Q26. 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

Q27. Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?

Q28. Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it

Q29. Peter currently has no penalty points on his driving licence, although he was convicted of a minor motoring offence eight years ago. Why does Peter NOT need to disclose this to his motor insurer?

Q30. A Terms of Business Agreement between an insurer and an intermediary sets out the

Q31. In a chain of events, the proximate cause of a loss is always the

Q32. If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from

Q33. Alex decides to insure his factory. In doing this he is primarily

Q34. The main function of an insurance broker is to

Q35. John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of
£20,000. Both policies have identical terms and conditions. What is insurer A’s liability if a valid claim of
£3,000 is subsequently made?

Q36. In accordance with the principle of good faith, which facts must a potential policyholder disclose to the insurer when applying for insurance?

Q37. For which professional is professional indemnity insurance compulsory by statute?

Q38. If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it

Q39. A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?

Q40. When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?

Q41. It is important to ensure the fair treatment of customers in order to comply with rules set by the

Q42. The capital requirements of insurers and intermediaries are set out by

Q43. Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?