Principle of Insurance 2

Principle of Insurance 2

University

10 Qs

quiz-placeholder

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Principle of Insurance 2

Principle of Insurance 2

Assessment

Quiz

Arts

University

Medium

Created by

NAZLIATUL ANIZA ABDUL AZIZ

Used 71+ times

FREE Resource

10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A false statement made by an applicant for insurance is an example of a

concealment

breach of warranty.

misrepresentation.

offer and acceptance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle of utmost good faith is supported by all of the following legal doctrines EXCEPT

warranty

concealment

representation

subrogation

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following statements about subrogation is true?

It is used primarily for losses paid under life insurance policies.

It allows the insurer to sue its own insured who is negligent.

The insuredʹs right to collect benefits may be forfeited if the insured interferes with the insurerʹs rights after a loss.

The insurer is required to exercise its subrogation rights.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

All of the following will support an insurable interest for purposes of purchasing property and

liability insurance EXCEPT

ties of blood and marriage.

potential legal liability.

secured creditors.

a contractual right.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Replacement cost insurance means there is no deduction for depreciation in determining the amount paid for a loss.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A representation is a statement that is material, false, and relied on by the insurer.

TRUE

FALSE

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A warranty is a statement that becomes part of the insurance contract and is guaranteed by the maker to be true in all respects.

TRUE

FALSE

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