Principles of Insurance Quiz

You must declare all relevant information to the insurance company when seeking insurance and fill in the proposal form truthfully

If compensation is paid, the legal rights including ownership and right to sue belong to the insurance company

To make good the loss of something. You cannot profit from insurance. If a claim is made, compensation should put you back in the same financial position

In order to insure an item, you must benefit financially from its existence and suffer financially from its loss

If an item is insured by two companies and a claim is made, compensation paid will be split between the two companies

If an item is underinsured, the insured will receive