • A. surrender value
  • B. consideration
  • C. premium
  • D. commission