Insurance benefits replace
A) All physical losses in full
B) All physical losses partially
C) The monetary losses in full
D) The monetary losses, but only to some extent.
Correct Answer:
Verified
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
Q15: The amount of insurance depends on
A)Peril
B)The risk
C)Neither
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
Q21: Insurance principle does not include
A)principle of indemnity
B)principle
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