Podcast
Questions and Answers
What principle states that the insured must not be negligent or inactive just because their property is insured?
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 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?
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?
What is the responsibility of the insured in protecting their property according to the text?
Which type of insurance involves the principle where the insured must protect the property from damage?
Which type of insurance involves the principle where the insured must protect the property from damage?
What is the principle that does not apply to life insurance?
What is the principle that does not apply to life insurance?
Which principle states that the insured must take steps to minimize losses?
Which principle states that the insured must take steps to minimize losses?
What is the primary focus of credit cards according to the text?
What is the primary focus of credit cards according to the text?
Which e-banking service is specifically mentioned in relation to mobile phones?
Which e-banking service is specifically mentioned in relation to mobile phones?
What is a unique feature of ATMs according to the text?
What is a unique feature of ATMs according to the text?
In what way do credit cards differ from debit cards based on the text?
In what way do credit cards differ from debit cards based on the text?
What does the principle of indemnity in insurance refer to?
What does the principle of indemnity in insurance refer to?
Which insurance type has compensation limited to the amount assured or actual loss incurred?
Which insurance type has compensation limited to the amount assured or actual loss incurred?
What is the responsibility of the insured according to the text?
What is the responsibility of the insured according to the text?
Which principle states that insured must minimize the loss of property during uncertain events?
Which principle states that insured must minimize the loss of property during uncertain events?
What happens after an insurer pays compensation as per the principle of subrogation?
What happens after an insurer pays compensation as per the principle of subrogation?
In which type of insurance does the entire sum assured get paid out by the insurer?
In which type of insurance does the entire sum assured get paid out by the insurer?
Flashcards are hidden until you start studying
