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Chap 18 & 19 - Quiz (Revision)

Authored by S C

Business

8th Grade

Used 3+ times

Chap 18 & 19 - Quiz (Revision)
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8 questions

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1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Jeevan has insured his property with 2 insurance company Oman Insurance company and Continental Financial services for AED 2 million and AED 6 million respectively for fire. Due to fire he suffers a loss of AED 1 million and he files a claim for AED 1 million from each company. Which TWO insurance principles are applicable here ?

Principle of Indemnity

Principle of Insurable Interest

Principle of Contribution

Principle of Subrogation

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

After the claim, the right of the property is transferred to the Insurance Company. Under no circumstances, the insured is allowed to make any profit by sale of scrap. Identify the Principle.

Principle of indemnity

Principle of Insurable Interest

Principle of Subrogation

Principle of Utmost Good Faith

3.

MULTIPLE CHOICE QUESTION

2 mins • 1 pt

Global Travel Ltd. gets all the buses insured for $20,000 each under comprehensive insurance policy. One of its buses met with an accident. The insurance company appointed its surveyor who assed that the loss was assessed at $5000 and the compensation was paid. Identify the principle of insurance that is applicable here..

Principle of indemnity

Principle of Insurable interest

Principle of Contribution

Principle of subrogation

4.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

What are the TWO types of Premises insurance ?

Building insurance

Fire insurance

Contents insurance

Flood insurance

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

At the end of last year, a tropical storm has damaged the roof of a 10 storey building in Philipines. Which type of Premises insurance covers the cost of repairs to the roof ?

Disaster insurance

Building insurance

Structure insurance

Contents insurance

6.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

Which are examples of Non-insurable risks ? Tick ALL that applies.

A highway accident damaged a lorry laden with goods

There supply of tulips has fallen due to climate change, causing a drop in sales

Consumers now prefer organic and healthier food

The machinery's efficiency slowed down after 5 years of use in production.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Their job is to examine and check the true value of a loss. They are employed by the Insured.

Loss adjuster

Assessor

Actuary

Insurance agent

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