CHAPTER 2 - D Flashcards
What is the primary type of insurer that writes standard motor insurance?
Composite insurers and specialist insurers
These insurers often offer few other lines of insurance.
What are the two categories of UK motor insurance?
Private car and fleet insurance
These categories represent different types of motor insurance coverage.
How is overseas motor insurance categorized for Lloyd’s reporting requirements?
EU/EEA (excluding the UK), USA and Canada, Rest of the world
This categorization helps in compliance with regulatory standards.
What types of coverage does motor insurance typically provide?
Physical damage and liability
These are essential components of motor insurance policies.
Why are insurers’ abilities to rely on certain aspects of insurance law reduced in motor insurance?
Because the innocent victim must always be protected
This principle prioritizes the rights of victims in insurance claims.
What must insurers fully understand before agreeing to cover motor insurance risks in overseas countries?
The nature of the risk
Understanding the risk is crucial due to the compulsory nature of motor insurance in some jurisdictions.
What is ‘delegated underwriting’ in the context of London Market insurers?
Contracts to access knowledgeable parties in other parts of the world
This allows insurers to write risks on behalf of the London Market.
Fill in the blank: Motor insurance is compulsory in some _______ countries.
overseas
This requirement emphasizes the importance of motor insurance in global markets.
True or False: Most standard motor insurance is written exclusively by Lloyd’s.
False
Standard motor insurance is primarily written by composite and specialist insurers.
