LO1 Flashcards
What does the Road Traffic Act offer?
unlimited indemnity for bodily injury/death to thi8rd parties and a 1.3m property limit
What does Third Party only cover include?
£20m limit and indemnity whilst driving someone else’s car and legal costs
Third Party, Fire & Theft cover
cost of repairs/compensation for damage from fire, lightning, explosion and theft
What does Comprehensive car insurance exclude?
wear & tear
loss of use
foreign use
mechanical & electrical breakdown
What does standard Motorcycle and Commercial Motor cover not include?
no personal accident benefits
What is the Employer Ref No.
Unique to individual employer
What is the minimum limit VS the typical limit for Employers Liability
£5m is the minimum, but £10m is usually covered
What does Public Liability Cover?
legal liability to third party damages
extend to include tenants liability
What is the main UW consideration for Professional Liability?
Occupancy
What does Trustee Insurance cover?
Personal lability relating to their work
Claims made basis
NO indemnity for fines
What is the typical Sum Insured for extended warranty insurance?
£2,500 per period of Insurance
Why doesn’t cyber cover fines?
As it would mitigate the action taken by the regulator for data breaches
What does a typical household policy exclude?
legal expenses
What does a standard Buildings policy cover?
Fire, Earthquake, Lightning and Explosion
What does contents insurance exclude?
cars, livestock, meals, cheques and documents
Accident policy
16-70
weekly benefit up to 104 weeks
Sickness policy
16-60
can’t be sick in first 21 days of cover
Who is paid under a professional indemnity policy
third party
What type of cover can sometimes include riot damage?
property
Fire and Special Perils under property insurance
ABI wordings- Fire, lightning and explosion (of domestic gas boilers)
What do all risk policys ecxlude?
market exclusions and if it would be covered by another LOB
Theft
forcible and violent entry or exit from building
excludes if unoccupied, used a key, hid on premises
glass insurance
excludes if broken by fire, lightning or explosion as well as scratching/chipping
Money
Excludes bank cards
Most at risk in transit
