Tyoes Of Financial Protection 2 Flashcards
How many forms of model wording does the ABI provide for defining a total and permanent disability?
ABI provide 4 model wordings
At what point during the buying process should the property be insured by the buyer?
Buildings insurance should be in place at exchange of contracts as the buyer is then responsible for the building
Can an insurer withdraw IPI cover based on claims experience?
No, IPI is permanent and can not be withdrawn based on claims experience. This is the difference between IPI and ASU cover.
Which of the following standard perils are specific to contents insurance?
A) damage by storm and flood
B) damage or losses caused by theft and attempted theft
C) damage to computers and TV’s
D) damage caused due to frozen or burst pipe
E) damage caused by impact from falling trees
F) replacement of locks and keys
G) theft of the insureds money form another address
H) subsidence, landslip and heave
C) damage to computers and TV’s
F) replacement of locks and keys
G) theft of the insureds money form another address
Damage caused by escape of water or oil is excluded from buildings insurance when the building is:
A) furnished
B) unfurnished
C) self-build
B) unfurnished
If a mortgage borrower falls to maintain their buildings insurance premiums, the lender may:
A) repossess the mortgaged property
B) choose to pay the premiums and add the cost to the existing loan
C) choose to pay the outstanding premiums and charge an interest rate
B) choose to pay the premiums and add the cost to the existing loan
Landlords contents insurance will cover:
A) the landlords contents only
B) both the landlords and the tenants contents
C) the tenants contents only
A) the landlords contents only
ASU can work in conjunction with IPI l. True or false?
True
An ASU redundancy claim is likely to be excluded if the applicant had:
A) no reason to expect the redundancy when they took out the policy
B) previously been made redundant from a job unrelated to the claim
C) reason to believe the redundancy was imminent when they took out the policy
C) reason to believe the redundancy was imminent when they took out the policy
If PPI is arranged on a joint basis to protect both mortgage borrowers, the premium will be:
A) the same as that quoted to protect one borrower
B) double the amount quoted to protect one borrower
C) variable depending on the second borrowers health
B) double the amount quoted to protect one borrower
When using WoP if the underlying plan is on a joint life basis the WoP is always available to both of the lives assured. true or False?
False
Which rider benefit splits a joint life or CIC policy into two single policies if the need is evidenced?
A) separation benefit
B) replacement benefit
C) life changes benefit
A) separation benefit
MPPI usually allows:
A) one claim to be made
B) more than one claim to be made
B) more than one claim to be made
If premiums are maintained
