Mixed questions

Question 1

The Enterprise Act 2016

Answer 1

Protects Policy Holder if the insurer does not settle valid claims within reasonable time

Question 2

Insurance Act 2015

Answer 2

• business customers must make a fair representation of the risk to the insurers
• a circumstance or representation is material if it would influence the judgement of insurer to determine whether to take the risk or not

Question 3

CIDRA - main features

Answer 3

• consumers must take reasonable care not to make a misrepresentation to the insurers
• pre-contractual duty of disclosure was abolished

Question 4

Employers Liability (compulsory Insurance)Act 1969 made it compulsory

Answer 4

for employers in Great Britain to effect Employers Liability Insurance

Question 5

Contracts(Right of Third Parties)Act 1999 set out

Answer 5

The circumstances in which a third party will have a right to enforce a term of contract

Question 6

The Thirds Parties (Rights Against Insurers)Act 2010 protects

Answer 6

Insurance proceeds from the effects of insolvency

Question 7

The GDPR and Data Protection Act 2018 have replaced

Answer 7

The Data Protection Act 1998

Question 8

The Consumers’ Rights Act 2015 provides Protection

Answer 8

for consumers relating to unfair terms in contacts between consumers and a trader/seller or supplier

Question 9

IUA - International Underwriting Association

Answer 9

World’s largest representation organisation for International and whole sale insurers

Question 10

ABI -

Answer 10

Body representing Insurers in UK

Question 11

BIBA

Answer 11

Trade association for Insurance Intermediaries

Question 12

LMRC

Answer 12

arm of BIBA representing Lloyds and other brokers in London - lobbying role

Question 13

LIIBA

Answer 13

Trade body representing Brokers in London and worldwide Insurance and Reinsurance

Question 14

LMA

Answer 14

provides representation, information , technical services to underwriting business in Lloyds

Question 15

MGAA

Answer 15

Trade body for MGAs

Question 16

CILA

Answer 16

Professional body for Loss Adjusters

Question 17

CII

Answer 17

Professional body for all working in Insurance

Question 18

IRM

Answer 18

Provides qualifications Risk Management Professionals

Question 19

MIB

Answer 19

Has two agreements with the Government

• Uninsured Drivers’ Agreement
• Untraced Drivers’ Agreement

Question 20

Physical Hazards in Motor Insurance

Answer 20

Age of car
Age of Drivers
Previous accidents

Question 21

Physical Hazards - Theft Insurance

Answer 21

Nature of Stock

Security Precautions

Question 22

Physical Hazards in Fire

Answer 22

Construction of the Building
nature of Use
Heating and Electrical systems

Question 23

Moral Hazards - Insurance History

Answer 23

Previous refusals

History of Claims

Question 24

Moral Hazards - Personal History

Answer 24

Criminal convictions

Lack of good business management

Question 25

Meaning of Warranty

Answer 25

Generally means a guarantee or promise to provide assurance by one party from another

Question 26

Binders

Answer 26

Delegated Authority Schemes

Question 27

Duties of Principal

Answer 27

Remuneration | Indemnity - subject to express terms

Question 28

Subject Matter of Insurance

Answer 28

Is the property event of liability

Question 29

Subject Matter of Contract

Answer 29

Financial interest in the subject matter of Insurance

Question 30

Benefit Policies

Answer 30

``` Accident Life Pensions Annuity Investment Contracts Personal Accident Sickness Critical Illness Payment Protection Indemnity Hospital Cash Plans Permanent Health Elements of Travel Insurance ```

Question 31

Indemnity Option

Answer 31

Cash Payment Repair Reinstatement Replacement

Question 32

Indemnity Policies

Answer 32

Marine Fire Property and Motor ( Options of Idemnity)

Question 33

Compulsory Insurances

Answer 33

Private Individuals - Motor - Ownership of dangerous dogs Professional Business - Employers' Liability - Public Liability - some traders/Riding Establishments - Professional Indemnity - Marine Pollution Liability - Operation of Nuclear reactors

Question 34

Aim of Competition Markets Authority

Answer 34

To promote fair Competition for the benefit of consumers both within and outside of UK

Question 35

Super Complaints are handled by

Answer 35

FCA - earlier by OFT - Office of Fair Trading

Question 36

Member Agent @Lloyds

Answer 36

Is a form of Specialist Financial Advisor to potential individual buyers