LO4&5 Flashcards
What is the purpose of a claims form
establish if insured is entitled to indemnity and establish severity of the claim
What is the equation to work out contribution
SI by individual insurer / total SI X the loss
What is the equation to work out average
SI / value at risk X the loss
Motor Insurers Bureau
funded by a levy on it’s members to compensate for injury etc follow motor accidents by uninsured or untraced drivers
Significant personal injury requires claimant to have undergone 4+ days of consecutive treatment
Insurance Fraud Bureau
funded by insurance industry to detect and prevent organised fraud in personal lines
Claims and Underwriting Exchange
used to check personal lines claims history
MIAFTR2
all total loss and theft claims to prevent them claiming more than once
Motor Insurance Database
operated by MIB to share info to identify uninsured drivers
What is reinstatement
take control of the repair/rebuilding themselves
Alternative Dispute Resolution types include
mediation and conciliation
alternative to court and keeps it confidential, speedy and cheap
Implied Duties
common law e.g act uninsured, inform authorities and not hinder investigation process
Express Duties
always set out in the policy to show their duties in the event of a loss e.g promptly notify insurer and proof/details within certain timescale
Onus of proof on insurer to..
justify an exclusion in place if declining a claim. Must also check claims are valid
Onus of proof on insured to…
prove that an insured peril arose or prove amount of loss
ex-gratia payment is
payment from insurer despite no policy liability (favour)
