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CII > IF3.5 Personal Insurances / IF4.2 > Flashcards

IF3.5 Personal Insurances / IF4.2 Flashcards

1
Q

Four levels of insurance for motor

A
  • Road Traffic Act Only
  • Third Party Only
  • Third Party, Fire & theft
  • Comprehensive
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2
Q

Road Traffic Act Only Insurance

A

Minimum cover required to comply with the road traffic act:
- unlimited indemnity in respect of bodily injury or death to third parties
- £1.2 mil limit for loss of or damage to third party property
- claimants costs and expenses
- emergency medical treatment and hospital chargers arising out of vehicle use.

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3
Q

European Union third Directives

A

To drive in the EU you’re insurance must meet the minimum covered required in the country you are in.

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4
Q

Third Party Only Insurance

A

Same as RTA only but:
- £20m limit for property damage
- indemnity to the insureds employer if the policy covers business use
- indemnity for the liability of passengers
- legal costs to defend claims

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5
Q

Third Part fire and theft Insurance

A

Same as Third Part but:
- cost of repair or compensation of the insured if the vehicle is stolen, damaged during theft (or attempted theft), and damaged by fire, lightening or explosion.

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6
Q

Comprehensive motor insurance

A

includes all possible accidental and malicious damage to the insured vehicle.

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7
Q

Specific Exclusions of Comprehensive Motor Insurance (on top of market exclusions)

A
  • wear and tear
  • depreciation
  • loss of use
  • mechanical and electrical failures
  • tyre damage from punctures
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8
Q

Common Extensions of cover for Comprehensive Motor Insurance included for no extra costs

A
  • personal accident
  • medical expenses
  • personal effects
  • ‘drive other vehicles’
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9
Q

Common paid extras for Comprehensive Motor Insurance

A
  • provision of a courtesy Car/loss of use
  • extended personal accident benefit & Personal Belongings and Clothing
  • foreign use cover beyond minimum
  • caravans and trailers
  • breakdown cover
  • legal expenses
  • breakage of glass
  • young additional drivers
  • racing/competitions
  • excess protection
  • loss of keys
  • joint policies
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10
Q

How does Private Motor Cycle Insurance Differ from Comprehensive Motor Insurance

A
  • no cover for theft of accessories
  • some do not include indemnity to employers
  • no personal accident, medical expenses or personal effects cover (or restricted)
  • riding other cycles is for an additional premium
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11
Q

Is the limit of indemnity for commercial vehicles
lower or higher than for private vehicles?

A

Lower (between £1.2m and £5m compared to £20m for third party liability to property)

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12
Q

What are the main types of commercial vehicles

A

good-carrying vehicles
agricultural & forestry vehicles
passenger-carrying vehicles
special construction vehicles
(the types make a difference to insurance)

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13
Q

Does commercial motor insurance include damage to goods carried?

A

Not normally, this is in a separate goods in transit policy

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14
Q

What is excluded in commercial vehicles which is included in private vehicle cover

A
  • driving other cars
  • personal accident
  • personal effects
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15
Q

Additional cover for Commercial vehicle Cover

A

Extra things that are included:
- Loading and unloading is covered (covers third party accidents)
- Indemnity to the driver (claims damage may be bought against the driver rather than the company)
- Indemnity to the User
- Indemnity to the passengers (in the result of acts of negligence)
- legal costs

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16
Q

Optional (paid) extensions for commercial vehicle cover

A
  • medical expenses
  • windscreen cover
  • loss of use (cover costs for alternative arrangements)
  • Increased 3rd party property damage limit
  • personal belonging
  • indemnity to hirers
  • sheets/ropes (the tarpaulins used on open sided lorries)
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17
Q

Fleet insurance (normal) minimum

A

Ten

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18
Q

fleet insurance

A

A group of vehicles under single ownership, covered under one insurance

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19
Q

Different covers available in commercial fleet insurance

A
  • contingent third party insurance
  • joint insured clause
  • occasional business use
  • roadside assistance
  • helplines, message handling and admin
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20
Q

What is contingent third party insurance?

A

Temporarily cover employees own vehicle for the employers business and their own insurance is inoperative.

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21
Q

What is Joint Insured Clause

A

If two people from the same fleet insurance are in an accident, they are treated as separate policyholders

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22
Q

Reasons for fleet insurance

A
  • reduce admin for the policyholder and the insurer
  • Take individual experience of the policy holder into account which enables a more accurate rating to be made.
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23
Q

Personal Accident Cover

A

provide benefit payments in the even of accidental death or bodily injury

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24
Q

Sickness Cover

A

provided a benefit payment for disablement due to sickness

(add on to personal accidents)

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25
Q

medical Expenses

A

Provides cover for individuals who seek medical treatment outside the NHS when they are ill

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26
Q

When may operative time of cover apply

A

In a personal accident policy, may only apply during someone’s work if they have chosen so

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27
Q

group vs Private Personal Accident or Sickness

A

group - a number of persons are covered under one policy
private - taken out by the policyholder in respect of their own welfare.

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28
Q

Personal Accident and Sickness are common add-ons for what other insurances?

A

Travel, Motor, Household & Commercial Combined Insurance.

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29
Q

personal Accident benefits: A lump sum or weekly benefit in the event of

A
  • Death
  • Loss of limbs, eyesight, speech & hearing (lump sum)
  • Permanent total disablement (PTD) Lump sum
  • Permanent Partial Disablement (PPD) Lump Sum
  • Temporary Total Disablement (TTD) Weekly payments
  • Temporary Partial Disablement (TPD) Weekly beneifts
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30
Q

Continental Scale

A

A pre-set scale of benefits to calculate lump sum payments in the result of PPD.

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31
Q

personal accident and sickness extension

A
  • disappearance (lump sum applicable to death)
  • medical treatment to speed up the period of convalescence
  • Hospital benefits to help pay for family travel costs
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31
Q

Sickness benefits

A

weekly benefits for persons unable to perform any part of their normal job

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32
Q

standard exclusions for personal accident and sickness policies

A
  • the insured being under the influence
  • self inflicted injury or disease
  • childbirth, pregnancy, venereal disease or HIV illness
  • accidents while participating in motor cycling, racing (except on foot), winter sports and mountaineering.
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33
Q

Medical Expenses Cover inclusions

A
  • hospital charges (surgery, theatre, consultations, nursing and after care)
  • specialists’ fees
  • additional costs such as ambulance fees
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34
Q

Medical expenses Cover exclusions

A
  • long-term residential care
  • pre-existing conditions (within 5 years)
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35
Q

Two parts of household insurance

A

Building and contents

36
Q

Buildings

A

The main structure and also garages, shed, greenhouses, outbuildings, swimming pools, tennis courts, garden paths, fitted kitchens, double glazing and anything you would normally leave behind.

37
Q

general cover for buildings

A
  • fire, lightening, explosion and earthquakes
  • riot, civil commotion, strikes, political disturbances, malicious damage or vandalism (if not empty for 30/60days)
  • storm or flood
  • falling trees or branches (excluding walls, gates, fences and hedges)
  • Escape of water (e.g. bursting pipes, excluded is unoccupied for 30/60 days)
  • Escape of Oil (excluded is unoccupied for 30/60days)
  • Theft or attempted theft (excluded is unoccupied for 30/60days)
  • Impact (damage caused by something falling)
  • Subsidence, ground heave or landslip
  • Breakage or collapse of TV masts
  • Accidental damage to drains, pipes, cables or underground pipes.
  • accidental breakage of glass and sanitary fixtures
  • legal fees, architects’ and surveyors’’ fees, cost of debris removal (following damage or loss)
  • Loss of rent (max period 2 years, cover rent to be paid & similar accommodation)
  • Accidental damage
38
Q

Which general covers for buildings are excluded if left empty for 30/60 days?

A
  • Escape of water
  • Escape of Oil
  • Theft or attempted theft
39
Q

theft

A

A person is guilty of theft if they dishonestly appropriate property belonging to another with the intension of permanently depriving the owner of it.

40
Q

Susidence

A

The downward movement of land on which buildings stand (change in grounds moisture)

41
Q

Ground Heave

A

When the ground swells and heaves after the moisture content of the soil increases

42
Q

Landslip

A

the falling away of land after heavy prolonged rain

43
Q

Contents Insurance

A

insurance for household goods and personal effects of every description, belonging to the insured or a family member living in the property.

44
Q

Theft of cash, currency, bank notes and stamps is covered/not covered when..

A

covered when there is forcible and violent entry or exit.

45
Q

Single article limits

A

limits of a percentage of the overall sum insured for items

46
Q

What happens if you have a valuable item you want to be insured

A

specify them separately in the policy

47
Q

Extensions to contents cover that are included automatically

A
  • temporary removal excluding cover for storm and flood (theft is covered at any bank, any building where you are residing)
  • Clothing and personal goods of domestic employees (excluding cash)
  • Accidental breakage of mirrors, glass and furniture
  • Loss of rent
48
Q

Paid extensions to contents cover

A
  • accidental damage to entertainment equipment
  • accidental damage while in the course of removal
  • cost of replacing door locks after theft of keys
49
Q

Typical exclusions of content cover

A
  • property more specifically excluded elsewhere
  • medals and coins, unless specifically insured
  • moto vehicles
  • livestock (other than horses)
50
Q

Household Insurance Legal liability

A

All household insurances also cover legal liability for accidental injury or accidental damage to material property.

51
Q

All risks cover (extension to household insurance)

A

cover available for personal possessions regularly take outside the property

52
Q

unspecified items (all risks cover)

A

Any item, doesn’t have to be told to the insurer in advance. Single article limits apply.

53
Q

Specified items (all risks cover)

A

items which exceed the unspecified single article limit. The sum insured should represent the replacement value.

54
Q

Money and credit cards (extension to household Insurance)

A

Cover to indemnify accidental loss of money.
A limit of indemnity applies.
excludes losses not reported to the police within 24hours.
the credit cards part provides cover in respect of financial loss following loss or theft of a card and its subsequent misuse. excludes unauthorised use by someone in the insureds household & breach of issuers terms and conditions.

55
Q

Bicycles (extension to household insurance)

A

Either a separate sum insured for each cycle or between £100 and £500 for all cycles owned by the insured.
excluded if: theft while left unattended an unsecured, used for racing & loss of parts or accessories.

56
Q

Freezer contents (extension to household Insurance)

A

cover if the contents deteriorate due to a change in temperature or contamination.
exclusions: age of the freezer, deliberate acts, fire, lightening or explosions.

57
Q

Caravans (extension to household insurance)

A

covers caravan and equipment, clothing and personal effects and liability.
excludes: ‘all risks’ exclusions AND theft while unattended and unsecured, hire or reward, business use, storm & flood damage to an awning.

58
Q

Small craft (extension to household insurance)

A

covers accidental loss or damage, personal effects, salvage charges & liability to third parties and passengers.
excluded: use for hire, reward & business purposes, liability for injury to employees, theft of outboard motors subject to security.

59
Q

Small craft

A

a vessel not exceeding 23 feet (7meters) and with speed not exceeding 17knots (20mph).

60
Q

Sports equipment (extension to household insurance)

A

Cover for accidental loss or damage to sports equipment’s and clothing.
exclusions: motor vehicles, trailer, caravans & boats, damage whilst in use, living creatures, no specialist clothing, pedal cycles, gold balls, camping equipment & equipment for certain pursuits.

61
Q

Domestic Animals (extension to household cover)
Horses and Ponies

A

Horses and Ponies: cover for death, accident, theft, health and liability etc

62
Q

Domestic Animals (extension to household cover)
Cats and Dogs

A

Cats and Dogs: vet fees, kennel fees whilst owner hospitalised, advertising and reward, liability & holiday cancellation due to the loss of the pet etc

63
Q

Legal Expenses (extension to household cover)

A

covers:
- recovery costs (enforcing your legal rights against third parties)
- civil defence costs
- prosecution defence costs (defence against criminal charges)
- employment dispute costs

limit of 50 000

64
Q

exclusions of legal expenses cover

A
  • claims outside the UK
  • appeals
  • costs and expenses not agreed by the insurer
  • claims arising out of the insureds business
65
Q

Travel Insurance cover

A
  • personal accident (10-25 thousand)
  • medical and associated expenses
  • loss of deposits
  • baggage loss and damage
  • personal liability
  • delayed baggage
  • hospital cash benefits (paid for the inconvenience)
  • travel interruption
  • travel delay
66
Q

Optional extensions of travel insurance

A
  • failure of tour organiser
  • lack of services or amenities
  • loss of passport
  • legal expenses
67
Q

General exclusions of travel insurance

A

pregnancy, disability, suicide, confiscated luggage & damage to fragile objects

68
Q

Extended Warrenties

A

Extension of the guarantee (cover free repairs following defects)

69
Q

typical exclusions of extended warranties

A
  • negligent handling
  • risks normally covered by household insurance
  • war
  • cost of certain repairs e.g. external wires
70
Q

Gadget Insurance

A

insures specific gadget items agaisnt loss, damage or theft

71
Q

main features of gadget insurance

A
  • phones which can’t be insured are usually replaced (fraud prevention)
  • Mobile Phones need to be new or refurbished (not second hand)
  • Cover is often provided for unauthorised transactions made when the device is stolen
  • cover can extend to include loss or damage if the phone is with a family member
72
Q

common exclusions of gadget insurance

A
  • loss or theft from car if in sight
  • cosmetic damage
  • gradual deterioration of performance
  • peripheral extras
  • loss of data
73
Q

What are the two types of drone insurance

A

annual policy & pay-as-you fly insurance

74
Q

Pet insurance

A

covers the vets fees (for accidental injury, illness etc), death, lost and found cover (theft, advertising costs), liability (dogs only), foreign travel & boarding fees (if you are hospitalised).

For dogs, cats, rabbits, horses, birds & exotic pets.

75
Q

what are the four types of pet insurance

A
  • accident only policies
  • time limited policies (can claim for a specific condition for a set period of time)
  • Maximum benefit policies (cover up to a set limit)
  • lifetime policies (claim up to a set amount for any condition every year)
76
Q

rating factors for pet insurance

A
  • pet age
  • pre-existing medical conditions
  • cost of the pet
  • type of pet
77
Q

Third party property limit

A

20m

78
Q

RTA only property limit

A

1.2mil

79
Q

reason for group medical cover

A

protect against financial loss as a result of injury or illness to members of staff for a company, for example.

80
Q

carpets are…

A

excluded in buildings insurance

81
Q

When are individual items specified in the household policy

A

when they exceed £5000

82
Q

Limit of liability for legal costs and expenses

A

50k

83
Q

flood Re

A

a reinsurance company owned and managed by insurers, funded by levies on member insurers to cover flood risks for residential properties built before 2009.

In the government has to step in, it will recover monies from the pool over subsequent years.

84
Q

personal accident on travel insurance limit

A

10-25k

85
Q

medical cover on travel insurance limit

A

1m

86
Q

Who buys extended warranties

A

retailers - then you buy it from the shop when you buy the device.

87
Q

Paid extensions to motor cycle cover

A
  • accessories or spare parts
  • trailers
  • driving other cycles
  • more than one cycle insured
  • invalid carriages.
88
Q

Defective Premises Act

A

Liability of the owner for faults in property they used to own or occupy.

CII (28 decks)

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