Mobile Banking and Business Services - Chapter 4 Quiz
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Questions and Answers

What principle states that the insured must not be negligent or inactive just because their property is insured?

  • Principle of mitigation of loss (correct)
  • Principle of indemnity
  • Principle of good faith
  • Principle of subrogation

    • When does the ownership right of the insured property pass on to the insurer?

  • When the insured is compensated for the loss due to natural disaster
  • When the insured is compensated for the loss due to vandalism
  • When the insured is compensated for the loss due to theft
  • When the insured is compensated for the loss due to fire (correct)

    • Which principle is applicable to all contracts of indemnity?

  • Principle of subrogation (correct)
  • Principle of indemnification
  • Principle of good faith
  • Principle of indemnity

    • What is the responsibility of the insured in protecting their property according to the text?

    <p>To take all possible measures and necessary steps to control and reduce losses</p> Signup and view all the answers

    Which type of insurance involves the principle where the insured must protect the property from damage?

    <p>General insurance</p> Signup and view all the answers

    What is the principle that does not apply to life insurance?

    <p>Principle of subrogation</p> Signup and view all the answers

    Which principle states that the insured must take steps to minimize losses?

    <p>Principle of mitigation of loss</p> Signup and view all the answers

    What is the primary focus of credit cards according to the text?

    <p>Online payments</p> Signup and view all the answers

    Which e-banking service is specifically mentioned in relation to mobile phones?

    <p>Mobile banking service</p> Signup and view all the answers

    What is a unique feature of ATMs according to the text?

    <p>Can be used for various banking purposes</p> Signup and view all the answers

    In what way do credit cards differ from debit cards based on the text?

    <p>Credit cards require immediate payment, while debit cards do not.</p> Signup and view all the answers

    What does the principle of indemnity in insurance refer to?

    <p>Promising to put the insured in the same financial position as before the uncertain event</p> Signup and view all the answers

    Which insurance type has compensation limited to the amount assured or actual loss incurred?

    <p>General insurance</p> Signup and view all the answers

    What is the responsibility of the insured according to the text?

    <p>To protect the property and avoid loss</p> Signup and view all the answers

    Which principle states that insured must minimize the loss of property during uncertain events?

    <p>Principle of mitigation of loss</p> Signup and view all the answers

    What happens after an insurer pays compensation as per the principle of subrogation?

    <p>The insured's legal right over the property gets transferred to the insurer</p> Signup and view all the answers

    In which type of insurance does the entire sum assured get paid out by the insurer?

    <p>Life insurance</p> Signup and view all the answers

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