Insurance1
What is the main purpose of insurance?
To transfer and reduce financial risk
What is the principle of indemnity in insurance?
The insured should not gain profit from a loss
What is an insurance premium?
The amount paid by the insured to the insurer for coverage
Which principle of insurance requires full and honest disclosure by the insured?
Utmost good faith
What is the function of reinsurance?
To share risks (among multiple insurance companies)
Which type of insurance covers damage to third-party property or injury to third persons?
Liability insurance
How many days after buying a vehicle must the owner get compulsory insurance?
15 days
Which insurance type is mandatory for vehicle owners?
Civil liability insurance
What type of insurance covers the policyholder against financial loss due to death or disability?
Personal Insurance
What is the subject of an insurance contract?
The insured’s property, life, health, or liability interest
Which principle allows an insurer, after paying a claim, to step into the shoes of the insured and pursue recovery from a third party?
Principle of Subrogation
In risk theory, which type of risk is insurable?
Pure risk
According to Uzbekistan’s Law “On Insurance Activity,” which body regulates and supervises insurers?
The Agency for the Development of the Insurance Market (under the Ministry of Economy and Finance)
Which insurance principle prevents multiple recoveries for the same loss?
Principle of Contribution
Which risk is characterized by possibility of either loss or gain and is generally not insurable?
Speculative Risk
From January 1 2026, what is the new coverage limit for vehicle liability insurance?
UZS 80 million
What is moral hazard in insurance?
The tendency of insured persons to act less carefully because they are insured
When an insurer uses mathematical models and probability theory to calculate premiums, what field is being applied?
Actuarial Science
What kind of risk cannot be insured because it affects large numbers of people simultaneously (e.g., war)?
Fundamental Risk
In life insurance, which principle allows a beneficiary to receive compensation even if they did not directly suffer the loss?
Principle of Insurable Interest (recognized at policy inception)
In personal insurance, why is the principle of indemnity not strictly applied?
Because human life or health cannot be measured in exact monetary value.
What distinguishes “insurance” from “gambling”?
Insurance transfers existing risk for protection; gambling creates new risk for gain.
Under Uzbekistan’s insurance legislation, what is the minimum capital requirement for establishing an insurance company?
10 billion Uzbek soums (as per the Agency for Development of the Insurance Market regulations)
In reinsurance, what is the maximum loss retained by the primary insurer before reinsurance coverage begins?
Retention limit
Which insurance principle prevents coverage of losses that are inevitable or intentionally caused by the insured?
Principle of Fortuity