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Question 1 of 10
1. Question
In the agreement between the insurer and the insured person.
Correct
In the insurance policy, It is stated that the insurer has to pay the insured in case of loss.
Incorrect
In the insurance policy, It is stated that the insurer has to pay the insured in case of loss.
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Question 2 of 10
2. Question
Which of the following statements are most suitable for the insurance agreement
Correct
The insurance policy is in form of a legal document. All clauses are written there and the insured can only make claim in case of a loss.
Incorrect
The insurance policy is in form of a legal document. All clauses are written there and the insured can only make claim in case of a loss.
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Question 3 of 10
3. Question
Which statement best described the insurance?
Correct
Insurance is a legal document or agreement between the insurance company, insurer, and the insured person to protect against any loss.
Incorrect
Insurance is a legal document or agreement between the insurance company, insurer, and the insured person to protect against any loss.
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Question 4 of 10
4. Question
A hazard is a situation that increases the likelihood of occurring a potential loss. Which of the following can be stated as a physical hazard.
Correct
A physical hazard is a condition that is occurred by improper material or structure.
Incorrect
A physical hazard is a condition that is occurred by improper material or structure.
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Question 5 of 10
5. Question
Which of the following situations represents the most likely cause for insurance.
Correct
Getting life insurance to secure a family is the most suitable situation to have an insurance agreement signed.
Incorrect
Getting life insurance to secure a family is the most suitable situation to have an insurance agreement signed.
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Question 6 of 10
6. Question
Risks can result in small losses or serious losses. How can we manage risks?
Correct
There are four ways by which can manage risk i.e. avoid risks, retrained risks, Risks can be avoided by eliminating the perils or causes of the risks for avoided getting it. Risks can be avoided by transferring it to another party.
Incorrect
There are four ways by which can manage risk i.e. avoid risks, retrained risks, Risks can be avoided by eliminating the perils or causes of the risks for avoided getting it. Risks can be avoided by transferring it to another party.
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Question 7 of 10
7. Question
What is the basic principle of the law of large numbers in insurance?
Correct
In insurance, The basic principle for the Law of large numbers is that the future losses are more predictable for a larger group that how many of them may encounter a loss in a given time period,
Incorrect
In insurance, The basic principle for the Law of large numbers is that the future losses are more predictable for a larger group that how many of them may encounter a loss in a given time period,
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Question 8 of 10
8. Question
To operate the insurance theory of Large numbers, it is a must that exposure units combine in large numbers. What is meant by the exposure units in the statement?
Correct
The exposure unit is the person or property that is insured in an insurance agreement or policy. The exposure unit is the entity that bears the loss and the insurance company will have to pay the financial loss agreed in the policy.
Incorrect
The exposure unit is the person or property that is insured in an insurance agreement or policy. The exposure unit is the entity that bears the loss and the insurance company will have to pay the financial loss agreed in the policy.
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Question 9 of 10
9. Question
Who are the Actuaries?
Correct
Actuaries are the mathematicians who study and collect data related to the exposure units and risks for an insurance policy.
Incorrect
Actuaries are the mathematicians who study and collect data related to the exposure units and risks for an insurance policy.
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Question 10 of 10
10. Question
Which of the following is not an insurable interest.
Correct
Insurable interest is the demand for an insurance policy that a person must have a justified interest in protecting his or her own life or property.
Incorrect
Insurable interest is the demand for an insurance policy that a person must have a justified interest in protecting his or her own life or property.