Question
a.
That the insurer is compensated to the extent of the loss
b.
That the insured receives double the loss amount
c.
That the insurer has no obligation to compensate the insured
d.
That the insurer can refuse to pay compensation
Posted under IC38 Life Insurance Agent Exam
Interact with the Community - Share Your Thoughts
Uncertain About the Answer? Seek Clarification Here.
Understand the Explanation? Include it Here.
Q. What does the principle of "Indemnity" ensure in insurance?
Similar Questions
Explore Relevant Multiple Choice Questions (MCQs)
Q. What does "Subrogation" mean in insurance?
View solution
Q. What does the principle of "Contribution" imply in insurance?
View solution
Q. What is the "Proximate Cause" principle in insurance primarily concerned with?
View solution
Q. What is the principle of "Uberrima Fides" in insurance primarily concerned with?
View solution
Q. In the context of insurance, what does "Caveat Emptor" mean?
View solution
Q. How does the duty of Utmost Good Faith differ in insurance contracts compared to commercial contracts?
View solution
Q. What happens if either party involved in an insurance contract does not observe Utmost Good Faith?
View solution
Q. What is a "material fact" in the context of an insurance contract?
View solution
Q. Who has the legal duty of Utmost Good Faith in insurance contracts?
View solution
Q. Which of the following scenarios involves a material fact that should be disclosed in a life insurance proposal?
View solution
Q. In a fire insurance proposal, which of the following is considered a material fact?
View solution
Q. What type of material information should be disclosed in a marine insurance proposal?
View solution
Q. When proposing motor insurance, what information should be disclosed as a material fact?
View solution
Q. In the context of health insurance, which of the following is considered a material fact?
View solution
Q. Why are questions in the proposal form for insurance considered material facts?
View solution
Q. In which of the following scenarios do material facts need not be disclosed?
View solution
Q. Which of the following is a situation in which the insured has no obligation to disclose material facts unless specifically asked by the underwriters?
View solution
Q. In the case of insurance contracts, when does the duty to disclose material facts extend?
View solution
Q. When is there no further need to disclose any material facts in a life insurance policy?
View solution
Q. In the case of health insurance, when does the insured need to inform the insurer about health issues?
View solution
Recommended Subjects
Are you eager to expand your knowledge beyond IC38 Life Insurance Agent Exam? We've handpicked a range of related categories that you might find intriguing.
Click on the categories below to discover a wealth of MCQs and enrich your understanding of various subjects. Happy exploring!
