17 Questions
What principle states that the insured must not be negligent or inactive just because their property is insured?
Principle of mitigation of loss
When does the ownership right of the insured property pass on to the insurer?
When the insured is compensated for the loss due to fire
Which principle is applicable to all contracts of indemnity?
Principle of subrogation
What is the responsibility of the insured in protecting their property according to the text?
To take all possible measures and necessary steps to control and reduce losses
Which type of insurance involves the principle where the insured must protect the property from damage?
General insurance
What is the principle that does not apply to life insurance?
Principle of subrogation
Which principle states that the insured must take steps to minimize losses?
Principle of mitigation of loss
What is the primary focus of credit cards according to the text?
Online payments
Which e-banking service is specifically mentioned in relation to mobile phones?
Mobile banking service
What is a unique feature of ATMs according to the text?
Can be used for various banking purposes
In what way do credit cards differ from debit cards based on the text?
Credit cards require immediate payment, while debit cards do not.
What does the principle of indemnity in insurance refer to?
Promising to put the insured in the same financial position as before the uncertain event
Which insurance type has compensation limited to the amount assured or actual loss incurred?
General insurance
What is the responsibility of the insured according to the text?
To protect the property and avoid loss
Which principle states that insured must minimize the loss of property during uncertain events?
Principle of mitigation of loss
What happens after an insurer pays compensation as per the principle of subrogation?
The insured's legal right over the property gets transferred to the insurer
In which type of insurance does the entire sum assured get paid out by the insurer?
Life insurance
Test your knowledge on how mobile banking has revolutionized traditional banking services and the principles of subrogation in business contracts. This quiz covers topics such as the elimination of bank branch visits through mobile banking and the concept of indemnity in insurance contracts.
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