Principles of insurance quiz | Baamboozle - Baamboozle

English 12 Public

A fun quiz on all the principles of insurance

Study Slideshow

#Business #fun #principles #nfl

What is the first principal of insurance?

Insurable intrest

15

Can you profit from interest?

No

5

What principle stops you from profiting from interest?

Indemnity

20

what is the second principle of insurance?

Utmost good faith

15

Explain the term insurable interest?

The insured must gain from the existence of the item and suffer financially from its loss

25

Explain the principal utmost good faith?

The applicant must tell the truth

20

what is the third principle of insurance?

indemnity

15

What is the fourth principle of insurance

contribution

15

what is the fifth principle of insurance

subrogation

15

Explain the principle contribution

if you insure an asset with a number of insurance companies you will not recieve compensation from each

15

explain the principle indemnity?

You cannot profit from an insurance claim

15

ex[plain the principle subrogation

once the insurance company has paid full compensation to the insured for a loss the insurance company has the right to any scrap value

20