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Neil IF4 Insurance Claims Handling Process COPY > Chapter 2 Insurance products > Flashcards

Chapter 2 Insurance products Flashcards

(61 cards)

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1
Q

What are the four levels of motor cover?

A
  • RTA only
  • Third party only
  • Third party, fire and theft
  • Comprehensive
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2
Q

What is the legally required limit for third party property damage limit

A

£1.2m

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3
Q

What is the typical limit for third party property damage claism under a Motor Policy?

A

£2million

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4
Q

Four additions to RTA cover under a Motor third party only policy

A
  • £20 million third party property damage
  • Indemnity to passengers, employers, business partners
  • Defence costs
  • Use in any EU country
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5
Q

Three additions to third party only under a third party fire and theft cover

A
  • Damage by fire lightning explosion
  • Damage by theft
  • Stolen and not recovered
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6
Q

Six typical exclusions undera motor comprehensive policy?

A
  • Wear and tear
  • Depreciation
  • Loss or damage to spare parts and accessories
  • Loss of use – can be purchased as add om
  • Mechanical and electrical failure
  • Tire damage
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7
Q

Six optional extensions under a motor comprehensive policy

A
  • BREAKAGE OF GLASS
  • PERSONAL BELONGINGS
  • YOUNG ADDITIONAL DRIVERS
  • LOSS OF USE FIXED AMOUNT PER DAY/COURTESY CAR
  • PERSONAL ACCIDENT BENEFITS
  • Foreign use above minimum
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8
Q

Six common motor exclusions

A
  • Contractual liability
  • War
  • Use other than as specified
  • Riot and civil commotion
  • Terrorism
  • Sonic bangs
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9
Q

Three items not usually covered under a motor cycle policy but covered under a car policy

A
  • No automatic cover for accessories
  • No personal accident cover
  • No personal effects cover
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10
Q

Five common motor cycle policy extensions

A
  • Accessories or spare parts
  • Trailers
  • driving other cycles
  • More than one cycle
  • Invalid carriages
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11
Q

Four types of commercial vehicles

A

Goods carrying

Passenger carrying

Agricultural and forestry

Special construction types

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12
Q

Six features of a commercial vehicle motor policy

A
  • Limit £5m for liability for property damage
  • Covers Liability whilst loading and unloading
  • Indemnity to driver
  • Indemnity to user for social domestic, pleasure
  • Indemnity to passengers
  • Covers legal costs
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13
Q

Five additional coverages found on a motor fleet policy

A
  • Contingent liability
  • Joint insured
  • Occasional business use
  • Roadside assistance
  • Helplines
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14
Q

Type of policy that pays lump sum if a person suffers personal accident death or injury and a weekly benefit for up to 104 weeks if they are temporarily disabled due to an accident

A

Personal accident

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15
Q

Typical maximum period of weeks temporary total and temporary partial disablement payments will be made under a personal accident or sickness policy

A

104 weeks

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16
Q

Typical franchise period undera sickness policy?

A

7 days

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17
Q

Policy that covers in patitent and out patient treatment costs

A

Medical expenses

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18
Q

Two principal items covered under a Household policy?

A

Buildings

Contents

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19
Q

Typical maximum sum payable for theft of cash under a household policy?

A

£250

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20
Q

Typical maximum single article limit under a household policy

A

5-10% of sum insured

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21
Q

Four items typicaly excluded undera household policy

A
  • Property more specifically insured
  • Medals and coins
  • Motor vehicles
  • Livestock
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22
Q

Undera household policy theft cover might be restricted to what?

A

Theft followoing forcible or violent entry or exit to the premises

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23
Q

Four automatic extensions on the Contents section of a Household policy

A
  • Temporary removal
  • Clothing and personal goodsof servants
  • Accidental breakage of mirrors and glass
  • Loss of rent
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24
Q

Three extensions available for additional premium on a Household policy

A
  • Accidental damage to entertainment equipment
  • Accidental damage during removal
  • Replacing keys and locks after loss of theft of keys
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25
Typical liability limit under a Household policy
£1m or £2m
26
Eleven possible extensions to Household insurance
* All Risks away from premises * Money * Bicycles * Freezer contents * Caravans * Small craft * Sports equipment * Personal accident * Creditor insurance * Domestic animals * Legal expenses
27
Nine potential sections in a Travel policy
* Personal accident * Medical expenses * Loss of deposits * Baggage and money * Personal liability * Delayed baggage * Hospital cash benefits * Travel interruption * Travel delay
28
Five optional extensions under a Travel policy
* Failure of tour organizer * Lack of hotel services following strike * Loss of passport * Legal expenses pursuing bodily injury claims * Hazardous activities
29
30
Three typical exclusions under a Travel policy
* Pregnancy/childbirth * Suicide * Confiscated luggage
31
Three different options for travel policies
* Individual or group * Single or multi-trip * Worldwide or specified country
32
What policy pays a bank loan in the event the insured is made redundant or becomes unemployed
Creditor insurance
33
What is the maximum amount of time a creditor insurer will typically make loan repayments?
24 months
34
What is the typical deductible under creditor insurance
One month
35
Identify two types of pecuniary insurance
- Legal expenses - Business interruption
36
What is the typical limit under a Legal expenses policy?
£25,000- £100,000
37
Identify five elements of a legal expenses policy
* Employment cover * Criminal prosecution cover * Property disputes cover * Motor cover * Patents cover
38
Are legal expenses insurances applicable to individuals or businesses?
They are applicable to both
39
Do legal costs have to be pre-approve undr a legal expenses policy?
Yes
40
Do legal expenses policies cover legal costs of pursuing or defending claims
They cover pursuit an defence costs
41
Identify thre financial impacts if factory burns down other than the cost of rebuilding the factory.
The income of the factory will fall The factory will stay have to pay certain overheads eg salaries even though it s not manfacturing The factory may incur increased costs to continue to produce eg over time
42
Three elemnts covered undera Business Interruption policy
* LOSS OF GROSS PROFIT as business can not produce * WAGES whic ahve to be paid * Accountants fees to verify the size of the reduction in Gross Profit
43
What will be specified ina Business interruption policy in respect of time
The maximum indemnity period - the maximum amount of time insuresr will indemnify the insured for their loss of Gross Profit eg 12, 24 or 36 months
44
What is gross profit under a business interruption policy?
Turnover less specified working expenses such as raw material costs which fall after an interruption
45
What warranty under a Business Interruption policy requires that the property is damaged by a peril which is insured under a property damage policy before insurers will pay
Material damage warranty
46
Six business interruption policy extensions
* Specified suppliers * Unspecified suppliers * Specified customers * Transit * Prevention of access * Public utilities
47
Four types of liability insurance
* Employers liability * Public liability * Products liability * Professional indemnit
48
Minimum compulsory limit for an Employers liability policy?
£5M
49
Acts which made Employers liability compulsory
* Employers Liability (Compulsory Insurance) Act (1969) * Employers liability (Compulsory Insurance) Regulations (1998)
50
Four principal claims considerations for a public liability claim
* Is it accidental * Is there physical injury or damage to property * Are there losses consequential on the damage eg insured liable for cost of hiring car if damage another’s car - Limit per occurrence?
51
10 public liability policy exclusions
* Injury to an employee * Property in care custody and control * Products liability * Professional negligence * Contractual liability * Costs of rectifying defective work * Arising from watercraft or aircraft * Vehicles licensed for road use * Lifts elevators and boilers * War risks * Radioactive contamination
52
Three products liability exclusions
* Contractual liability * Damage to goods supplied * Faulty design or formula
53
What policy covers laptops only often on amonth to month basis?
Gadget insurance
54
What policy covers the cost of repairinga washing machine?
Extended warranty
55
Who must repaid items under an extended warranty insurance?
Authorised repairer
56
Six typical exclusions under an extended warranty insurance
* Negligent handling failure to comply with manufacturers’ instructions * Risks covered under household policy * War etc. * Cost of repairs etc. * Costs or repairs to bulbs, aerials, external wires etc. * Deliberate damage by insured
57
LIability policy covers a claim made in 2018 which arose from an occurrence in 2017 under the 2018 policy is known as what type of policy?
Claims made
58
Iability policy covers a claim made in 2018 which arose from an occurrence in 2017 under the 2017 policy is known as what type of policy?
Claims occurring policy
59
What liability policies are typically claims occurring?
Employers liability Public liability Products liabiilty
60
What liability policies are typically claims made?
Professional indemnity
61
Which liability policy always has an annual aggregate limit as well as an any one occurrence limit
Products liability

Neil IF4 Insurance Claims Handling Process COPY (7 decks)

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