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LM1 > Classes of Business > Flashcards

Classes of Business Flashcards

1
Q

Sailing vessels (fleets and cruises)

A

Hull and yacht/recreational vessel insurance

Marine insurance

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2
Q

Motor vessels

A

Hull and yacht/recreational vessel insurance

Marine insurance

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3
Q

Inland vessels

A

Hull and yacht/recreational vessel insurance

Marine insurance

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4
Q

Cargo vessels

A

Hull and yacht/recreational vessel insurance

Marine insurance

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5
Q

Cruise/passenger vessels

A

Hull and yacht/recreational vessel insurance

Marine insurance

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6
Q

Specialist vessels

A

Hull and yacht/recreational vessel insurance

Marine insurance

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7
Q

Physical damage and liability cover for the owner of a vessel in construction

A

Builder’s risk insurance

Hull and yacht/recreational vessel insurance

Marine insurance

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8
Q

No business for a vessel OR vessel is damaged or seized by another party

A

Loss of earnings insurance

Marine insurance

(different from business interruption insurance - non marine)

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9
Q

physical damage to goods in transit, excluding liabilities for the cargo damaging persons or the property

A

Cargo insurance (cargo and goods in transit insurance)
- covers land and air travel as well as sea
Marine insurance

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10
Q

combination of transit and storage policies for cargo

A

Stock throughout insurance (cargo and goods in transit insurance)

Marine insurance

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11
Q

Physical loss or damage insurance for jewellery

A

Jeweller’s block insurance (cargo and goods in transit insurance)

Marine insurance (although can be written in non-marine market)

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12
Q

Physical loos or damage for loose gemstones, precious metals and valuable documents

A

Specie insurance (cargo and goods in transit insurance)

Marine insurance

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13
Q

Sculptures, installations and art (transit and static risk)

A

Fine art insurance (cargo and goods in transit insurance)

Marine insuranc

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14
Q

Physical damage or loss of satellites through construction and transit

A

Satellite pre-launch insurance (cargo and goods in transit insurance)

Marine insurance

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15
Q

Covers the movement of money between locations

A

Cash in transit (cargo and goods in transit insurance)

Marine insurance (can also be non-marine)

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16
Q

Risk prevention criteria fro cash in transit

A
  • varying routes
  • mixing up the truck crews (avoid inside job)
  • armed truck crews
  • using GPS and other trackers
  • paper money soaked in water in and dye
  • warranties wrt not leaving vehicle alone
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17
Q

liability of carrier handling goods but not for the goods themselves

A

Goods in transit (cargo and goods in transit insurance)

Marine insurance

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18
Q

War and civil war type risks, with captures and seizures, as well as the stoppage of work through planning and action

A

War and strikes insurance

Marine insurance

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19
Q

Colling/making contact with another ship (removing the wreck and damage caused to the vessel)

A

Collision liability

Marine liabilities

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20
Q

Marine liabilities examples

A
  • injury/death to crew
  • injury/death to non-crew (visitors to vessel)
  • pollution cause by escape of cargo, waster water or fuel
  • damage to cargo being carried
  • damage done to other people’s property (e.g. docks, lighthouses and buoys) through collision
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21
Q

Offer protection against the risk arising from (in)actions or restrictions of hostile or unconstitutional governments

A

Political risks insurance (PRI)

22
Q

Relates to the location and extraction of oil and gas under the seabed

A

Offshore energy insurance (upstream area of business). three stages of offshore energy business: exploration; construction; and operational

23
Q

Physical damage to buildings e.g. offices, factories, public buildings, retail units, house etc.)

A

Property insurance

24
Q

Physical damage covering stock at insured’s premise

A

Stock insurance

25
Q

Covers damage from forcible entry

A

Theft insurance

26
Q

Similar to cash in transit from the marine market

A

money insurance

27
Q

Deals with fraudulent acts committed during policy period

A

Fidelity guarantee insurance

28
Q

Protection against risks during the construction of a building

A

Construction insurance (non marine)

29
Q

Policy purchased by main contractor on behalf of other sub-contracters

A

Contractors all risks (CAR)

30
Q

Policies purchased by contractor responsible for putting up or installing machinery

A

Erection all risks (EAR)

31
Q

Protection against the risk of losses cause by the use of networks to access online systems and information

A

Cyber insurance

32
Q

Serves to replace lose income after a waiting period through physical loss or damage to the insured property

A

Business interruption insurance (but separate policy for contingent business interruption e.g. power supplier to factory is damaged)

33
Q

Examples of non-marine liabilities

A

(also known as casualty)

  • employers’ liability: (workers’ compensation in US) covers injury to employers
  • public liability: covers any party who is liable for loss or damage caused to the public
  • professional liability: covers lawyers, doctors, accountants, stockbrokers etc.
  • Motor liability: third party loss or damage
34
Q

Covers damage caused by badly performed operation for example

A

Medical malpractice insurance

35
Q

When someone writes something about you which is untrue

A

Advertising injury

36
Q

Insurance for animals that are used for business (not pets)

A
  • Bloodstock e.g. racehorses and show-jumpers (also covers the infertility of a stallion/mare
  • livestock e.g. cows, sleep, llamas and fish farms
37
Q

Includes event cancellation, weather-related insurances, prize indemnity, death and disgrace and over-redemption

A

contingency insurance

38
Q

Insurance triggered by an accident, but not an indemnity policy, rather a schedule of benefits paid out when this is triggered

A

Personal accident insurance

39
Q

Triggered by sickness

A

personal/sickness insurance (or known as accident, sickness and unemployment cover (ASU))

40
Q

purchased by employers to cover the situation where an employee dies whilst in employment

A

Death in service

41
Q

Covers the payment of a ransom, medical expenses and specialist negotiation team

A

Kidnap and ransom insurance

42
Q

if a retailer is blackmailed into paying blackmailer for information about a contamination and maintaining the retailer’s respectability

A

Malicious product tamper extortion and product recall insurance

43
Q

Covers legal costs of defending an action against your intellectual property, or if you are alleged to have interfered with someone else’s

A

Intellectual property insurance

44
Q

Types of air crafts covered by physical damage insurance (Aviation)

A
  • Private pleasure fixed wing aircraft
  • commercial fixed wing aircraft
  • rotary aircraft
  • gliders
  • microlights
  • hot air balloons
  • unmanned aerial vehicles or drone
45
Q

Aviation liabilities

A
  • passengers
  • third party other than passengers i.e. baggage handlers and ground staff
  • products-related liabilities e.g. illness resulting from food poisoning on the plane

(employers’ liability is cover in standard employers’ liability policy)

46
Q

if an aircraft cannot be used and the owner loses money

A

loss of licence/loss of use insurance

47
Q

insurance protection for operators of airports

e.g. someone falls over in duty-free shop as a result of the store operator’s neglience

A

premises liabilty

48
Q

insurance protection for operators of airports

e.g. if the airport provides fuel

A

products liability

49
Q

insurance protection for operators of airports

e.g. If the airport provides maintenance or storage services for clients

A

hangar-keepers’ liability (do not need to actually have an aircraft hangar)

50
Q

a contract of insurance but the entity buying the policy is itself already an insurer

A

reinsurance

LM1 (4 decks)

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