Styles 42) A fundamental principle of insurance is that one can only purchase insurance when an insurable interest exists. In which of the following cases would an insurable interest exist which would allow one to purchase insurance? a) Peter leases a car. He wants to purchase property insurance in case he has an accident. b) John is married to Leah. Leah wants to purchase life insurance on John's life. c) Axel & Rodney are acquaintances (similar to yourself and any one of your classmates at KPU). Axel wants to purchase life insurance on Rodney's life. d) All of the above are examples of an insurable interest e) Only a) & b) above are examples of an insurable interest 43) In the PowerPoint, we reviewed four broad types of risk, one of which was Hazard Risks. Which of the following statements are true with respect to Hazard Risks? a) Earthquakes are an example of a Hazard Risk b) Adverse currency movements are an example of a Hazard Risk c) The introduction of Blockchain is an example of a Hazard Risk d) None of the above are examples of Hazard Risks 44) In class we looked at seven legal principles that underlie insurance. These include such things as indemnity, subrogation and mitigation. Which of the following statements are true with respect to these legal principles? a) Indemnity refers to the legal principle that the insurance provider will cover an insured loss but the insured should not obtain a windfall benefit as a result b) Subrogation gives the insurance provider the legal right to pursue those liable for the loss c) Mitigation refers to the concept of loss minimization. This means that the insured party must attempt to minimize any losses, as they would if they were not insured d) All of the above are true statements e) None of the above are true statements e poi