Random Flashcards
What is meant by the term proximate cause
The dominant cause of a loss
What does the analysis of historical patterns and trends of risks allow an insurer to do
Forecast expected future losses
What is the main purpose of compulsory insurance
To provide funds for compensation
Which element of an insurance contract is generally included in non-marine but not in marine insurance
Reinstatement
Fidelity guarantee insurance covers
Losses suffered due to fraudulent acts of employees
Which liability would possibly be covered under a standard aviation policy for an airline
Injury to a baggage handler
Reinsurance is most likely to involve an insurer and
An insurer
A major UK insurance company it’s subject to enhance scrutiny because it’s solvency margins are low. This would be monitored by
The Prudential regulation authority
An authorised insurer based solely in the UK although they write insurance business elsewhere in the EU.
This is known as operating on a…
Service basis
What is the governing body of the Lloyds market called
The Council of Lloyds
The amount by which and insurance assets exceeds its liabilities is known as it’s
Solvency margin
In the event of a claim the broker is least likely to provide which service
Appointment of professionals such as a loss adjuster
Under the concept pooling of risk The premium charge by an insurer should
Reflect the risk being presented
What is the approximate minimum level of professional indemnity insurance indemnities are required to have under FCA rules
£1million
Commercial vessel insurance is most likely to cover a
Container ship 
