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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 |
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What limit of indemnity is normally provided under and employers liability insurance policy? |
£10,000,000 |
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What is the minimum limit of indemnity legally required for EL? |
£5,000,000 |
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What is a flat premium? |
No AP or changes during the year change the premium regardless of losses. |
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What is an adjustable premium likely used for? |
Products Liability. |
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What is a flat premium likely used for? |
Public Liability of Manufacturers. |
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Where would a Contractual Liability Exclusion apply? |
Most likely in Motor. |
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What is the Operative Clause? |
Sets out cover. |
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When Do docs have to be sent? |
7days after renewal. |
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What is an Ex Gratia payment? |
A favour payment. |
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in what insunrace is repair mostly used? |
Motor. |
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What settlement option is used most infrequently? |
Reinstatement. |
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How many days are needed of in patient treatment are needed for a significant personal injury. |
4. |
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What does LAN Stand for? |
Local Area Network. |
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How long are complaints retained for? |
Three years from the complaint. |
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Give an example of someone who is not an eligible complainant. |
A micro-enterprise of more than 10 people |
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What is a capital sum? |
A lump sum paid as an initial fee or investment. |
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What is required for a valid theft claim? |
Forcible AND violent entry or exit. |
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Where would the insured get free advice about their policy? |
Insurer Helpline. |
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What are the limits of cover for a typical legal expenses policy? |
Unlimited cover. Limit per claim. |
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What isn't covered under baggage on a travel policy. |
Contact lenses. |
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What is subsidence caused by? |
Tree roots. |
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Glass insurance excludes breakage by what? |
Fire lightning and explosion. |
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Insurance policies legal significance is as the what? |
Evidence if the contract. |
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What is needed on a proposal form? |
Insurers occupation. |
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What settlement is used for BI? |
Money. |
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What is a router used for? |
To manage the flow of electronic traffic. |
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What type of data is regulated used the DPA 1998? |
Personal Data. |
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What is the limit for TP property damage throughout Commercial Motor insurance? |
5million. |
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What is the limit for TP property damage thorough RTA (Car/Bike)? |
1 million. |
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What is the limit for TP property damage throughout TP/TPFT/COMP (car/bike)? |
20 million. |
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What are rating tables? |
pre set homogeneous (general) rates calc by the actuary. |
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What is the main rating factor for money insurance? |
amounts held / carried. |
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What are two optional extensions for a standard money policy? |
Assault risks Credit cards |
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Give two exclusions for theft cover. |
looting Livestock |
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What is the minimum upper limit insurers CaN impose on employers liability policies? |
5 million. |
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Which liability policy is limited both per claim and I'm the aggregate per annum? |
PI |
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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 |
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will public liability insurance cover loss or damage to property and will it cover consequential loss? |
Yes and yes. |
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What is the typical limit of indemnity for public liability policids? |
2m |
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Which two liability insurances operate on a claims made basis? |
PI & DNO |
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Give 3 benefits to the insurer when selecting a reputable authorised repaired. |
Quality Price Relationship |
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Give an example of physical risk control and financial risk control. |
Physical - sprinkler system Financial - self insurance funds |
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What is the professional body for risk managers? |
AIRMIC |
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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 |