The Uganda Insurance Commission is the body that s mandated to license and supervise insurance business in Uganda Question 11Answer a. FALSE b. TRUE Question 12 Not yet answered Marked out of 1.00 Flag question Tips Question text Any express provision in the mortgage instrument inserted to prevent redemption of the mortgaged property on payment of the debt for which it was given as security is void ab initio. Question 12Answer a. FALSE b. TRUE Question 13 Not yet answered Marked out of 1.00 Flag question Tips Question text The cover note is a temporary contract of insurance that exits between the insurer and the insured and is superseded by the Insurance Policy. Question 13Answer a. FALSE b. TRUE Question 14 Not yet answered Marked out of 1.00 Flag question Tips Question text A purchaser of the mortgaged property is answerable for the loss, misapplication or non-application of the purchase money paid for the mortgaged land. Question 14Answer a. FALSE b. TRUE Question 15 Not yet answered Marked out of 1.00 Flag question Tips Question text An assured is not entitled to a refund of the premium paid to the insurer where there has been a total failure of consideration for which he paid, that is to say, where the risk never attached. Question 15Answer a. FALSE b. TRUE Question 16 Not yet answered Marked out of 1.00 Flag question Tips Question text In the case of Mutambulire V Kimera C.A No. 37 of 1972, a mortgage was defined as a transaction where interest in land is given as security for repayment of a loan. Question 16Answer a. TRUE b. FALSE Question 17 Not yet answered Marked out of 1.00 Flag question Tips Question text Insurance is a contractual relationship by which one person (the insured) pays a small sum of money called premium, in exchange for protection against loss which is likely to be caused by an uncertain event whereas a wager is a promise to pay money or other consideration on the occurrence of an uncertain event. Question 17Answer a. TRUE b. FALSE Question 18 Not yet answered Marked out of 1.00 Flag question Tips Question text On application of the mortgagor or his/her spouse to set aside the intended sale of the mortgaged property by the mortgagee, the applicant is supposed to pay a security deposit amounting to 30% of either the forced sale value of the mortgaged property or the outstanding debt amount. Question 18Answer a. TRUE b. FALSE Question 19 Not yet answered Marked out of 1.00 Flag question Tips Question text The Mortgage Act No.7 of 2009 and the Mortgage Regulations of 2012 are the major substantive laws regarding mortgages in Uganda. Question 19Answer a. TRUE b. FALSE Question 20 Not yet answered Marked out of 1.00 Flag question Tips Question text An insurer is the party to the contract of insurance who undertakes to pay a certain sum of money or indemnify the other party in the event of occurrence of an agreed event. Question 20Answer a. TRUE b. FALSE