Insurance
Quiz by Commerce/BTEC teacher (Sabrina)
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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?
$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?
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
