Session 3 Practice Exam - Part 3
Insurance Principles Mastery Quiz
Test your knowledge of essential insurance principles and terms with our engaging quiz designed for aspiring professionals and enthusiasts alike. With 10 carefully crafted questions, you can challenge yourself and gain a better understanding of the field.
- Multiple choice questions
- Focus on key concepts like insurable interest, indemnity, and subrogation
- Perfect for certification preparation and self-assessment
The right of subrogation was established in Article ___ of the Magna Carta.
6
7
8
9
In this insurance principle, the extent of that interest will probably be governed by the terms of the underlying commercial contract.
Insurable Interest
Principle of Indemnity
Principle of Contribution
Principle of Subrogation
This insurance principle happens when the same asset is insured with multiple insurers.
Insurable Interest
Principle of Contribution
Principle of Subrogation
Principle of Indemnity
It means when a loss is caused by more than one causes, the nearest or the closest cause should be taken into consideration to decide the liability of the insurer.
Principle of Contribution
Insurable Interest
Principle of Indemnity
Principle of Proximate Cause
It is a statement of fact that is attested by the insurance applicant.
Warranty
Concealment
Misrepresentation
Contract fact
These are the statements made by the insured on the insurance application.
Representations
Mutuals
Confirmations
Contributions
In this insurance principle, material information should be given to the Insurer by the Insured and any material change should also be intimated.
Principle of Indemnity
Principle of Proximate Cause
Principle of Contribution
Principle of Utmost Good Faith
It means security, protection and compensation given against damage, loss or injury.
Indemnity
Subrogation
Contribution
Regulation
This is found very useful when the loss occurred due to series of events.
Principle of Contribution
Principle of Utmost Good Faith
Principle of Indemnity
Principle of Proximate Cause
It means substituting one creditor for another.
Subrogation
Contribution
Indemnity
Insurable Interest
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