CII Flashcards

Recall questions better

1
Q

Under the RTA/1988, what is the limit of indemnity that must be insured in for in respect of body injuries(third parties)?

A

Unlimited.

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2
Q

While considering risk for a commercial property insurance, what is usually considered to be a material fact?

A

Bank interest in the building.

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3
Q

What impact does Insurance Act’2015 have on the policyholder during application of the contract?

A

Duty of fair representation.

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4
Q

Under CIDRA’2015, if consumers makes a misrepresentation that is DELIBRATE and RECKLESS, what is the insurer most likely to do?

A

Treat the policy as if it never excited.

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5
Q

X applied for insurance and received quotation for the same. He must proceed for accretiong the quotation whiten 30 days. When will the policy come into effect?

A

At the date the quotation is accepted.

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6
Q

While applying for motor insurance, what is least likely to be asked?

A

Gender.

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7
Q

What are specific questions in the proposal form?

A

Questions which are risk specific are said to be specific questions.

  • Proposer’s risk address
  • Proposer’s age
  • Description of the subject matter
  • Business details
  • Sum insured/Limit of liability
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8
Q

What are general question asked in the proposal form?

A
  • Proposer’s name
  • Proposer’s correspondence address
  • Proposer’s occupation
  • Period of insurance
  • Past insurance history
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9
Q

What type of insurance is most likely to have flat premium?

A

Motor insurance.

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10
Q

As an evidence that insurance exists, which types of insurances must compulsorily have Certificate of insurance?

A

Motor+Employers’ liability.

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11
Q

What is the statement written in the Certificate of insurance Employer’s liability?

A

Policy satisfies the relevant legal requirements.

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12
Q

What kind of conditions are not written into the policy?

A

Implied.

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13
Q

According to FOS, a complaint is said to be unresolved after?

A

8 weeks,

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14
Q

What does ICOBS 6.1 mention about insurer’s duty during renewal?

A

A firm must take reasonable steps to ensure a customer is given appropriate information about a policy IN GOOD TERMS and in a comprehensible form so that the customer can make an informed decision about the arrangements proposed.

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15
Q

What are the insured’s duty during renewal?

A

Duty of disclosure is resurrected. And they need to provide details of any changes in the risk.

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16
Q

What does ICOBS mention off the duties of the insurer during cancellation?

A

Consumers of general insurance must be given a 14 day period in oder to cancel the policy WITHOUT penalty.

17
Q

In the absence of accidental damage extension, household insurer will still usually cover what?

A

the household policy will cover damages unto

Underground Telephone cables.

18
Q

What is NOT a reason whycommercial vehicles have a higher premium?

A

Poor claims history.

19
Q

What does Earned loss ratio(ELR) provide?

A

Most accurate measure of performance at account level, to reflect reinsurance spend and IBNR.
When ELR is measured at policy level or broker level, IBNR and reinsurance is not considered.

20
Q

What type of insurance is confirmed to have ‘LONG-TAIL” claims?

A

Employer’s Liability.

21
Q

What does the Financial Services Compensation scheme do?

A

Funds claims by policyholder whose insurers becomes insolvent.

22
Q

What is the optimum time for new businesses?

A

When the market is HARDENED.

23
Q

Who is responsible for calculating the EML?

A

Surveyor.