Podcast
Questions and Answers
What is the process by which risk is spread, usually among a large group of people?
What is the process by which risk is spread, usually among a large group of people?
- Insurance (correct)
- Indemnity
- Contribution
- Subrogation
Who agrees to pay money to or on behalf of the insured on the happening of an event in an insurance contract?
Who agrees to pay money to or on behalf of the insured on the happening of an event in an insurance contract?
- The insurer (correct)
- The insured
- The claimant
- The policyholder
What type of insurance involves a contract where the insurer agrees to pay against the actual loss that the insured suffered?
What type of insurance involves a contract where the insurer agrees to pay against the actual loss that the insured suffered?
- Indemnity Insurance (correct)
- Contingency Insurance
- Life Insurance
- Theft Insurance
Which principle of insurance states that the insurance contract must be signed by both parties in absolute good faith or trust?
Which principle of insurance states that the insurance contract must be signed by both parties in absolute good faith or trust?
What is the term for when the policyholder can file a claim for a covered loss and becomes a claimant after filing a claim?
What is the term for when the policyholder can file a claim for a covered loss and becomes a claimant after filing a claim?
How are collected premiums used in insurance?
How are collected premiums used in insurance?
What is the principle that obliges all parties to reveal all important information before signing up for an insurance policy?
What is the principle that obliges all parties to reveal all important information before signing up for an insurance policy?
When does a person have insurable interest in an object according to the text?
When does a person have insurable interest in an object according to the text?
What is the principle that ensures the amount paid by the insurer to the insured is not more or less than the value of loss?
What is the principle that ensures the amount paid by the insurer to the insured is not more or less than the value of loss?
What does the Principle of Subrogation enable the insurer to do?
What does the Principle of Subrogation enable the insurer to do?
Which principle stipulates that the insured must always try their best to minimize the loss of their insured property?
Which principle stipulates that the insured must always try their best to minimize the loss of their insured property?
What does the Principle of Indemnity aim to prevent?
What does the Principle of Indemnity aim to prevent?
In which principle does a person have insurable interest when the physical existence of the insured object gives some gain, but its non-existence will give a loss?
In which principle does a person have insurable interest when the physical existence of the insured object gives some gain, but its non-existence will give a loss?
If more than one policy exists for the same subject matter, what does the Principle of Contribution state?
If more than one policy exists for the same subject matter, what does the Principle of Contribution state?
What does the Principle of Causa Proxima help insurers assess?
What does the Principle of Causa Proxima help insurers assess?
