Legal Documents Flashcards
Who is the first party/policyholder in relation to insurance?
The road user
Who is the second party in relation to insurance?
The insurance company also known as the insurance brokers
Who is the third parties in relation to insurance?
All other parties as result of an accident
What does the term premium mean?
The price you pay for motor insurance
What may effect the cost of insurance?
Vehicle type, vehicle use, age, driving record.
What does the term ‘No claims bonus’ mean?
The proportion by which the gross premium payable is reduced following one or more years free from claim.
What are the 3 types of motor insurance?
- Third party
- Third party fire & theft
- Fully comprehensive
What is third party insurance?
Will only cover you against damage to property and injury to third parties.
What is third party fire & theft insurance?
Same as third party but you can claim if your car is stolen or set on fire.
What is fully comprehensive insurance?
Covers all parties involved in an accident.
What is a broker?
Insurance specialist who sells insurance.
What is a proposer?
Person or organisation seeking insurance
What is a proposal form?
Form which proposer will write their answers to questions forming the basis of contract
What is a cover note?
Temporary certificate produced for 30-60days whilst permanent certificate is being prepared.
What is a certificate?
Sheet giving details of policyholder, vehicle, permitted drivers, class of use covered, and insurance cover start and end dates
What is a policy?
Written evidence of precise terms of contract agreed between the insured and insurer.
What is an underwriter?
Person in insurance company who decides whether to accept proposal for insurance end, and what terms it should be accepted
What is a policy holder?
Person who signed proposal form, which is basis of contract
What is an indemnity?
Compensation which restores a persons financial position after a loss, to the same as it was immediately before the loss.
What is a renewal notice?
A reminder policy falls due for renewal on states date and indicates amount of premium to be paid.
What does excess mean?
Term used to describe the start/percent amount that a vehicle owner wishes to pay for damage caused in an accident as result of their fault. The insurance company pays the rest.
What is a protected bonus?
Means your no claims bonus is protected.
What age and what must the person have to be supervising a learner driver?
21y/o and held a license for 3 years.
What is the speed limit for drivers on R plates?
45mph
What age must you be to drive a Public service vehicle or heavy goods vehicle?
21
How often can you tax your vehicle?
6months or 1 year.
What information must a tax disc show?
Expiry date, price paid, tax grouping, vehicle make and registration
Why is a SORN Document needed?
To declare ownership of a vehicle which is “off the road” and state it’s whereabouts.
What is a V5 form?
A vehicle registration document
What information is on a V5 Form?
-Name and address of current owner of vehicle.
-Make and model of vehicle
-Taxation class
-Colour and identification marks
-Date of registration
-Number of previous owners
How long is MoT valid for?
12 months
Why is MoT needed?
Assures vehicle is still in roadworthy condition
When should you renew MoT?
A month before expiry date
What are some things that may be checked in a MoT test?
Steering, suspension, engine, lights, mirrors
What is a vehicle registration document also known as?
A V5 Form
What are the four main areas of costs once buying a vehicle?
- Purchase costs (price of vehicle)
- Standing costs (legal requirements)
- Running costs (day to day costs)
- Additional costs (parking & fines etc)
What are 3 things you can do before purchasing a 2nd hand vehicle?
- Check mileage
- Always View in broad daylight
- Ask to see MoT certificate and etc
What is the minimum tread depth needed in tyres on the road?
Cars, vans and, light vehicles: 1.6mm
Motorcycles, large vehicles: 1.0mm
What information can you find on the side of a tyre?
- Diameter of wheel
- Nominal section width
- Aspect ratio
What are 3 appropriate child restraints in a car?
- Baby carrier
- Child seat
- Harness or booster seat
Who’s responsibility is it to ensure children under 14 in vehicle are secure at start of journey?
The driver
