LLMIT

Description

Lloyd's test
victoriahowell90
Quiz by victoriahowell90, updated more than 1 year ago
victoriahowell90
Created by victoriahowell90 about 9 years ago
8
0

Resource summary

Question 1

Question
A primary purpose of insurance as a risk transfer mechanism is to
Answer
  • compensate for financial losses however sustained
  • help balance the national economy
  • spread the cost of an insured loss amongst many policyholders
  • provide a source of funds for capital investment

Question 2

Question
The duty of providing full particulars of a claim and proof of loss ultimately rests with the
Answer
  • loss adjuster
  • broker
  • loss assessor
  • insured

Question 3

Question
Assignment in relation to insurance is the
Answer
  • passing of rights under the policy from one party to another
  • division of a loss between insurers where two or more insurers cover the same risk
  • delegation of a loss settlement authority to a third party
  • scaling down of a claim payment in proportion to the degree of underinsurance

Question 4

Question
A proposer makes a fraudulent statement in order to obtain insurance cover at a reduced rate. The consequent common law position is that any policy issued will
Answer
  • be void from inception
  • remain valid, but the insured must pay an additional premium only
  • remain valid, but the insured must pay an additional premium and the policy cannot be renewed
  • remain valid, but cannot be renewed only
Show full summary Hide full summary

Similar

Tips for IB History Paper 1
enyarko
Girls' and Boys' Education - A Mind Map
Cecelia Price
GCSE PHYSICS: Energy Transfer
magykman1998
Biology: Lung Disease
Sarah H-V
Atomic Structure
Jenni
Biology (B2)
Sian Griffiths
An Inspector Calls- Quotes
ae14bh12
Dr Jekyll and Mr Hyde THEMES
deanakentish
1PR101 2.test - Část 1.
Nikola Truong
OP doplnovaci otazky
Helen Phamova
PSBD/PSCOD/ASSD-New
Yuvraj Sunar