Investment: Insurance (Grade 12 NSC Matric Business Studies): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What are the regular amounts paid by the insured person to the insurance company called?
What are the regular amounts paid by the insured person to the insurance company called?
Premiums
What happens if the principles of insurance are broken?
What happens if the principles of insurance are broken?
The contract could become invalid
Which principle ensures you're restored to the same financial position as before a loss?
Which principle ensures you're restored to the same financial position as before a loss?
Indemnity
Which type of insurance does the indemnity principle most commonly apply to?
Which type of insurance does the indemnity principle most commonly apply to?
Short-term insurance
If your car worth R800,000 has R100,000 damage, how much can you claim under indemnity?
If your car worth R800,000 has R100,000 damage, how much can you claim under indemnity?
R100,000
Which principle typically applies to long-term insurance products like life insurance?
Which principle typically applies to long-term insurance products like life insurance?
Security or certainty
How is the payout amount determined under the security/certainty principle?
How is the payout amount determined under the security/certainty principle?
Fixed amount agreed at policy start
What does the utmost good faith principle require from both parties?
What does the utmost good faith principle require from both parties?
Complete honesty & disclosure
What must you prove under the insurable interest principle?
What must you prove under the insurable interest principle?
Genuine financial loss potential
Which is a valid example of insurable interest?
Which is a valid example of insurable interest?
Insuring your own car