Chapter 3 Notes Flashcards
1
Q
What is the Consumer Insurance (Disclosure and Representations) Act 2012 (CIDRA)
‘Relates to contracts’
A
Under this act, consumers have to take care not to make a misrepresentation.
2
Q
Who is the proposer of a contract ?
A
The party to whom the benefits will be payable
3
Q
What is an insurable interest ?
A
Means the proposer (The party to whom the benefits will be payable), to have some financial interest in the life assured.
4
Q
What is the law of agency ?
A
Where the agent (one party) agrees to do certain acts on behalf of another party (the principle)
5
Q
What is an alternative to bankruptcy?
A
Individual voluntary arrangement (IVA).
