Session 3 Practice Exam - Part 1
Insurance Law Mastery Quiz
Test your knowledge of insurance law and contract principles with this comprehensive quiz! Designed for students, professionals, and enthusiasts alike, this quiz covers key concepts and principles essential for understanding the intricate world of insurance and contracts.
Whether you're preparing for exams or just want to challenge yourself, this quiz offers valuable insights into:
- Key insurance principles
- Contract law fundamentals
- Insurance policies and their applications
- Essential terminology and definitions
This law provides the very basis of formal co-operation in the society, without it the very fabric of society will become weak.
Contract Law
Insurance Law
Basic Law
Obligatory Law
This law has widest application (no other law can boast of such a wide applicability)
Insurance Law
Contract Law
Obligatory Law
Basic Law
It is a means of ‘social solidarity’ – as a tool of cooperation, this law helps a lot in rendering society more happy.
Basic Law
Obligatory Law
Contract Law
Insurance Law
What is/are the truth(s) about the basics of contract law?
Written or verbal except when required by law
Enforceability in a court of law
Intention to create a legal relationship
Purpose must be unlawful
Form must be illegal
In this insurance principle, insured knows more about the insured interest than the insurer and the insurer knows more about the Insurance policy than the insured.
Principle of Utmost Good Faith
Principle of Proximate Cause
Principle of Indemnity
Principle of Contribution
In this insurance principle, false information or non-disclosure of any important fact makes the contract voidable.
Principle of Contribution
Principle of Utmost Good Faith
Principle of Proximate Cause
Principle of Indemnity
Many of these are responses to questions to determine whether the applicant is insurable and how much should be charged.
Mutuals
Representations
Confirmations
Contributions
This one was relied upon by the insurer in issuing the policy in which if the truth were known, the insurer either would not have issued the policy, or would have issued it with different terms, and probably would have charged higher premiums.
Signature
Material representation
Insurance contract
Electronic stamp
The insurance company cannot deny a claim for a false representation unless it can prove that the applicant lied and intended to deceive the company—not because the applicant merely expressed an opinion that later turned out to be false.
True
False
Any misrepresentations after a loss can also void this type of contract (a common example of this type of misrepresentation is when the insured suffers the loss of property, but files a claim for much more than the property was actually worth).
Period contract
Insurance contract
Finance contract
Cost-reimbursement contract
It is the failure to disclose material information.
Misrepresentation
Concealment
Warranty
Contract void
It is a promise by the insurance applicant to do certain things or to satisfy certain requirements.
Misrepresentation
Concealment
Contract void
Warranty
It becomes part of the insurance contract and if the insured breaches this, the insurer can void the contract and deny payment of a claim.
Misrepresentation
Datum
Warranty
Certitude
It is a statement of fact, which is basically the same as a representation.
Affirmative warranty
Promissory warranty
Express warranty
Implied warranty
It is a promise to do something or that something will be done in a specific way.
Affirmative warranty
Promissory warranty
Express warranty
Implied warranty
It is specifically stated in the contract.
Affirmative warranty
Promissory warranty
Express warranty
Implied warranty
It is one that is presumed.
Affirmative warranty
Promissory warranty
Express warranty
Implied warranty
The principle states that to find out whether the insurer is liable for the loss or not, the proximate (closest) and not the remote (farthest) must be looked into.
Principle of Utmost Good Faith
Principle of Proximate Cause
Principle of Contribution
Principle of Indemnity
In order to determine whether a loss resulted from a cause covered under an insurance policy, a court looks for the predominant cause which sets into motion the chain of events producing the loss, which may not necessarily be the last event that immediately preceded the loss. This is under the principle of?
Principle of Utmost Good Faith
Principle of Indemnity
Principle of Contribution
Principle of Proximate Cause
In this principle of insurance, the person who suffers a financial loss is placed in the same financial position after the loss as before the loss occurred.
Principle of Utmost Good Faith
Principle of Indemnity
Principle of Proximate Cause
Principle of Contribution
The person who suffered neither profits nor is disadvantaged by the loss in this principle.
Principle of Proximate Cause
Principle of Contribution
Principle of Subrogation
Principle of Indemnity
The insurer promise to help the insured in restoring the financial position before loss has occurred.
Principle of Subrogation
Principle of Indemnity
Principle of Contribution
Principle of Proximate Cause
This insurance principle happens when the asset is insured for a value lower than the actual value.
Principle of Subrogation
Principle of Indemnity
Principle of Contribution
Insurable Interest
It is a corollary of the principle of indemnity.
Insurable Interest
Principle of Sudrogation
Principle of Contribution
Principle of Indemnity
It is about the financial relationship of a person to the subject matter of the insurance, that is the property or liability referred to in the contract.
Insurable Interest
Principle of Subrogation
Principle of Indemnity
Principle of Contribution
It is the subject matter of the contract.
Insurable Interest
Subrogation
Contribution
Indemnity
It can arise in a variety of ways but it is always related to the financial relationships involved.
Principle of Indemnity
Insurable Interest
Principle of Contribution
Principle of Subrogation
It is an extension and another corollary of the principle of indemnity.
Indemnity
Subrogation
Insurable Interest
Insurance
According to this principle, when the insured is compensated for the losses due to damage to his insured property, then the ownership right of such property shifts to the insurer.
Insurable Interest
Principle of Indemnity
Principle of Subrogation
Principle of Contribution
In this principle, the insurer has paid for the loss for which he is liable under the policy.
Insurable Interest
Principle of Contribution
Principle of Indemnity
Principle of Subrogation
According to this principle, if the insured party gets a compensation for the loss suffered by him, he cannot claim the same amount of loss from any other party.
Principle of Indemnity
Principle of Subrogation
Principle of Contribution
Principle of Utmost Good Faith
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