Principles of insurance

Krishna took a health insurance policy. At the time of taking insurance, he was a smoker and didn't  disclosed this fact to company Later, he got cancer. Will insurance company pay him ?

• yes 

• no

Because of which principal insurance company didn't paid krishna ?

• Subrogation

• Insurable Interest

• Utmost Good Faith

• Proximate Cause

The principle of indemnity is not applicable

to life insurance?

• TRUE

• FALSE

After getting the claim from the insurance company the ownership rights of the property are transferred under which which principle?

• Indemnity

• Proximate Cause

• Subrogation

• mitigation

According to which principle of insurance the insured should do his best to reduce the damage to the insured goods?

• MITIGATION

• Indemnity

• Contribution

• Subrogation

If the insured has taken two insurance policy can he take full claim for the damaged goods from both the insurers?

• YES

• NO

According to this principle, an insurance policy is

designed to provide compensation only

for such losses as are caused by the

perils which are stated in the policy?

• Indemnity

• Insurable Interest

• Subrogation

• Proximate Cause

According to the principle of contribution if the insured has taken two insurance policies of 3 lacks and 2 lacks and goods of value 50,000 get destroyed then how much will each company contribute respectively

• 40,000 and 10,000

• 30,000 and 20,000

• 20,000 and 30,000

According to which principle of insurance both the insurer and the

insured should display good faith

towards each other in regard to the

contract.

• Contribution

• Subrogation

• Utmost Good Faith

• Mitigation

In respect to which principle can a person not buy insurance policy for a friend

• Contribution

• Subrogation

• Utmost Good Faith

• Insurable Interest