NONLIFE EXAMINATION REVIEWER PART 4 (TRUE/FALSE)

Comprehensive insurance issued to cover private houses and household under fire policy is otherwise known as a package policy.

• True

• False

The value of the ship is its value at the beginning of the risk including all articles or changes which add to its permanent value.

• True

• False

There is reinsurance when the same risk is insured by several insurers repeatedly in respect to the same subject and interest.

• True

• False

The definition of "insured" as used in the auto liability policy includes as insured the employees of a garage who may be operating the automobile with permission of the name insured.

• True

• False

Death or bodily injury to any person in the employ of the insured arising of and in the course of such employment is not compensable under a motor policy.

• True

• False

Suretyship exists whenever one party guarantees performance by another party of an obligation or undertaking.

• True

• False

All risks policies include all perils.

• True

• False

If the insured property is more than 3/4 destroyed, it may be abandoned to the company as a total loss, according to the standard fire policy.

• True

• False

Warranty in Marine Insurance is a stipulation forming part of the policy as to some fact, condition or circumstance relating to the risk.

• True

• False

If more than 2/3 of the goods' value is actually lost, the owner has the option to abandon and consider it a total loss.

• True

• False