NEW QUESTION 28
What are the main objectives of the principle of insurable interest?

NEW QUESTION 29
John owns stock that he intentionally insured for £15,000, although the full value of the stock is £18.000. His insurance policy has no excess and is subject to a pro rata condition of average. In the event of water damaging
£6.000 of John’s stock, how much will the insurer pay for a valid claim after the application of average?

NEW QUESTION 30
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of a corporation aggregate?

NEW QUESTION 31
For this question more than 1 option is correct. You must select all the correct options to gain the mark.
The Insurance: Conduct of Business sourcebook (ICOBS) rules in respect of claims handling specify that an insurer must

NEW QUESTION 32
When a defendant deliberately destroys possessions belonging to someone else, he has committed the tort(s) of

NEW QUESTION 33
For this question more than 1 option is correct. You must select fill the correct options to gain the mark. In what circumstances would an agency agreement be automatically terminated?

NEW QUESTION 34
A riot results in a shop being damaged and the shopowner’s insurer settling the claim. A subrogation right enabling the insurer to sue the police authority arises under

NEW QUESTION 35
The principle of subrogation prevents a policyholder from profiting from

NEW QUESTION 36
Within what time period, from the date when the damage first began, does the owner of an office block have a right to sue the builder for negligent construction work?

NEW QUESTION 37
The test of the materiality of facts in an insurance contract is defined according to the opinion of a

NEW QUESTION 38
Adam was bitten by a stray dog in Africa. He washed his wound in a pond and a week later he became very ill with a high temperature. Initially, the local hospital treated him for malaria and later treated him for the fever following the dog bite. Adam died in hospital. What is the proximate cause of his death?

NEW QUESTION 39
Which divisional court of the High Court includes a Commercial Court?

NEW QUESTION 40
Bill owned a painting which was insured under a policy containing a first refusal clause. The painting was stolen and Bill’s claim was settled, but several months later the painting was recovered by the police. As a consequence, what is Bill’s position under his insurance policy?

NEW QUESTION 41
At what stage is insurable interest required for a marine cargo insurance policy?

NEW QUESTION 42
Tim is a local insurance broker. He has authority to receive premiums for a personal lines insurer and earns commission from the insurer for sales. Paul, an elderly customer, asked Tim for advice regarding his personal insurance requirements and to assist with completing the proposal form for household insurance. In these circumstances, who, if anyone, is Tim’s principal?