An English Insurance Acts And History Knowledge Quiz!

2.

Which of the following was an insurance law developed by the Babylonian traders?

Law of solon
Insurance contract
Code of sea law
Code of Hammurabi

Correct Answer

A. Code of Hammurabi

Explanation

The Code of Hammurabi was an insurance law developed by the Babylonian traders. This code was one of the oldest and most comprehensive sets of laws in ancient Mesopotamia. It included various provisions related to insurance, such as the concept of shared risk and the payment of premiums. The code aimed to protect both traders and their goods, establishing rules and regulations for commercial transactions and resolving disputes. It was a significant development in the history of insurance and had a lasting impact on legal systems around the world.

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3.

Hazards caused by carelessness of the policy holder is called?

Moral hazard
Risk hazard
Morale hazard
Insurance hazard

Correct Answer

A. Morale hazard

Explanation

Morale hazard refers to the hazards caused by the carelessness or lack of concern of the policyholder. It occurs when the policyholder exhibits risky behavior or fails to take necessary precautions because they know they are protected by insurance. This can lead to increased risks and potential losses for the insurance company.

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4.

China is a monetary economy

True
False

Correct Answer

A. True

Explanation

China is considered a monetary economy because it uses a currency system where money is the primary medium of exchange. In a monetary economy, goods and services are bought and sold using a standardized form of currency, such as the Chinese yuan in China. This allows for efficient transactions and facilitates economic activities within the country.

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5.

The financial interest an insured get from the subject matter is?

Subject matter of indemnity
Subject matter of insurance
Subject matter of risk
Subject matter of contract

Correct Answer

A. Subject matter of contract

Explanation

The financial interest an insured gets from the subject matter refers to the benefits or advantages gained by the insured as a result of the contract. The subject matter of the contract is the main focus or object of the agreement between the insured and the insurer. It is the specific item, property, or event that is being insured against risks. Therefore, the correct answer is "Subject matter of contract" as it directly relates to the financial interest and agreement between the insured and the insurer.

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6.

The earliest form of insurance is?

Fire insurance
Motor insurance
Marine insurance
Life assurance

Correct Answer

A. Marine insurance

Explanation

Marine insurance is considered the earliest form of insurance because it originated in ancient maritime civilizations. As early as the 3rd millennium BC, merchants in ancient Babylon and China would pool their resources to protect themselves against the risks of losing their cargo at sea. This practice eventually evolved into formal marine insurance contracts in ancient Greece and Rome. The need for marine insurance arose due to the high risks involved in maritime trade, such as shipwrecks, piracy, and damage to cargo. Thus, marine insurance predates other forms of insurance like fire insurance, motor insurance, and life assurance.

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7.

The Lloyds coffee shop was created by?

Edward lloyd, 1680s
Edward Taylor, 1680s
Frank edward, 1670s
Edward llyold, 1670s

Correct Answer

A. Edward lloyd, 1680s

Explanation

The correct answer is Edward Lloyd, 1680s. Edward Lloyd is credited with creating the Lloyds coffee shop in the 1680s.

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8.

------ was the first British agency company to be given to a Nigerian

Granite Insurance Company
Rock Insurance Company
Ruby Insurance Company
Marble Insurance Company

Correct Answer

A. Rock Insurance Company

Explanation

Rock Insurance Company was the first British agency company to be given to a Nigerian.

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9.

The first African indigenous insurance company was established in --------

1958
1956
1957
1969

Correct Answer

A. 1958

Explanation

The correct answer is 1958. This means that the first African indigenous insurance company was established in 1958.

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10.

A Bottomry contract represents??

Use of ship as security
Use of cargo as security
Use of loan as security
Use of deposited cash as security

Correct Answer

A. Use of ship as security

Explanation

A Bottomry contract represents the use of a ship as security. In this type of contract, a ship is used as collateral for a loan. If the borrower is unable to repay the loan, the lender has the right to take possession of the ship. This type of contract is commonly used in maritime trade to provide financial assistance to ship owners and ensure repayment of loans.

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11.

The great fire of London happened in?

1666
1665
1766
1756

Correct Answer

A. 1666

Explanation

The correct answer is 1666. The Great Fire of London was a major conflagration that swept through the central parts of the city from September 2 to September 6, 1666. It started in a bakery on Pudding Lane and quickly spread, destroying a large portion of the city, including over 13,000 houses, 87 churches, and numerous other buildings. The fire was finally extinguished after days of burning, leaving a lasting impact on the city's architecture and urban planning.

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12.

The liberation of the use of motor car was by?

Locomotive on Highway Act, 1896
Road Traffic Act, 1930
Road Traffic Act, 1934
Road Traffic Act, 1960

Correct Answer

A. Locomotive on Highway Act, 1896

Explanation

The correct answer is the Locomotive on Highway Act, 1896. This act was the first legislation in the United Kingdom to regulate the use of motor vehicles on public roads. It allowed for the use of "light locomotives" or motor cars on highways, subject to certain restrictions and regulations. This act marked a significant milestone in the history of motor vehicle usage and paved the way for the development and widespread adoption of automobiles in the UK.

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13.

The form of insurance which is difficult to underwrite profitably is?

Correct Answer
Motor insurance

Explanation
Motor insurance is the correct answer because it is a type of insurance that involves a higher risk of claims and losses. Motor insurance policies cover damages and injuries caused by accidents involving vehicles. However, determining the premiums for motor insurance can be challenging due to various factors such as the driver's age, driving record, type of vehicle, and location. Additionally, the frequency and severity of motor accidents can vary significantly, making it difficult for insurance companies to accurately predict and price the risk. This makes underwriting motor insurance policies more complex and potentially less profitable compared to other forms of insurance.

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An English Insurance Acts And History Knowledge Quiz!

The fire insurance duty was imposed between?

Quiz Preview

Which of the following was an insurance law developed by the Babylonian traders?

Hazards caused by carelessness of the policy holder is called?

China is a monetary economy

The financial interest an insured get from the subject matter is?

The earliest form of insurance is?

The Lloyds coffee shop was created by?

------ was the first British agency company to be given to a Nigerian

The first African indigenous insurance company was established in --------

A Bottomry contract represents??

The great fire of London happened in?

The liberation of the use of motor car was by?

The form of insurance which is difficult to underwrite profitably is?