Licentiate Examination - IC 01 - Principles of Insurance Exam - Important Points
Page 35 Of 45
Go to:
General Average - loss caused by extraordinary sacrifice or expenditure voluntarily and reasonably made or incurred at the time of peril for the purpose of preserving property imperilled in the common adventure.
Particular Average - partial loss caused by a peril insured against and is not a general average loss.
Except for Marine Cargo Insurance, All Insurance Transactions begin with a Proposal.
Insurance Documentation given to an Insured, will include Information, detailing the Subject-Matter of Insurance, the Sum-Assured, Any Endorsements, the Term of the Contract, Exclusions and Any Other Conditions attached to the Policy
Life Assurance Policies have Options of Limited Payment, where, Premium are paid for a Short Period of Time; or Single Payment, where, the Entire Premium is paid at the Start of the Policy.
MODELEXAM® 
www.realsoftinfoplan.com