Principles Of Business: Insurance Quiz

10 Questions | By Samuelsj2 | Updated: Mar 21, 2022 | Attempts: 2726

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1.

This principle of insurance means that the parties to an insurance contract must be truthful in the declaration they make:
- A.
  
  Insurable Interest
- B.
  
  Utmost Good Faith
- C.
  
  Indemnity
- D.
  
  Proximate Cause
2.

This principle of insurance is one by which a policy-holder is compensated for the loss incurred.
- A.
  
  Insurable Interest
- B.
  
  Utmost Good Faith
- C.
  
  Indemnity
- D.
  
  Proximate Cause
3.

This type of policy covers the risk of liability for the injury or death of members of the public visiting a business premises.
- A.
  
  Life insurance
- B.
  
  Employer's liability
- C.
  
  Public liability
- D.
  
  Product liability
4.

This type of insurance for business provides coverage to protect against loss by fraud and stealing by employees.
- A.
  
  Fidelity Insurance
- B.
  
  Hull Insurance
- C.
  
  Cargo Insurance
- D.
  
  Employer's liability
5.

Any vehicle taken on public roads is required to have a certain minimum level of insurance to ensure that drivers can meet their liability for injury to others. This coverage provides compensation not only for the damage to other people but for damage to vehicle of the insured.
- A.
  
  Third Party
- B.
  
  Public Liability
- C.
  
  Comprehensive
- D.
  
  Driver's Liability
6.

This is the name given to the document sent by the insurer to the insured which states what has been agreed between the two parties.
7.

This form is filled out by the insured if a loss is suffered. It is submitted to the insurer for consideration.
8.

This type of insurance covers loss and damage to ships and heir cargoes.
9.

You cannot insure against a risk unless you have an insurable
10.

Insurance which covers against loss of life is sometimes referred to as