Which of the Following Does Not Represent the Position of the Insurance

question 25

Multiple Choice

Which of the following does not represent the position of the Insurance Contracts Act 1984 in relation to the nature of the interest the insured must have in the subject matter of insurance?

• A)The insured must have an insurable interest as defined at common law at the time the contract is made.
• B)It is not necessary to have a property interest in the subject matter at the time a contract is made.
• C)A person can take out life insurance without having an insurable interest in the life insured at the time the contract was made.
• D)An insurance contract will not be void only because the insured did not have an insurable interest at the time the contract was made.

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Definitions:

Significance Level

A threshold or probability used in statistical hypothesis testing to determine whether to reject the null hypothesis, often denoted by alpha with a common value of 0.05.

Z-statistic

A statistic that measures the distance in standard deviations of a sample mean from the population mean under the null hypothesis.

Rejection Region

The set of values for which the null hypothesis is rejected in hypothesis testing.

Typing Speeds

The measure of how fast an individual can type, often expressed in words per minute (WPM), influencing productivity in many computer-related tasks.