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Question 1

Preamble/ recital

Answer 1

Sets the scene
Refers to both
Outlines terms/obligations

Question 2

Operative clause

Answer 2

Outlines cover

Question 3

Policy schedule

Answer 3

Personal and specific
SI and premium

Question 4

Claims history of motor insurance

Answer 4

Claims and underwriting exchange

Question 5

MID

Answer 5

All UK registered vehicles

Question 6

MIAFTR

Answer 6

all total loss and theft claims

Question 7

Buildings sum insured will be linked to the price of

Answer 7

Rebuilding costs

Question 8

Why would a data controller be appointed

Answer 8

To meet the requirements of data protection legislation

Question 9

Calendar year

Answer 9

Grouped according to the date of the loss

Question 10

Why is it important to analyse past claims

Answer 10

For profitability of the uw account

Question 11

When would IPT apply at 20%

Answer 11

Personal travel insurance

Question 12

An express warranty is

Answer 12

Eg keep security guard at door 7 days a week

Question 13

Main UW consideration for glass insurance

Answer 13

Geographical area

Question 14

With regard to risk premium, what does frequency refer to

Answer 14

The number of claims which are forecast

Question 15

What does it mean to have a return on capital employed of 10%

Answer 15

The profit is 10% of the capital employed

Question 16

Gross profit formula

Answer 16

(Turnover+ closing stock) - (opening stock +uninsured working expenses)

Question 17

Premium calculation

Answer 17

Sum Insured X Rate
100

Question 18

Claims loss ratio formula

Answer 18

Claims insured X100
Premium recieved

Question 19

Average formula

Answer 19

Value insured. X the loss
Value at risk