NEW QUESTION 34
John wishes to insure his friend’s house. Why would an insurer refuse to provide a quotation?

NEW QUESTION 35
If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?

NEW QUESTION 36
A claim has arisen which is fully covered under insurer A’s policy and insurer B’s policy. Insurer A’s policy has a sum insured of £30,000 and insurer B’s policy has a sum insured of £50,000. What proportion of the claim is insurer B liable for if the principle of contribution applies on a rateable proportion by sum insured basis?

NEW QUESTION 37
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

NEW QUESTION 38
Who can place business directly with a Lloyd’s underwriter?

NEW QUESTION 39
Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Ben discusses this with his solicitor who states the contract is

NEW QUESTION 40
Under common law. when does the insured’s duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

NEW QUESTION 41
Under the provisions of the Financial Services Act 2012. what action, if any, can the regulator take against a firm that has committed money laundering offences?

NEW QUESTION 42
From April 2019. a small company with nine employees is in dispute with its insurer and wishes to refer the matter to the Financial Ombudsman Service (FOS). The FOS is only permitted lo deal with the dispute if the insured’s turnover does NOT exceed

NEW QUESTION 43
Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?

NEW QUESTION 44
A survey of a car repairers reveals a spray booth exists by an unguarded paraffin space beater. Also, a day’s supply of paint is kept within the building and waste is removed daily from a metal bin. What will the underwriter perceive as the main physical hazard?

NEW QUESTION 45
Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?

NEW QUESTION 46
When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as

NEW QUESTION 47
Alex decides to insure his factory. In doing this he is primarily

NEW QUESTION 48
A house slatls to have subsidence problems due to the negligence of a cable-laying company. The owner of the house claims under his household buildings insurance policy. Which principle allows the insurer to recover from the cable-laying company?

NEW QUESTION 49
A risk control survey shows that premises proposed for insurance are in close proximity to a river with a history of flooding. The underwriter will consider this fact to be a

NEW QUESTION 50
Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

NEW QUESTION 51
The Financial Ombudsman Service will make a ruling on a dispute between

NEW QUESTION 52
When completing a proposal form, Tom declares that he has two spent speeding convictions. How, if at all, will the spent convictions affect an underwriter’s decision to write the risk?

NEW QUESTION 53
How would an employee benefit directly from her employer’s business interruption insurance if its factory was forced to close temporarily due to flood damage?

NEW QUESTION 54
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

NEW QUESTION 55
Sunita suffers a loss and makes a claim under her household contents insurance policy. When must insurable interest exist for her claim to be valid?

NEW QUESTION 56
The principle of indemnity is the