
Revision Fire Insurance
Authored by Varada Balachandran
Other
University
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10 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is not a contract of indemnity?
Fire insurance contract
Life insurance contract
Marine insurance
Answer explanation
Life insurance contract is not a contract of indemnity. Fire and marine insurance are.
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which of the following is capable of being the subject matter of a fire insurance contract?
A building
A person
An animal
A
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
What is a cover note?
Interim protection note
Cover page of a fire insurance policy
Cover page of a marine insurance policy
Schedule of a fire insurance policy
4.
MULTIPLE CHOICE QUESTION
3 mins • 1 pt
What is the correct sequence of events?
Proposal- Underwriting - Issuance of policy - Happening of risk event - settlement of claim - subrogation
Proposal- issuance of policy- settlement of claim- happening of risk- underwriting- subrogation
Subrogation- issuance of policy- settlement of claim- happening of risk- underwriting
Underwriting- proposal - issuance of policy- happening of risk- subrogation- settlement of claim
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
In case of the loss being attributable to a fault of a third party, the right of the insured to legally proceed against the third party stands transferred to the insurer after the insurer indemnifies the insured. This principle is known as ----------.
Doctrine of subrogation
Doctrine of contribution
Doctrine of indemnity
Doctrine of reinstatement
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
If the same property is insured with two different insurers, which principle will come into play at the stage of settlement of claim?
Principle of subrogation
Principle of contribution
Principle of reinstatement
Answer explanation
The insurers will be liable to pay proportionate to the sums insured with them.
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Rita insures her house against fire with three insurance companies, A, B and C for different sums. The house gets destroyed by fire. She approaches A for settlement of the entire claim. A pays the entire amount (covering for the shares of B and C as well). Can A recover the shares of B and C? If yes, from whom can A recover such contribution?
No. A cannot recover the sums because A willingly paid up for all three insurers.
Yes. A can recover it from Rita.
Yes. A can recover it from B and C.
Answer explanation
Doctrine of contribution
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