CLL432
The principle ofutmost good faith in insurance is supported by all of the following legal doctrines EXCEPT
Answer: subrogation
Why can an insururer refuse to pay a claim if an insured fails to abide by the policy provisions?
Answer: insurance contract are conditional
When must an insurable interest legally exist in property insurance for an insured to receive payment for a loss from the insurer?
Answer: only at the time of the lossh
When must an insurable interest legally exist in life insurance?
Answer: only at the inception of the policy
When Bala applied tfor life Insurance he was aked on the application if he smoked or used tobacco prodiucts. Bala answered \
Answer: misrepresentation
Which of these is not a principle of insurance
Answer: historical background
Which of following is a fundamental purpose of the principle of indemnity?
Answer: to minimize insurance fraud for profit
Indemnify means to
Answer: to put back in the same financial position just prior to the loss
A warranty in an insurance contract is
Answer: part of insurance contract
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