FUNDAMENTALS OF INSURANCE REVISION STUDY PRACTICE EXAM QUESTIONS CORRECTLY ANSWERED.

FUNDAMENTALS OF INSURANCE REVISION STUDY PRACTICE EXAM QUESTIONS CORRECTLY ANSWERED.
Question : The major function of insurance is:
a. To reduce the cost of the losses
b. To share the losses of the few among the many
c. The safeguard the interest of mortgages
d. To serve as a basis of existing credit system
Correct answer: b. To share the losses of the few among
the many
Question : A peril if best defined as:
a. The chance of a loss
b. The occurrence of a loss
c. The cause of a loss
d. The result of a loss
Correct answer: c. The cause of a loss
Question : Indemnify means:
a. Returning the premium of the insured
b. Restoring the insured's to the same financial position
as they were in immediately prior to the loss
c. Paying the insured's the face amount of the policy

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