BUYERS Flashcards
1
Q
What 5 main types can the buyer of insurance be divided into?
A
- Private individuals
- Companies
- Partnerships
- Public bodies
- Charities, associations and clubs
2
Q
Private individuals + example
A
People buying their own personal insurances (Motor)
3
Q
What do Limited Liability companies have?
A
A separate legal existence from those who own the company
4
Q
Do partnerships have separate legal existence? Why?
A
No - Each of the partners are jointly + severally liable
5
Q
Where are partnerships usually found? What kind of schemes are they catered for?
A
In the medical + legal industry where they tend to be catered for by specialist schemes.
6
Q
What sort of cover do charities + clubs tend to buy?
A
Liability + property damage
7
Q
What compulsory insurance requirement are police exempt from?
A
Motor insurance
