Insurance Quiz

1. 1. Insurance is a mean of protection or ____?

2. 2. Principle of Insurance that both parties should have it towards each other?

3. 3. A clear statement regarding the insured object must be made.

4. 4. The insurer agrees to pay off the insured for the actual loss suffered. It also means that insurance is not meant for profit.

5. 5. According to this principle, the insured can claim the compensation only to the extent of the actual loss.

7. 7. It is the duty of the insured to take all possible steps to minimize the happening of the risk. This is the main idea of this principle.

6. 6. As per this principle, the ownership right of the property shifts to the insurer. It only happens when the insured is paid off for the losses.

8. 8. It is the duty of the insured to take all possible steps to minimize the happening of the risk. This is the main idea of this principle.

9. 9. If the loss is caused by more than one reasons, the nearest or the closest cause is taken into consideration. This is the main idea of this principle.

10. 10. There are two types of insurance such as life and _______ insurance?