Which of the following statements about insurance is NOT correct?
A) The insurance premium is calculated on the basis of the risk insured.
B) Insurance is a means for people and businesses to protect themselves against the risk of loss.
C) It is possible to insure against both speculative and pure loss.
D) It is possible to insure against loss caused by natural disasters or legal action.
Correct Answer:
Verified
Q11: The aim of a contract of indemnity
Q12: Before an insured party can place a
Q13: Where an insured party intentionally understates their
Q14: Explain the dynamics that exist between insurance
Q15: How does an insurance contract differ from
Q17: Which of the following statements about the
Q18: A party insured under a general insurance
Q19: What governmental organisation regulates insurance companies' business
Q20: The doctrine of subrogation:
A)is limited in its
Q21: Subrogation applies to all contracts of insurance.
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