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45 Cards in this Set

  • Front
  • Back

Under TPO private motor what is the maximum limit for third party property damage?

£20,000,000

What limit of indemnity is normally provided under and employers liability insurance policy?

£10,000,000

What is the minimum limit of indemnity legally required for EL?

£5,000,000

What is a flat premium?

No AP or changes during the year change the premium regardless of losses.

What is an adjustable premium likely used for?

Products Liability.

What is a flat premium likely used for?

Public Liability of Manufacturers.

Where would a Contractual Liability Exclusion apply?

Most likely in Motor.

What is the Operative Clause?

Sets out cover.

When Do docs have to be sent?

7days after renewal.

What is an Ex Gratia payment?

A favour payment.

in what insunrace is repair mostly used?

Motor.

What settlement option is used most infrequently?

Reinstatement.

How many days are needed of in patient treatment are needed for a significant personal injury.

4.

What does LAN Stand for?

Local Area Network.

How long are complaints retained for?

Three years from the complaint.

Give an example of someone who is not an eligible complainant.

A micro-enterprise of more than 10 people

What is a capital sum?

A lump sum paid as an initial fee or investment.

What is required for a valid theft claim?

Forcible AND violent entry or exit.

Where would the insured get free advice about their policy?

Insurer Helpline.

What are the limits of cover for a typical legal expenses policy?

Unlimited cover.


Limit per claim.

What isn't covered under baggage on a travel policy.

Contact lenses.

What is subsidence caused by?

Tree roots.

Glass insurance excludes breakage by what?

Fire lightning and explosion.

Insurance policies legal significance is as the what?

Evidence if the contract.

What is needed on a proposal form?

Insurers occupation.

What settlement is used for BI?

Money.

What is a router used for?

To manage the flow of electronic traffic.

What type of data is regulated used the DPA 1998?

Personal Data.

What is the limit for TP property damage throughout Commercial Motor insurance?

5million.

What is the limit for TP property damage thorough RTA (Car/Bike)?

1 million.

What is the limit for TP property damage throughout TP/TPFT/COMP (car/bike)?

20 million.

What are rating tables?

pre set homogeneous (general) rates calc by the actuary.

What is the main rating factor for money insurance?

amounts held / carried.

What are two optional extensions for a standard money policy?

Assault risks



Credit cards

Give two exclusions for theft cover.

looting



Livestock

What is the minimum upper limit insurers CaN impose on employers liability policies?

5 million.

Which liability policy is limited both per claim and I'm the aggregate per annum?

PI

What is the difference between claims occurring/arising and claims made?

occurring - must settle on the date of loss.



made - must settle on the time the claim is submitted

will public liability insurance cover loss or damage to property and will it cover consequential loss?

Yes and yes.

What is the typical limit of indemnity for public liability policids?

2m

Which two liability insurances operate on a claims made basis?

PI & DNO

Give 3 benefits to the insurer when selecting a reputable authorised repaired.

Quality


Price


Relationship

Give an example of physical risk control and financial risk control.

Physical - sprinkler system


Financial - self insurance funds

What is the professional body for risk managers?

AIRMIC

What material facts do not need to be disclosed?

Law


Public domain


waived: estoppel


lessen the risk


survey should have revealed


spent convictions


covered in policy terms


insured doesn't know