11 Questions
What type of information is Rita providing to her insurer?
Relevant information
What principle is being applied when the farmer's claim is paid without deduction for underinsurance?
Special condition of average
How is the liability of each insurer determined in the case of Amir and Roshan?
According to the proportion of their respective insured values
What is the duty of the insured in relation to providing information?
To provide relevant information
At what point does the duty to disclose relevant information first arise?
At the beginning of negotiations
What is the term for the sharing of losses between multiple insurers?
Contribution
What is the purpose of the duty of disclosure in insurance?
To ensure fairness in the policy
What happens when an insured has multiple policies with different insurers?
The insurers will pay the claim in proportion to their respective insured values
What is the consequence of non-disclosure of relevant information?
The policy will be void
What is the term for the amount of insurance that is less than the value of the insured property?
Underinsurance
Who bears the loss when an insured has underinsured their property?
The insured
Test your knowledge of insurance principles and policies, including indemnity, insurable interest, and subrogation. This quiz covers key concepts and scenarios involving insurance claims and coverage.
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