5 Questions
What is pure risk?
A risk with no chance of gain
What is the principle of indemnity?
The purpose of the policy is to restore the insured financially to where they were prior to their loss
What is a binder in insurance?
A temporary contract that provides coverage until the policy is issued
What is the Fair Credit Reporting Act?
A law that protects consumers against the circulation of inaccurate or obsolete personal or financial information
What does the other insurance clause mean in insurance?
It is also known as the pro-rata liability clause and it means that the liability is proportionate to the amount of insurance provided by each policy
Test your knowledge of insurance terms and related concepts with this quiz! From pure and speculative risk to hazards and the principle of indemnity, this quiz covers the basics of insurance. Whether you're studying for an exam or just interested in learning more about the world of insurance, this quiz is a great way to brush up on your knowledge. So grab a pen and paper, and let's get started!
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