Multiple Choice
The amount of insurance depends on
A) Peril
B) The risk
C) Neither the peril nor the risk
D) Both the peril and the risk
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Risk may be:<br>A)objective<br>B)subjective<br>C)Both (a) and (b)<br>D)None of
Q12: Insurance compensate losses<br>A)By replacing the original asset<br>B)To
Q13: Insurance works on the principle of<br>A)Sharing<br>B)Probabilities<br>C)Large numbers<br>D)All
Q14: Insurance benefits replace<br>A)All physical losses in full<br>B)All
Q15: The General Insurance Business Nationalization Act was
Q17: The principle of _ensures that an insured
Q18: Insurance principle does not include<br>A)principle of indemnity<br>B)principle
Q19: Insurance works on the principle of<br>A)Trust<br>B)Sharing<br>C)Randomness<br>D)All the
Q20: Insurance principle does not include<br>A)Principle of indemnity<br>B)Principle
Q21: The principle functions of an insurance contract