The amount of insurance depends on
A) Peril
B) The risk
C) Neither the peril nor the risk
D) Both the peril and the risk
Correct Answer:
Verified
Q10: Insurance is meant to
A)Prevent specified events
B)Prevent damage
Q11: Insurance compensate losses
A)By replacing the original asset
B)To
Q12: Insurance is necessary because
A)Assets depreciate over time
Q13: Insurance works on the principle of
A)Sharing
B)Probabilities
C)Large numbers
D)All
Q14: Insurance works on the principle of
A)Trust
B)Sharing
C)Randomness
D)All the
Q16: Insurance benefits replace
A)All physical losses in full
B)All
Q17: A human being
A)Is an economic asset
B)Is an
Q18: _ is a contract between two insures
Q19: The spreading of losses incurred by the
Q20: Freight insurance is under
A)life insurance
B)marine insurance
C)fire insurance
D)other
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