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Insurance

Quiz on Insurance

QuestionAnswer
What is Insurance? Protection against a Possible loss that we hope will not happen.
What is a Premium? Paid FEE for an INSURANCE POLICY
What is adequate Insurance? Should cover ALL RELAEVANT risks for the correct amount
What are the 5 PRINCIPLES of insurance? Insurable Interest, Utmost Good Faith, Indemnity, Subrogation, Contribution.
What is Insurable Interest? When insuring something One must gain from its existence and suffer from it loss to be able to do so.
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