insurance Flashcards
1
Q
What is insurance?
A
.
2
Q
Types of insurance?
A
.
3
Q
When did the Insurance act 2015 come into force?
A
.
4
Q
Who does it apply to?
A
.
5
Q
What are the aims of the new act?
A
.
6
Q
Goal of IA2015?
A
.
7
Q
Key changes?
A
.
8
Q
What is the duty of disclosure and what has the IA2015 changed?
A
. 2012 Act - the duty to disclose every material circumstance which is known the the insured.
. 2015 Act - the duty to make a ‘fair representation of the risk’ to the insurer.
what information an insurer must provide and who to
9
Q
What is fair representation of risk?
A
.Means:
- Disclose every material circumstance which is known or ought to be known // i.e. - list of role makers in decision making in business.
- Failing this, the insured must give the insurer sufficient information to put a prudent insurer on notice that it needs to make further enquires - to reveal these material circumstances
- Must be made in a reasonably clear and accessible manner to insurer -
- Must not make any misrepresentations - update insurer about any changes that have happened/happening that year
10
Q
Proportionate remedy? work?
A
.
11
Q
Issue
A
.
12
Q
What are warranties?
A
.
13
Q
How do they work?
A
.
14
Q
Questions?
A
.
