tutorial8 - Tutorial Week 10 Based on Lectures 15&16 Week 9...

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Tutorial – Week 10   1) 
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Fundame ntal  purposes  of the principle of indemnity include which of the following? I. To reduce physical hazards. II. To prevent the insured from profiting from insurance.  A) 
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I only  B) 
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II only  C) 
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both I and II  D) 
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neither I nor II      2) 
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Which of  the following is a fundamental purpose of the principle of indemnity?  A) 
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to reduce moral  hazard  B) 
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to minimize  physical hazards  C) 
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to settle  property insurance losses on a replacement cost basis  D) 
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to require  deductibles in all property insurance policies    3) 
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Sam's  stereo  was destroyed by a fire. The stereo cost $1200 when it was purchased, but a similar new stereo now costs $1800.  Assuming the stereo was 50 percent depreciated, what is the actual cash value of Sam's loss?  A) 
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$600  B) 
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$900  C) 
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$1200  D) 
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$1800    4) 
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Under  which of  the following rules is actual cash value determined by taking into consideration all relevant factors an expert would use to  determine the value of the property?  A) 
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the  circumstantial evidence rule  B) 
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the broad  evidence rule  C) 
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the property  indemnity rule  D) 
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the objective  value rule  5) 
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All of the  following will support an insurable interest for purposes of purchasing property and liability insurance EXCEPT  A) 
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ties of blood  and marriage.  B) 
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potential legal  liability.  C) 
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secured  creditors.  D) 
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a contract right.  6) 
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tutorial8 - Tutorial Week 10 Based on Lectures 15&16 Week 9...

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