Principle of Insurance 2
Assessment
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NAZLIATUL ANIZA ABDUL AZIZ
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Arts
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University
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Medium
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10 questions
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1.
Multiple Choice
A false statement made by an applicant for insurance is an example of a
concealment
breach of warranty.
misrepresentation.
offer and acceptance
2.
Multiple Choice
The principle of utmost good faith is supported by all of the following legal doctrines EXCEPT
warranty
concealment
representation
subrogation
3.
Multiple Choice
Which of the following statements about subrogation is true?
It is used primarily for losses paid under life insurance policies.
It allows the insurer to sue its own insured who is negligent.
The insuredʹs right to collect benefits may be forfeited if the insured interferes with the insurerʹs rights after a loss.
The insurer is required to exercise its subrogation rights.
4.
Multiple Choice
All of the following will support an insurable interest for purposes of purchasing property and
liability insurance EXCEPT
ties of blood and marriage.
potential legal liability.
secured creditors.
a contractual right.
5.
Multiple Choice
Replacement cost insurance means there is no deduction for depreciation in determining the amount paid for a loss.
TRUE
FALSE
6.
Multiple Choice
A representation is a statement that is material, false, and relied on by the insurer.
TRUE
FALSE
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