INSURANCE 201

QUIZ

Think you can out smart these insurance questions??

Hmm, let’s see if you can?

5 votes, 5 avg

Personal Insurance Quiz 201 - Intermediate

10 Intermediate level, random quick, easy home and car insurance quiz questions to help you unlock how it works by increasing your knowledge.

1 / 10

Pam who is 29 years old, takes out insurance with Z Insurers for her car. She opts for a basic excess of R5 000.

The are also 2 additional excesses on her policy schedule. (Drivers under the age of 25 years R2 000 excess and where an accident happens between 11pm and 4am R5 000 excess).

Pam goes out partying and she meets up in an accident at 2am. She is stressed out about how much excess she needs to pay when she claims, how much would she need to pay?

R10 000 as her basic excess and one additional excess applies to her.

R12 000 as she needs to pay the basic and all additional excesses.

R5 000 as the accident did not happen at 11pm or at 4am.

2 / 10

What happens if I had a burglary at my home 2 years ago and I didn’t tell my current insurer about it when I took out home contents cover?

The insurer may reject your claim in the future, as you have not disclosed important information, they may also cancel your insurance immediately because of this.

The insurer will give you a warning, but will pay out your claim and failure to disclose anything again will result in your policy being cancelled.

The insurer will reject your claim at claim stage as you are now considered a risky client and can no longer be covered for contents cover.

Nothing, it happened 2 years ago so the insurer can't really do anything about it now.

3 / 10

What is SASRIA cover?

Cover for damage caused by a third party vehicle (someone knocks into me).

Covers loss or damage caused by riots, wars , political acts, public disorder any attempted acts of this kind.

Covers you for legal expenses.

4 / 10

What is malicious damage?

Damaged caused by an animal.

Damage caused by someone wanting to steal my assets.

Damage caused by someone who intentionally wants to destroy my assets.

5 / 10

Why is it important to know about my past insurance and claims when I am taking out insurance?

Your previous insurance history will allow the insurer to understand the type of risk they are accepting and will allow them to provide you with adequate premiums specific to your risk history.

Insurers don’t want to cover clients who have too many accidents, so that’s why they ask for this information.

This will allow the insurer to see how many accidents and claims you have had in the past.

Under insurance is calculated using average. Average is calculated using the below formula:
Average = (Sum Insured Amount) / (Actual Replacement Amount ) x (Claim Amount)
Once you have worked out the average amount you need to minus the excess and it will give you the total amount that an insurer will payout.

6 / 10

My contents is covered for R100 000 with a basic excess of R2 000. Someone breaks into my house and steals all my contents. I submitted a claim, the insurer advises that I am under insured.

My contents is actually worth R250 000. How much will I be paid out?

R248 000 (250 000 minus 2 000)

R38 000 (100 000/250 000) x 100 000 minus 2 000

R98 000 (100 000 minus 2 000)

R40 000 (100 000/250 000 x 100 000)

7 / 10

Why does it matter if I have a license or not when taking out insurance, if I am the one who will be paying for the premium?

It is a requirement by law to have a valid driver's license in order to travel on the roads, insurers need to abide by the law, thus will not provide insurance cover to those that are un-licensed.

People who have no license and drives on the roads are high risk as they are reckless and therefore the insurer will not cover anyone who is reckless.

Insurance only covers people who have licenses for more than 2 years as anything less is just too much of a risk for them.

8 / 10

Does my marital status really affect my vehicle insurance premium?

Yes, married or co-habiting individuals are rated differently to single, young individuals. Insurers tend to provide lower premiums for married or co-habiting couples.

Yes, if you are married the need for insurance is greater then when you are single and not married.

No, it is just nice to know whether you are committed or not so insurers can understand if you have sufficient cash.

9 / 10

What is the function and purpose of insurance?

To make sure that my assets are not damaged.

To protect my life and assets from being damaged.

Where the insurer accepts my premium in exchange for undertaking a risk to compensate me in the event of potential loss.

10 / 10

Why is it important to disclose true information to insurance companies?

Your claim may be rejected if the insurer finds out you lied and that increases the chance of your policy being cancelled.

The insurer just wants to charge me more, even if a previous claim was not my fault.

The insurers always have investigators to check up on clients from time to time.

Your score is

Please rate this quiz

*This quiz is not intended as financial or insurance advice. Call us for specific insurance related questions and advice.

Quiz Satisfaction

Ready For Another Quiz|Learn or Laugh|Come on Click Below

Life Insurance 101 Quiz?

Fun Quiz?

Click to Like Our Facebook Page

NOW WHAT?

So let’s see if we can provide you with smart insurance quotes??

Hmm, let’s see if you willing to take the next step?

Car Insurance

Life Insurance

NEED HELP?

Have a question you really need help with? Talk to us, we are EXPERTS, come on?

We won't share your information with anyone unlawfully.

Feel free to add any questions or notes or best dates or times to contact you so that we can address all your questions and assist you with insurance.

Consent & Declaration
Appropriate financial advice can only be furnished after full and proper disclosure of relevant personal and financial information is obtained. The purpose for completing this form is for enquiry purposes only.

XINIX will not share any of my details with any third party unless the sharing is required in order to provide me with a insurance quotations.

To this end, I consent and give authority to XINIX (Pty) Ltd to make contact with me.