Leaving Cert Business Insurance: Column 1 is a list of insurance

Question

Column 1 is a list of insurance terms. Column 2 is a list of explanations for these terms. (One explanation does not refer to any of these terms).

Match the two lists by placing the letter of the correct explanation under the relevant number below.

1. Insurable Interest
2. Average Clause
3. Subrogation
4. Contribution
5. Indemnity

Column 2: 
A. Applies if item is insured against the same risk with more than one insurance company.
B. The insured person cannot make a profit from insurance.
C. The insured person must gain from the item’s existence and suffer financially from its loss.
D. Applies if an item is under-insured and there is a partial loss.
E. The insured person must declare all material facts about the item being insured.
F. Once compensation has been paid any legal right to the item recovered passes to the insurer.

Column 1 is a list of insurance terms - Leaving Cert Business - Question 4 - 2016

Worked Solution & Example Answer:Column 1 is a list of insurance terms - Leaving Cert Business - Question 4 - 2016

1. Insurable Interest

2. Average Clause

3. Subrogation

4. Contribution

5. Indemnity

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