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INSURANCE 201

QUIZ

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insurance 201 quiz

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

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?

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.

2 / 10

My contents is covered for R100 000 with a basic excess of R2 000. Someone breaks into my house and steals contents to the value of R50 000. 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?

3 / 10

What is the function and purpose of insurance?

4 / 10

I have contents and building insurance with A Insurers and I am covered for R1 000 000 for my building and R250 000 for my contents cover.

I have a zero excesses on both covers. After validating my claim due to a fire, I am advised that I am under insured for both my contents and building.

The replacement value for my building is R2 500 000 and my contents is R325 000. How much will I be paid out?

5 / 10

What is an additional excess?

6 / 10

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

7 / 10

Gary goes to work on a Friday, he ends up staying after work with his colleagues and they have a few drinks. He leaves work at 11pm and heads home. As he is passing the robot, a guy who is highly intoxicated skips the red robots and knocks into Gary. Gary and the other driver are not injured however upon the police arriving they test them both for alcohol and both Gary and the other driver are arrested because of their alcohol levels. Will the insurer pay for the damages to fix Gary's car?

8 / 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?

9 / 10

What is SASRIA cover?

10 / 10

What is malicious damage?

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

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