2 Determining Existence of Cover Flashcards
1
Q
Claim handling process first step
A
Is claim covered?
2
Q
Claim handling process
A
- Claim covered
- TP claims - is insured liable
- Value
- Settlement
- Recoveries
3
Q
Schedule contains…
A
Policy number Name Address Cover Period Excess Limits Premium Endorsements
4
Q
Which is the most important part of insurance contract?
A
Insuring clause (promise to pay in return for premium payment). In commercial policies there may be more than one insuring clause.
5
Q
Definition section describes…
A
key terms
6
Q
Limit of indemnity
A
i.e one loss or aggregate
7
Q
Deductibles or excess is paid by
A
insured
8
Q
extensions widen…
A
cover
9
Q
exclusions narrow..
A
cover
10
Q
Common exclusions..
A
Fraud Not fortiutous Deliberate acts Other insurance Criminal fines Circumstances already known War, nuclear risk etc
11
Q
Interpreation section
A
rules of construction
12
Q
Law
A
Usually England & Wales
13
Q
Complaints
A
policy contains details of complaint process
14
Q
Market Reform Contract
A
Share of risk underwriter accepts.
15
Q
Claims Made
A
Claims only accepted during period of insurance
