Quiz
LLMIT
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Questions in this quiz (4)
1A primary purpose of insurance as a risk transfer mechanism is to
- Acompensate for financial losses however sustained
- Bhelp balance the national economy
- Cspread the cost of an insured loss amongst many policyholders
- Dprovide a source of funds for capital investment
2The duty of providing full particulars of a claim and proof of loss ultimately rests with the
- Aloss adjuster
- Bbroker
- Closs assessor
- Dinsured
3Assignment in relation to insurance is the
- Apassing of rights under the policy from one party to another
- Bdivision of a loss between insurers where two or more insurers cover the same risk
- Cdelegation of a loss settlement authority to a third party
- Dscaling down of a claim payment in proportion to the degree of underinsurance
4A proposer makes a fraudulent statement in order to obtain insurance cover at a reduced rate. The consequent common law position is that any policy issued will
- Abe void from inception
- Bremain valid, but the insured must pay an additional premium only
- Cremain valid, but the insured must pay an additional premium and the policy cannot be renewed
- Dremain valid, but cannot be renewed only
Information
- Description
- Lloyd's test
- Author
- victoriahowell90
- Language
- English
- Views
- 25
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