Q-11- ___________ refers to the subject matter of insurance and concerns those facts which can be ascertained by inspection of the risk.
- Risk
- A Peril
- special Risk
- Physical Hazard
Option-4 Physical hazard refers to the subject matter of insurance and concerns those facts which can be ascertained by inspection of the risk.
Q-12- ________ is a notice and confirmation to the insurer that it has been bound to a contract of insurance in accordance with the details given.
- Policy
- Binder
- Contract
- Cover Note
Option-4 Cover note is a notice and confirmation to the insurer that it has been bound to a contract of insurance in accordance with the details given.
Q-13- _________ exists where there is either a chance of loss or a chance of profit.
- Pure risk
- Political Risk
- Special Risk
- Speculative risk
Option-4 Speculative risk exists where there is either a chance of loss or a chance of profit.
Q-14- _______ is an event which may cause a loss to occur.
- Risk
- Peril
- Binder
- Hazard
Option-2 Peril is an event which may cause a loss to occur.
Q-15- _______entails a chance of loss but no chance of profit.
- Pure risk
- Special Risk
- Political Risk
- Speculative risk
Option-1 Pure risk entails a chance of loss but no chance of profit.
Q-16- _____in simple terms, means chance of loss.
- Risk
- Peril
- Binder
- Hazard
Option-1 Risk in simple terms, means chance of loss.
Q-17- _________encompass the chance of loss arising from one’s own bodily injury or loss of life or loss of income.
- Liability Risk
- Political risk
- Personal Risk
- Property Risk
Option-4 Personal Risk encompass the chance of loss arising from one’s own bodily injury or loss of life or loss of income.
Q-18- _________encompass the chance of loss arising from the destruction of or damage to property.
- Liability Risk
- Political risk
- Personal Risk
- Property Risk
Option-4 Property risk encompass the chance of loss arising from the destruction of or damage to property.
Q-19- ________encompass the chance of loss arising from an individual’s obligation to pay damages because of injury or death of another damage to another’s property.
- Liability Risk
- Political risk
- Personal Risk
- Property Risk
Option-1 Liability risk encompass the chance of loss arising from an individual’s obligation to pay damages because of injury or death of another damage to another’s property.
Q-20- ______ is the confirmation that insurance coverage is in effect. It can be oral or written.
- Policy
- Binder
- Contract
- Cover Note
Option-2 Binder is the confirmation that insurance coverage is in effect. It can be oral or written.
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