Chapter 10 Flashcards
1
Q
War and pollution fall into which category of policy exception?
A
Market exclusions
2
Q
The key reason that insurers impose warranties is to
A
Make risks acceptable
3
Q
The ‘reasonable precautions’ condition in a policy applies to the
A
Insured
4
Q
In what type of insurance would you expect to find an implied warranty
A
Marine insurance
5
Q
Representations
A
Must relate to a material fact and do not appear in the policy document
6
Q
Which part of an insurance policy will include the policy number, premium, policy period and insureds name?
A
The schedule
7
Q
War and related perils are generally excluded from most insurance policies because the risk is considered to be
A
fundamental
