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Basic principles of insurance - SS2 Commerce Past Questions and Answers - page 1

1

What is the principle that requires both the insurer and the insured to act honestly and disclose all relevant information?

 

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A

Utmost good faith

B

Insurable interest

 

C

Subrogation

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2

Which principle states that the insured must have a financial or legal interest in the subject matter of the insurance policy?

 

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A

Utmost good faith

 

B

Insurable interest

 

C

Subrogation

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3

What does the principle of indemnity aim to achieve?

 

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A

Making a profit from insurance

 

B

Restoring the insured to the same financial position

 

C

 Preventing double compensation

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4

What does subrogation allow the insurance company to do?

 

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A

Compensate the insured for a loss

 

B

Pursue legal rights against responsible parties

 

C

 Assess the insurable interest of the insured

 

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5

Which principle prevents insurance from being used as a means of speculation or gambling?

 

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A

Utmost good faith

 

B

Insurable interest

 

C

Indemnity

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6

Define the principle of utmost good faith.

 

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7

What is the purpose of subrogation in insurance?

 

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