ACTS AND ACRONYMS

Question 1

MIAFTR

Answer 1

Motor Insurance Anti-Fraud and Theft Register. Helps to reduce fraud in motor insurance.

Question 2

TPO

Answer 2

Third Party Only, mainly offered to people as the same reasons as RTA cover. Covers any situation involving a motor vehicle

Question 3

Equality Act 2010

Answer 3

UK legislation covering the protected characteristics of age, disability, gender reassignment, marriage and civil partnership, pregnancy and maternity, race, religion or belief, sex and sexual orientation. None of these factors can be discriminated against by law.

Question 4

Road Safety Act 2006

Answer 4

Introduced fixed penalty fines for speeding and other traffic offences. The general intention of this act was to match the punishment to the severity of the offence.

Question 5

ICOBS 8

Answer 5

is about claims handling

Question 6

ICOBS 2

Answer 6

is about general matters such as communicating to clients and financial promotions

Question 7

Rehabilitation of Offenders Act 1974

Answer 7

This Act states that convictions will become spent after a certain period of time. For speeding convictions they become spent after 5 years. Once convictions are spent they do not need to be disclosed to the insurer and they can have no impact on the price cost of the premium

Question 8

RTA

Answer 8

Road Traffic Act cover, minimum insurance required, quite rare and it normally only issued to people who have a poor claims record or poor criminal convictions history.

Question 9

Road Traffic Act 1988 (Amended 1991/2006)

Answer 9

Is the act that deals with motoring law in England, Scotland and Wales. It made the legislation for all motoring offences. It was amended in 1991 to include death by dangerous driving and death while driving under the influence. It was amended again in 2006 to include death by careless driving and causing death while driving unlicensed or unqualified.

Question 10

DVLA

Answer 10

stand for Driver and Vehicle Licensing Agency, they regulate the issuing of licenses to people and vehicles.

Question 11

CUE

Answer 11

stands for Claims & underwriting exchange. Is where insurers will look for potentially fraudulent claims. Helps prevent fraud

Question 12

FOS

Answer 12

stands for the Financial Ombudsman Service. Who you would go to if you wanted to make a complaint. To qualify to use the FOS you must be either a consumer, a company that employs less than 10 people and has a turnover of less than 2 million euro, a charity that has a revenue of less than £1 million.

Question 13

What year was the Road Traffic (New Drivers) act passed?

Answer 13

1995

Question 14

What year was the Third Parties (Rights Against Insurers’) Act passed

Answer 14

2010

Question 15

Road Traffic Act 1988 was last amended when?

Answer 15

2006

Question 16

If a company which employs 3 people and has a turnover of 300k per year has a complaint can they go to the FOS

Answer 16

Yes