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Insurance > 1. Introduction > Flashcards

1. Introduction Flashcards

1
Q

Two ways G indirectly regulates insurance market

A

Flood and Pool Re

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2
Q

Three compulsory kinds of commercial insurance

A

Motor, employers’ liability and professional indemnity insurance

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3
Q

How does the company insurance market distribute profit

A

Distribute profit by dividend/retained

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4
Q

What is profit made from in the insurance market (for insurers)

A

Premium + investment income, less admin costs

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5
Q

Lambert v CoOp shows?

A

MIA applies beyond marine insurance

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6
Q

Who is the broker an agent of

A

Insured

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7
Q

Two kinds of specialist insurance

A

Aviation and space

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8
Q

What is the most common intermediary on the insurance market

A

Broker

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9
Q

What does PII cover

A

Professional advisers w/ DoC to client - negligence claims

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10
Q

What does employers’ liability insurance cover

A

Claims by employees falling ill due to employment

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11
Q

What statute codified marine insurance, but applies beyond

A

MIA

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12
Q

Who pays broker’s charges (brokerage)

A

Insurer

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13
Q

Two states of the insurance market (for whether premiums are high or low etc.)

A

Soft or hard

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14
Q

What is Lloyd’s

A

Society of Ms sorted into syndicates

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15
Q

Three major classes of individual insurance

A

Motor, life and personal accident

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16
Q

Three distinct insurance providers

A

Lloyd’s, company market and mutuals

17
Q

Who must have employers’ liability insurance

A

All UK employers

18
Q

Up to what limit are Ms liable in a mutual

A

Only up to premium

19
Q

What case shows MIA applies beyond marine insurance

A

Lambert v CoOp

20
Q

Soft insurance market means…

A

Low premiums, broad policy coverage

21
Q

What is a captive insurance company

A

Corporation sets up insurance C for its own insurance needs

22
Q

What restriction on profit distribution applies for company insurance market

A

Must retain proportion to meet projected future claims (‘insurer’s reserve’)

23
Q

What is an insurance agent

A

Sales rep of insurer

24
Q

What is a mutual

A

C limited by guarantee, run by policyholders for their own benefit

25
Q

What entities make up the company insurance market

A

LLCs

26
Q

Hard insurance market means…

A

High premiums, stringent UW guidelines

27
Q

How is profit distributed in a mutual

A

Lower premium or dividend

Insurance (7 decks)

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