WorksheetsVTBH
Total questions: 10
Worksheet time: 8mins
1. In case the insurance buyer has intentionally declared the wrong type of goods to the insurer. Until the loss occurred, the insurance buyer did not try to minimize the loss suffered. So what principle of insurance did the insurance buyer violate? (Choose more than one answer)
A) Principle of Utmost Good Faith
B) Principle of Subrogation
C) Principle of Causa Proxima
D) Principle of Loss minimization
2. From the viewpoint of the insurer, all of the following are characteristics of an ideally insurable risk EXCEPT
A) The loss must be accidental.
B) The loss must be catastrophic.
C) The premium must be economically feasible.
D) There must be a large number of exposure units.
3. Is the insured value of the goods determined on the basis of the value of the goods at the place of shipment or at the place of receipt?
A) At the place of shipment
B) At the place of delivery
4. Insurance company A provides insurance cover for a ship with a value of $10,000. Then, A signs an insurance contract with insurance company B, in which B provides insurance cover for $3,000 of the ship value. When a total loss occurs, A compensate $7,000, B compensate $3,000. What is the applicable principle?
A) Principle of Loss minimization
B) Principle of Contribution
C) Principle of Subrogation
D) Principle of Causa Proxima (Nearest cause)
5. In case the cargo ship runs aground along the way, the goods arrive late to the consignee , the goods owner loses the opportunity to sell or has to sell the goods at a lower price, will these damages be compensated by the insurer
A) The insurer is responsible
B) The insurer is not responsible
C) The insurer is responsible for the part that runs aground
D) The insurer is responsible for the late of the goods
6. Based on the origin of marine risk, how many types of risk?
A) 5
B) 6
C) 7
D) 8
7. Based on the types of insurance clauses, how many types of risks included? (Choose more than one answer)
A) General risks
B) Special risks
C) Excluded risks
D) Political risks
8.In the insurance of goods exported by sea, if you buy insurance under Institute Cargo Clauses A (all risks). Does it mean that all kinds of risks that occur in the transportation process that cause damage to your goods will be compensated by the insurance company?
A) YES
B) NO
9. An insurance contract may be available if the insured violates the principle of absolute honesty by acting:
A) Hide information
B) Accidentally did not declare
C) Intentionally false declaration
D) All are incorrect
10.In the compensation principle, what forms of compensation are possible ?
A) Repair damaged property
B) Replace damaged property
C) Pay compensation
D) All are correct
