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Insurance Past 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