What do Insurers or Insurance companies do?

Provide and sell insurance Policies

Other than a Customer or potential customer who else does the FOS investigate a complaint on behalf?

Employee covered by a Policy in the name of their employer

What will the courts decide if a contract is deemed to be unfair?

To rule that the terms are unenforceable

What does the CII provide?

Examinations and qualifications

Who must the Loss Adjuster be registered with?

Financial Conduct Authority (FCA)

What does Lloyds of London provide?

Facilities and services such as administration support

Who regulates all UK Insurance companies?

Financial Conduct Authority (FCA)

What does 'contra proferentem' mean?

That where a contract term is ambiguous

What do Insurance Brokers do?

Arrange Policies and provide advice to their Clients

Who can be sued under contract?

Only people who are party to the contract

What does the ABI represent?

Collective interests of the UK’s insurance industry

Who is Privity to Contract?

People who are party to the contract can sue or be sued under the contract

Who should an insurance Broker be registered and regulated by?

Financial Conduct Authority (FCA)

Which Act was amended by Financial Services Act 2012?

Financial Services and Markets Act 2000

When is the rule of the contra proferentem rule is applied?

If a dispute arises concerning a term with more than one possible meaning

What does BIBA represent?

Interests of Insurance Brokers and Insurance intermediaries within Britain

Why was the FOS set up?

Settle individual complaints between consumers and businesses

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Insurance Studies CILA 1.1-3.8

37 termsStudBud Administration38 plays

Studying for CILA. Testing your general insurance knowledge?

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Questions 37

Answers

1
What does caveat emptor mean?
Buyer beware
Duty of Care
Negligence
Ambiguous terms
2
What do Insurers or Insurance companies do?
Underwrite the risk
Places the risk
Provide and sell insurance Policies
Represents the interests of Insurance Brokers and Insurance intermediaries
3
The type of authority that is not written in a contract?
Implied
Apparent
Binding
Expressed
4
Other than a Customer or potential customer who else does the FOS investigate a complaint on behalf?
Loss Adjusters
Broker placing the risk
Employee covered by a Policy in the name of their employer
Themselves
5
What will the courts decide if a contract is deemed to be unfair?
To rule that the terms are legal
To rule that the terms are enforceable
To rule that the terms are binding
To rule that the terms are unenforceable
6
What does the CII provide?
Places the risk with Insurers
Examinations and qualifications
Facilities and services such as administration support
Helps to inform and participates in debates on public policy issues
7
Who must the Loss Adjuster be registered with?
Chartered Insurance Institute (CII)
Financial Services Act (FSA)
Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
8
What does Lloyds of London provide?
Facilities to transact insurance business
Facilities and services such as administration support
Facilities to transact insurance business for others
Arrange Policies and provide advice to their Clients
9
What will an Underwriter impose?
Risks
Answers
Terms and Conditions
Questions
10
When was the Chartered Institute of Loss Adjusters founded?
1939
1848
1941
1945
11
Who regulates all UK Insurance companies?
Chartered Insurance Institute (CII)
Financial Ombudsman Service (FOS)
Financial Conduct Authority (FCA)
Financial Services Act (FSA)
12
What do Insurers or Insurance companies accept a risk in exchange for?
Terms and Conditions
Premium
Gifts
Advice
13
Insurance Policies are contracts of…?
Privity of Contract
Utmost good faith
Policy of Indemnities
Offer, Acceptance and Consideration
14
"buyer beware" - a buyer must find out all relevant information
False
True
15
The type of authority that is written in a contract...
Implied
Express
Subrogated
Apparent
16
What does 'contra proferentem' mean?
That where a contract term is ambiguous
That where a contract term is complex
That where a contract term is simple
That where a contract term is unclear
17
What is NOT an element of a contract?
Rejection
Acceptance
Offer
Consideration
18
What do Insurance Brokers do?
Provide and sell insurance Policies
Underwriters the risk
Arrange Policies and provide advice to their Clients
Places the risk
19
Who can be sued under contract?
Loss Assessor
Loss Adjuster
Only people who are party to the contract
Policyholder/Insurance company
20
Who considers each risk before they agree to accept it before deciding the terms and cost?
Insurance Underwriters
Insured
Insurance Company
Lloyds' of London
21
Which Act incorporated the society of Lloyd's of London?
Sales of Goods 1979
Financial Services and Markets Act 2000
Financial Services Act 2012
Act of Parliament in 1871
22
If the wording of a contract is ambiguous, then the writer will adapt to the least advantegous postition.
True
False
23
What does the ABI represent?
Independent and impartial profession of loss adjusting in Europe
Ensure that the Lloyd’s market can trade effectivel
Collective interests of the UK’s insurance industry
Interests of all those working in the Insurance Market
24
A Loss Assessor is appointed by?
Policyholder
Underwriter
Broker
Insurance Company
25
Who is Privity to Contract?
People who underwrite the Terms and Conditions
People who are party to the contract can sue or be sued under the contract
People who assess the claim
People who can make a claim
26
What is NOT a Policyholder?
Public limited companies
Loss adjuster
Partners
Government bodies
27
Who did the FCA replace?
Financial Services Act (FSA)
Chartered Insurance Institute (CII)
Financial Ombudsman Service (FOS)
Association of British Insurers (ABI)
28
Who should an insurance Broker be registered and regulated by?
Chartered Insurance Institute (CII)
Financial Services Act (FSA)
Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
29
Which Act was amended by Financial Services Act 2012?
Act of Parliament in 1871
Sales of Goods 1979
Financial Services and Markets Act 2000
The Insurance Act 2015
30
Co-Insurers are those who…?
Take a whole of the risk
Take a share of the risk
Assess the risk
Refuse the risk
31
When is the rule of the contra proferentem rule is applied?
If a dispute arises concerning a contract
If a dispute arises concerning a term with a complex meaning
If a dispute arises concerning a term with more than one possible meaning
If a dispute arises concerning the premium
32
What is NOT a risk?
Gain
Loss
Chance or possibility of danger
Injury or some other adverse outcome
33
Purchasing insurance is an example of what type of risk management?
Transfer
Reduction
Retention
Avoidance
34
What reason would a contract NOT be voided?
All of the above
Changes to the Terms and Conditions wording
The contract relates to an event already in the past
The contract relates to an illegal activity
35
Which case is in reference to vague sentences?
Blyth v Birmingham Water Works Company (1856)
The Rule in Rylands v Fletcher (1868)
Donoghue v Stevenson (1932)
Guthing v Lynn (1831)
36
What does BIBA represent?
To secure an appropriate degree of protection for consumers
Ensuring data on ARs is up to date and notifying us of any changes to data
To protect and enhance the integrity of the UK financial system
Interests of Insurance Brokers and Insurance intermediaries within Britain
37
Why was the FOS set up?
Provide individual advice on providing financial services
Underwrite policies
Assess individual claims
Settle individual complaints between consumers and businesses

Insurance Studies CILA 1.1-3.8 Flashcards | StudBud

Insurance Studies CILA 1.1-3.8

37 termsStudBud Administration38 plays

Studying for CILA. Testing your general insurance knowledge?

Flashcards37 cardsFPractice quizPHost liveL

Questions 37

Answers

1
What does caveat emptor mean?
Buyer beware
Duty of Care
Negligence
Ambiguous terms
2
What do Insurers or Insurance companies do?
Underwrite the risk
Places the risk
Provide and sell insurance Policies
Represents the interests of Insurance Brokers and Insurance intermediaries
3
The type of authority that is not written in a contract?
Implied
Apparent
Binding
Expressed
4
Other than a Customer or potential customer who else does the FOS investigate a complaint on behalf?
Loss Adjusters
Broker placing the risk
Employee covered by a Policy in the name of their employer
Themselves
5
What will the courts decide if a contract is deemed to be unfair?
To rule that the terms are legal
To rule that the terms are enforceable
To rule that the terms are binding
To rule that the terms are unenforceable
6
What does the CII provide?
Places the risk with Insurers
Examinations and qualifications
Facilities and services such as administration support
Helps to inform and participates in debates on public policy issues
7
Who must the Loss Adjuster be registered with?
Chartered Insurance Institute (CII)
Financial Services Act (FSA)
Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
8
What does Lloyds of London provide?
Facilities to transact insurance business
Facilities and services such as administration support
Facilities to transact insurance business for others
Arrange Policies and provide advice to their Clients
9
What will an Underwriter impose?
Risks
Answers
Terms and Conditions
Questions
10
When was the Chartered Institute of Loss Adjusters founded?
1939
1848
1941
1945
11
Who regulates all UK Insurance companies?
Chartered Insurance Institute (CII)
Financial Ombudsman Service (FOS)
Financial Conduct Authority (FCA)
Financial Services Act (FSA)
12
What do Insurers or Insurance companies accept a risk in exchange for?
Terms and Conditions
Premium
Gifts
Advice
13
Insurance Policies are contracts of…?
Privity of Contract
Utmost good faith
Policy of Indemnities
Offer, Acceptance and Consideration
14
"buyer beware" - a buyer must find out all relevant information
False
True
15
The type of authority that is written in a contract...
Implied
Express
Subrogated
Apparent
16
What does 'contra proferentem' mean?
That where a contract term is ambiguous
That where a contract term is complex
That where a contract term is simple
That where a contract term is unclear
17
What is NOT an element of a contract?
Rejection
Acceptance
Offer
Consideration
18
What do Insurance Brokers do?
Provide and sell insurance Policies
Underwriters the risk
Arrange Policies and provide advice to their Clients
Places the risk
19
Who can be sued under contract?
Loss Assessor
Loss Adjuster
Only people who are party to the contract
Policyholder/Insurance company
20
Who considers each risk before they agree to accept it before deciding the terms and cost?
Insurance Underwriters
Insured
Insurance Company
Lloyds' of London
21
Which Act incorporated the society of Lloyd's of London?
Sales of Goods 1979
Financial Services and Markets Act 2000
Financial Services Act 2012
Act of Parliament in 1871
22
If the wording of a contract is ambiguous, then the writer will adapt to the least advantegous postition.
True
False
23
What does the ABI represent?
Independent and impartial profession of loss adjusting in Europe
Ensure that the Lloyd’s market can trade effectivel
Collective interests of the UK’s insurance industry
Interests of all those working in the Insurance Market
24
A Loss Assessor is appointed by?
Policyholder
Underwriter
Broker
Insurance Company
25
Who is Privity to Contract?
People who underwrite the Terms and Conditions
People who are party to the contract can sue or be sued under the contract
People who assess the claim
People who can make a claim
26
What is NOT a Policyholder?
Public limited companies
Loss adjuster
Partners
Government bodies
27
Who did the FCA replace?
Financial Services Act (FSA)
Chartered Insurance Institute (CII)
Financial Ombudsman Service (FOS)
Association of British Insurers (ABI)
28
Who should an insurance Broker be registered and regulated by?
Chartered Insurance Institute (CII)
Financial Services Act (FSA)
Financial Conduct Authority (FCA)
Financial Ombudsman Service (FOS)
29
Which Act was amended by Financial Services Act 2012?
Act of Parliament in 1871
Sales of Goods 1979
Financial Services and Markets Act 2000
The Insurance Act 2015
30
Co-Insurers are those who…?
Take a whole of the risk
Take a share of the risk
Assess the risk
Refuse the risk
31
When is the rule of the contra proferentem rule is applied?
If a dispute arises concerning a contract
If a dispute arises concerning a term with a complex meaning
If a dispute arises concerning a term with more than one possible meaning
If a dispute arises concerning the premium
32
What is NOT a risk?
Gain
Loss
Chance or possibility of danger
Injury or some other adverse outcome
33
Purchasing insurance is an example of what type of risk management?
Transfer
Reduction
Retention
Avoidance
34
What reason would a contract NOT be voided?
All of the above
Changes to the Terms and Conditions wording
The contract relates to an event already in the past
The contract relates to an illegal activity
35
Which case is in reference to vague sentences?
Blyth v Birmingham Water Works Company (1856)
The Rule in Rylands v Fletcher (1868)
Donoghue v Stevenson (1932)
Guthing v Lynn (1831)
36
What does BIBA represent?
To secure an appropriate degree of protection for consumers
Ensuring data on ARs is up to date and notifying us of any changes to data
To protect and enhance the integrity of the UK financial system
Interests of Insurance Brokers and Insurance intermediaries within Britain
37
Why was the FOS set up?
Provide individual advice on providing financial services
Underwrite policies
Assess individual claims
Settle individual complaints between consumers and businesses