All Flashcards
Period to cancel PPI.
30 days
Cooling off period for general insurance policies
14 days
Policyholders must report riot damage within how many days?
7 days
FCA complaints reported by policyholder within how long?
6 months
Compliants must be resolved in how long?
8 weeks
Training records kept for how long?
3 years
Complaint records kept for how long?
3 years
Claims records kept for how long?
5 years
IPT tax return must be submitted how frequently?
Quarterly
IPT travel %?
20%
Max FOS award
£350k
Insurer minimum indemnity insurance
£1.85m / £1.25m single
What is hold harmless?
Policyholder waives rights to pursue 3rd party.
First loss
Sum insured less than full value
Reinstatement memo
85%
Day 1
Uplifted / accurate
PRA
Lead Lloyds regulator.
Promote soundness
Insurers authorised by PRA
FCA
Integrity / competition / consumer protection
ICOBS
Government
Conduct
FSA
Treasury
3 elements of risk assessment framework
Impact
Risk
Mitigation
PLC’s who underwrite Lloyds business
Corporate members
Privity
Only those party to contract can enforce.
Arranging insurance on a single known risk
Facultative re-insurance
Enterprise Act 2016 gives policyholders what right?
Claim damages for late payment
PRIN (Principles for Business) Fair treatment of customers
FCA. 11 principles. C1 to C4. Enforcement
SYSC
FCA
PRIN No.6 covers what?
Fair treatment of customers.
PRIN / SYSC / SMRC
FCA
Monitoring done by PRA or FCA?
PRA
Retail Mediation Activities Return (RMAR) submitted via which online system?
Gabriel to the FCA
Insurance Distribution Directive (IDD)
Trade across borders
Policyholder protection
Level playing field
The different elements of risk brought to the common pool by each insured are known as:
discimination factors
In which main area do mutual indemnity associations operate today?
Marine
Which of the following statements is true about the duty of disclosure under common law?
The duty of disclosure does not apply between inception and renewal negotiations unless it affects the policy cover.
Which of the following is an example of physical hazard in relation to motor insurance?
Age of driver
In relation to the proximate cause of a loss, an uninsured peril is a peril which:
is not named in the policy.
The proximate cause of a loss is always the dominant cause and there MUST be:
a direct link between it and the resulting loss.
Excepted peril
A risk that is expressly excluded from an insurance policy.
NOT covered in standard fire policy
Explosion of an industrial boiler & Spontaneous fermentation.
When applying the principle of contribution, the two ways in which each insurer’s rateable proportion of a loss can be calculated are the:
sum insured method and independent liability method.
Godfrey is walking home from town one day, dreaming about the holiday that he has just booked. Without looking he steps out into the road. Sam swerves to avoid Godfrey, causing his car to overturn. Sam’s insurer pays for the repairs to Sam’s car and then takes action to recover their payment from Godfrey. This is an example of subrogation rights arising under:
Tort
The rewards culture within a firm is one of the key questions relating to which of the central principles in the CII’s Code of Ethics?
Members must act in the best interests of each client.
Eligible complainants who have a policy placed at Lloyd’s USUALLY have their complaints handled independently by:
Lloyd’s itself.
