IFCE 4

If a loss occurred to the insured was covered by the insurance policy, the amount of compensation must ensure that:

An insurance company provided the insured with a list of exclusions before issuing a motor insurance policy, but the insurer did not inform the policyholder of an additional exclusion within the policy documents. Which insurance principle did the insurer not adhere to?

An insurance company paid an indemnity of 10,000 SR and allowed the insured to keep the debris of 1,000 riyals in order to settle his claims that were caused by the negligence of the third party. How much can the insurance company claim from the third party according to the Contribution Principle?

An insurance company paid the vehicle policyholder the costs of repairing the damage caused to his vehicle by an unknown person, which was later revealed. What is the option that the insurer chooses to recover the paid claim?

When submitting a claim under a basic fire insurance policy, at what stage can the insurance company use Subrogation Principle?

A building whose value is estimated at 100,000 SR was insured in two insurance companies with two separate policies, the first one at an insurance amount of 50,000 SR and the other at an insurance amount of 100,000 SR. According to the Contribution Principle, what is the maximum compensation that the first company will pay if the value of losses is 60,000 SR?

A building valued at 250,000 SR owned by two companies, each of the two companies insured the building separately. Company (A) insured the building at an amount of 100,000 while Company “B” insured the building at an amount of 150,000 SR, what is the value of the compensation that each insurance company must pay if the loss amounted to “55,000 SR.”?

Which insurance principle in which the insurer has the right to involve other insurance companies in settling insurance claims?

A farmer’s building, which contained livestock food, was burned due to its exposure to lightning. The loss assessor showed in his report to the insurance company that the building was adequately insured, but livestock food was insured at 80% of the market value. The claim was fully paid without deducting any amount. This is an example of the principle of:

A factory contains goods stored at an amount of 20,000 SR, a fire occurred and goods worth 12,000 SR were burned, the factory is covered by a fire insurance policy that covers goods at an amount of 10,000 SR. What is the maximum amount that the insured will receive, if any, after applying the proportionality principle?

The value of buildings of a parking garage (parking lots) is “200 thousand SR” and has been insured in the amount of 150 thousand SR according to an insurance policy in which the principle of proportionality is required. If there is a loss of 50 thousand SR, how much will the insurance company pay?

According to the home insurance policy, coverage on the basis of reinstatement is usually known as:

The value of the total stock in a warehouse is estimated at 100,000 SR and has been insured against theft according to the first loss principle in the amount of 20,000 SR. If goods worth 40,000 SR were stolen from this warehouse, how much the insurer must pay?

It was agreed in principle to insure an aircraft at an amount of 20 million SR, and the market value of the aircraft at the time of policy issuance was 18 million SR, and its market value rose to 21 million on the same day in which the plane crashed in an accident and the loss was total. When preparing the claim settlement, the market value of the aircraft decreased to 19 million. How much will the airline get for this loss?

Damage occurred to an insured device on the basis of indemnity due to a reason covered in the policy. The cost of a new device is 1000 SR while the cost of a used device is 700 SR. In both cases, the cost of transportation and installation will be 100 SR. How much will the insured receive?

Assuming that the insurance amount is adequate, what is the compensation measure used in case of total loss of a building?

When there are two valid personal accident insurance policies, in case limbs are lost, the first policy provides 25,000 SR, while the other policy provides  30,000 SR. What is the total amount that the insured will receive if he submits an acceptable claim for the loss of a limb:

In the aftermath of a football match, 200 fans rioted in the street, setting cars on fire and breaking the windows of stores. The window of a luxury goods store was smashed and the smoke from burning vehicles caused damage to the goods. What is the direct cause of the damage?

During a traffic accident, a truck collided with a tree, causing the tree to partially and dangerously fall. The next day, before taking any measures to remove the tree, a storm blew up and led to the fall of the tree on a house. What is the direct cause that led to the damage?

An insurance company that accepted a risk exceeds its retention limit may choose insuring part of the risk by:

What kind of business do reinsurance companies usually accept?

Who is the insurance professional who decides the company’s acceptance of an offered risk?

Lloyds is:

What is the primary function of call centers that handle motor insurance claims?

One of the primary functions of claims officers is to settle claims with minimal waste or avoid avoidable overpayments. What do you know these overpayments?

What is the main function of the actuary?

Who is responsible for determining areas within the company from which potential losses can be controlled or eliminated?

What is the primary responsibility of the compliance officer?

What is the Chartered Insurance Institute?

After investigating the liability claim against a third party, the loss assessor receives his fees from:

What is the main function of insurance broker?

Which insurance principle seeks to place the insured in the same position after an insured loss as existed immediately before?

To whom does the Utmost Good Faith Principle apply with regard to insurance contracts?

What is the insurance principle under which the insurance company entitled to subrogate the insured to recover the value of a paid claim caused by a third party? (  Under which insurance principle can an insurer assume the rights of the insured against a third party to recover money paid out under a claim?)

The essential elements for the validity of an insurance contract are:

Under contract law, if the insurance applicant accepts the insurance quotation and then mailed back to the insurance company, when does acceptance of the offer become effective?

Who has the right to terminate the home insurance policy? (  Who, if anyone, may terminate a household insurance policy?)

What is the insurable interest?

When must an insurable interest be present for a private vehicle insurance policy to be enforceable under the law?

Someone borrows a friend’s car on the condition that he insures it comprehensively for him personally. The insurance broker refuses this procedure because there is no financial relationship between him and the car. This is an example of:

Which three methods can an insurable interest arise from?

The insurance principle that obliges the parties to the contract “not to misrepresent any information related to insurance” is known as….

Concerning the insurance policy, when is disclosure required? (  in connection with an insurance policy at what point does the duty of disclosure first arise?)

The utmost Good Faith Principle obliges the insured to disclose any changes to the risk. (  Under a typical fire insurance policy, the principle of utmost good faith is modified when..)

According to the duty of disclosure, the insurance applicant must disclose the following in the insurance policy: (  under the duty of discloser, what is required to be disclosed by the proposer in relation to an insurance policy?)

When requesting a theft insurance policy, the insured disclosed to the insurance company that he puts only one Yale lock at the main entrance to the property that he wants to insure, this information is an example…….

In which of the following cases does the insurer have the right not to pay the claim and cancel the home contents insurance policy from the beginning of the issuance? (  In what circumstances may an insurer have the right to avoid paying a claim and to void a household contents insurance policy from inception?)

An insurance company settles a claim and has made three temporary payments, each of which amounted to 300,000 SR, and before paying the final sum of 300,000 SR, the losses assessor discovered that the insured had intentionally hidden the material facts related to the claim. What is the maximum amount that the insurance company will receive from the insured:

The proximate/direct cause of loss is always:

A person fell off a horse while riding it and was injured. He was taken to the hospital and then passed away. The cause of death was contamination of the wound during his presence in the hospital. What is the direct cause of death: