Questions Flashcards
1
Q
Name 5 perils
A
Fire
Lightening
Explosion
Aircraft
Windstorm
Riot
Theft
2
Q
What three elements are required for insurable interest to exist
A
Subject matter
Legal relationship
Financial value
3
Q
When must insurable interest exist in property and other insurances
A
At inception and time of loss
4
Q
Identify three ways insurable interest can be created
A
Common law e.g. ownership
Contract e.g. lease gives tenant responsibilities
Statute eg Repair of Benefices Building Measures Act (1972) requires upkeep of building
5
Q
Who may have an insurable interest in property insurance?
A
Owners
Part or joint owners (for their share)
Agents
Bailees (who look after others property)
Tenants (who rent property)
