최신CII Insurance law (IL) - M05무료샘플문제

A. To protect the insurer from financial instability

B. To ensure the insurer is able to assess the risk involved in underwriting the policy

C. To ensure that both parties understand the terms of the contract

D. To allow the policyholder to choose the terms of coverage

A. A person has the authority to act on behalf of another party.

B. A person, who has paid another party under a contract, has the right to stand in the place of that other party and avail himself of the rights and remedies of that party.

C. A person has ratified another party's action.

D. A person has transferred his obligations under a contract to another party.

A. The insurance policy must be renewed annually.

B. Both parties in the contract must act honestly and disclose all material facts.

C. A policyholder's claims must always be paid out without dispute.

D. Insurers must provide coverage for all types of risks.

A. Reduce moral hazard and discourage gambling.

B. Discourage underinsurance and ensure premium adequacy.

C. Reduce physical hazard and discourage gambling.

D. Discourage betterment and ensure premium adequacy.

A. dominant event leading to the loss.

B. only event which is not excluded by the terms of the policy.

C. last event before the loss occurs.

D. only event contributing towards the loss.

A. obligation of the insurer to provide a maximum sum insured or limit of liability.

B. placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.

C. placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.

D. obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.