PRINCIPLE OF INSURANCE

Which of the following principles of Insurance denotes a duty of the person seeking insurance to voluntarily disclose all facts material to the risk being proposed whether requested or not?

• Insurable Interest

• Subrogation

• Principle Indemnity

• Principle of Utmost Good Faith

Which of the following insurance principles ensures the assured's financial interest on the insured?

• Subject matter of insurance

• Insurable Interest

• Financial Interest

Which of the following insurance principles states that an insured cannot be compensated by an insurance company in excess of their economic loss?

• Utmost Good Faith

• Principle of Contribution

• Causa Proxima

• Principle of Indemnity

Which of the following principles of Insurance enables the insured to claim the amount from the third party responsible for the loss?

• Insurable Interest

• Reinsurance

• Principle of Subrogation

• Principle of Contribution

• Double insurance

What is the name of the Insurance Principle which

the insured can claim the compensation either from all insurers or from any one insurer?

• Insurable Interest

• Utmost Good Faith

• Principle of Subrogation

• Principle of Contribution

• Proximate Cause

"The insurer is liable for loss only when such a loss is proximately caused by the peril insured against."

Decide which principle applies on this statement?

• Remote cause

• Uberrima fides

• Proxy Clause