Principles of Insurance (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
How many fundamental principles govern all insurance policies?
How many fundamental principles govern all insurance policies?
Five
What does 'insurable interest' mean?
What does 'insurable interest' mean?
You'd lose money if item was damaged
Why can't Siobhan insure her friend's car?
Why can't Siobhan insure her friend's car?
She'd have no financial loss if damaged
What is the main purpose of the indemnity principle?
What is the main purpose of the indemnity principle?
To restore your financial position only
If Liam's €800 laptop is stolen, how much should his insurance pay?
If Liam's €800 laptop is stolen, how much should his insurance pay?
€800
What does 'utmost good faith' require when applying for insurance?
What does 'utmost good faith' require when applying for insurance?
Honestly disclosing all relevant info
What are 'material facts' in insurance?
What are 'material facts' in insurance?
Info that could affect insurer's decision
What happens if Aoife hides her speeding tickets when applying for car insurance?
What happens if Aoife hides her speeding tickets when applying for car insurance?
Insurer can refuse to pay her claim
What is 'subrogation' in insurance?
What is 'subrogation' in insurance?
Insurer's right to recover costs from who caused loss
What are two ways insurers can recover costs through subrogation?
What are two ways insurers can recover costs through subrogation?
Selling damaged items & legal action
What does the 'contribution' principle prevent?
What does the 'contribution' principle prevent?
Claiming more than actual loss
Róisín has €50k & €30k policies. For €20k loss, how much does the €50k insurer pay?
Róisín has €50k & €30k policies. For €20k loss, how much does the €50k insurer pay?
€12,500