Assessment: Fundamentals of Short-term Insurance 20_21
Assessment Information
Total number of questions: 20
Competency Mark: 65%
Duration: 60 minutes
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Question 1 of 20
1. Question
What is the regulated time period stipulated in Section 47 of the Short-term Insurance Act for policies to be issued to natural clients?
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Question 2 of 20
2. Question
Which one of the following circumstances best aligns with the principle of insurable interest?
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Question 3 of 20
3. Question
With whom does the duty of disclosure lie?
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Question 4 of 20
4. Question
What is average used for?
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Question 5 of 20
5. Question
Which ONE of the following is an example of a hazard?
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Question 6 of 20
6. Question
Flash floods in a particular part of the country can be best described as-
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Question 7 of 20
7. Question
Which ONE of the following is a disadvantage of self-insurance?
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Question 8 of 20
8. Question
What is the purpose of underwriting criteria?
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Question 9 of 20
9. Question
How do underwriting criteria affect the premium charged?
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Question 10 of 20
10. Question
A requirement by the insurer that the insured must undertake to carry a specified percentage of the sum-insured is known as-
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Question 11 of 20
11. Question
That factors or hazards could influence risk to which a client may be exposed?
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Question 12 of 20
12. Question
What underwriting criteria would most likely be imposed for a house situated near a dam or river?
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Question 13 of 20
13. Question
What actions may an insured take to reduce his premium for a particular risk?
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Question 14 of 20
14. Question
Which of the following is contained in the policy schedule?
i. Premiums payable
ii. To outline the cover provided
iii. Applicable excesses
iv. Insurers details -
Question 15 of 20
15. Question
How does SASRIA impact the premium charged?
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Question 16 of 20
16. Question
Which values apply to the overall quotation and not per section?
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Question 17 of 20
17. Question
What is the purpose of a renewal of a short-term insurance policy?
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Question 18 of 20
18. Question
What is the concept of a replacement policy?
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Question 19 of 20
19. Question
With one of the conditions of insurance being the payment of premium, what are the implications of returned debit orders?
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Question 20 of 20
20. Question
What is one of the requirements to be fulfilled in terms of the insured’s burden of proof?