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Insurance

Quiz by Commerce/BTEC teacher (Sabrina)

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12 questions
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  • Q1

    Mr Yazid rents a shop and insures the goods only. Which principle of insurance prevents him from insuring the shop building as well?

    subrogation

    proximate cause

    insurable interest

    utmost good faith

    45s
  • Q2

    The following figures were taken from the books of an insurance company in 2013. What was the profit made in 2013?

    Question Image

    $2m

    $18m

    $10m

    $5m

    60s
  • Q3

    Hasya owns a small general store. Why does she has various insurance policies covering different aspects of the business?

    to reduce price

    to guard against risk

    to make a profit

    to help customers

    30s
  • Q4

    To which type of insurance does the ‘new for old’ principle of compensation refer?

    motor insurance

    live assurance

    marine insurance

    household contents insurance

    30s
  • Q5

    Which insurance principle does not allow a person to insure another person’s property?

    utmost good faith

    insurable interest

    indemnity

    subrogation

    30s
  • Q6

    Which insurance policy covers a customer who is injured on business premises?

    public liability

    personal accident

    employer's liability

    fidelity guarantee

    30s
  • Q7

    Mr Muti, a retailer, insured his ship’s contents, worth $80 000, for only $40 000. A month later, contents valued at $50 000 were destroyed by fire. How much would Mr Muti receive in compensation?

    $80 000

    $40 000

    $50 000

    $25 000

    60s
  • Q8

    In which situation is insurable interest present?

    a football fan insuring the life of his club’s star player

    a person insuring a car she has borrowed from her friend

    a homeowner insuring the house that she owns

    a worker insuring the life of the owner of his company

    30s
  • Q9

    The owner of a factory holding stock worth $200 000 insures the stock for $150 000. A fire causes $40 000 of damage.

    How much would the factory owner receive?

    $30 000

    $50 000

    $40 000

    $150 000

    60s
  • Q10

    Which principle of insurance prevents the insured from gaining from over-insuring property?

    utmost good faith

    insurable interest

    indemnity

    subrogation

    30s
  • Q11

    Which statement about comprehensive motor insurance is correct?

    Question Image

    It covers one's own vehicle and the occupants

    It covers one’s own vehicle and that of a third party.

    it is cheaper than third party insurance

    It is compulsory for licensing purposes

    30s
  • Q12

    Which risk is non- insurable?

    Bad management

    warehouse flood

    car accident

    broken window

    30s

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