Fundamentals of Insurance Quiz

____ insurance is not a contract of indemnity.

• Fire

• Marine

• Life

• Accident

______ is the primary principle of Insurance.

• Principle of Indemnity

• Principle of Insurable interest

• Principle of Utmost good faith

• All of the above

Principle of indemnity is not applicable to _______ insurance.

• Life

• Marine

• Fire

• None of these

The tool which shows loss of few with large number of people is known as _____.

• Insurance

• Co-operation

• Business

• Corporate

Insurance act was passed in the year_____.

• 1923

• 1938

• 1969

• 1956

Insurance is a _____ device.

• social

• political

• economical

• All

Insurance increases feeling of _____ in society.

• Cooperation

• Security

• Brother hood

• Happiness

Principle of utmost good faith is applicable to _______.

• Insured

• Insurance Agent

• Insurer

• Insured and insurance company

_____ is primary principle of the insurance.

• Principle of Insurable Interest

• Principle of subrogation

• Principle of mitigation of loss

• Principle of Contribution

The Financial Interest of the insured in the subject matter of insurance called as _____________

• Indemnity

• Co-operation

• Contribution

• Insurable Interest