Incorrect Mock Qs Flashcards
Which insurance policy specifically covers a solicitor’s loss of profits?
Business Interruption
What limit of cover applies for a legal expenses policy?
cover is unlimited but there is a limit per claim
Under a household policy, subsidence cover responds to damage caused by…
tree roots
Glass insurance excludes glass breakages caused by…
fire, lightning or explosion
Under a personal accident policy, if someone breaks their arm and cannot work for 3 months what benefit will be provided?
A regular payment for temporary total disablement
Which type of insurance will an insurer use a proposal form for additional info as opposed to a survey?
Money
What is the main UW consideration for personal accident insurance?
occupation
If an Insured hasn’t paid their premium and a claim occurs, what rights does the insurer have?
the insurer can reject the entire claim
what is a grace period for?
to allow the insurer to pay the policy renewal premium
What countries apply to the Rehabilitation of Offenders Act 1974?
England and Wales only
What organisation’s rules does a broker base their compliance on?
FCA
What settlement method is used for BI losses?
Payment of money
An insured is subject to implied duties when..
submitting a claim
If someone has to use an authorised repairer for their car, how is this settled?
The insured pays the excess to the repairer then the insurer pays the remaining balance to the repairer
What is the earliest point that an insurer can terminate an insurance policy following a fraudulent claim?
From inception of policy
Why would an insurer register claim details on MIAFTR
To help prevent fraud
When is an amount reserved in the claims process?
At the time the claim is notified
What is the purpose of installing a new router into a computer?
To manage the flow of electronic traffic
To transfer data outside of the UK without checking level of protection..
Anywhere in EEA
When an insurer accept salvage it..
Decreased the insurers total outlay
When a listed building needs settling it’ll be by
Reinstatement
When an insurer retains salvage the insurer pays ..
The difference between the total loss value and the salvage value
When does the MIV pass a claim to an insurer
Where policy terms have been breached
Professional indemnity financial info requested
Gross revenue
Commercial legal expenses doesn’t provide cover for
Public liability disputes
Who is held responsible for running of a company
Company directors only
Normal subsidence excess
£1,000
