Insurability Factors Quiz

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Questions and Answers

Which one of the following is a pre-condition for a risk to be insurable?

  • The loss must be intentionally brought about
  • The loss must be expected to happen
  • There must be no insurable interest
  • The loss must be fortuitous (correct)

Which one of the following is an example of a loss that is not insurable?

  • Earthquake risk (correct)
  • Loss caused by theft
  • Loss caused by fire
  • Property damage caused by war

What is the principle of utmost good faith in marine insurance?

  • The applicant should conceal material information
  • The applicant should withhold important information
  • The marine insurance company should reject policy applications
  • The applicant should disclose correct information (correct)

What can the marine insurance company do if the applicant conceals important information?

<p>Reject the policy application (A)</p> Signup and view all the answers

Which one of the following is an example of a risk that is against public interest?

<p>Insurance in respect to fines and penalties imposed by law (C)</p> Signup and view all the answers

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