Question
11
What is modified by the lead underwriter in the insurance contract?
What is modified by the lead underwriter in the insurance contract?
Options
a
The terms and conditions of the contract
The terms and conditions of the contract
b
The premium
The premium
c
The name of the insured
The name of the insured
d
The commencement date of the contract
The commencement date of the contract
Grade
Ungraded
Last Update
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Question
12
What is referred to as the "slip" in the context of the London Market?
What is referred to as a "slip" in the context of the London Market?
Options
a
The document carried by the broker to the underwriter
A document carried by the broker to the underwriter
b
The document submitted by the insured
A document submitted by the insured
c
The document issued by the court
A document issued by the court
d
The document that cancels the contract
A document that cancels the contract
Grade
Ungraded
Last Update
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Question
13
Why was the Market Reform Contract (MRC) adopted in the London Market?
Why was the Market Reform Contract (MRC) adopted in the London Market?
Options
a
To ensure clarity and consistency in the presentation of contracts
To ensure clarity and consistency in the presentation of the contract
b
To increase the broker's profit
To increase the broker's profits
c
To reduce the number of underwriters
To reduce the number of underwriters
d
To increase the premium paid by the insured
To increase the premium paid by the insured
Grade
Ungraded
Last Update
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Question
14
What happens to the insurance contract after the slip is submitted by the broker?
What happens to the insurance contract after the slip is submitted by the broker?
Options
a
Each line written by the underwriter constitutes acceptance
Each line written by the underwriter constitutes acceptance
b
The slip becomes invalid
The slip becomes invalid
c
The slip must be approved by all underwriters
The slip must be approved by all underwriters
d
The slip must be taken to court
The slip must be taken to court
Grade
Ungraded
Last Update
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Question
15
In the case of General Reinsurance Corp v Forsakringsaktiebolaget Fennia Patria, what was the court's main focus?
In the case of General Reinsurance Corp v Forsakringsaktiebolaget Fennia Patria, what was the court's main focus?
Options
a
The submission of the slip by the broker as the offer
The submission of the slip by the broker as an offer
b
The payment of the premium by the insured
The payment of the premium by the insured
c
The validity of the verbal contract
The validity of the verbal contract
d
The affixing of a stamp by the court
The affixing of a stamp by the court
Grade
Ungraded
Last Update
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Question
16
Who must appoint a broker to obtain a policy in the London insurance market?
Who must appoint a broker to obtain a policy in the London insurance market?
Options
a
The insured
The insured
b
The underwriter
The underwriter
c
The insurance company
The insurance company
d
The court
The court
Grade
Ungraded
Last Update
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Question
17
What is the main duty of a Lloyd's broker in the London insurance market?
What is the main duty of a Lloyd's broker in the London insurance market?
Options
a
To bring business to the market on behalf of the policyholder
To bring business to the market on behalf of the policyholder
b
To appoint the insured
To appoint the insured
c
To draft insurance legislation
To draft insurance legislation
d
To pay insurance claims
To pay insurance claims
Grade
Ungraded
Last Update
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Question
18
What must a foreign broker who has no direct access to Lloyd's do?
What must a foreign broker who does not have direct access to Lloyd's do?
Options
a
Appoint a Lloyd's broker to place the risk
Appoint a Lloyd's broker to place the risk
b
Contact the underwriter directly
Contact the underwriter directly
c
Pay the premium personally
Pay the premium themselves
d
Handle the claim personally
Handle the claim themselves
Grade
Ungraded
Last Update
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By -
Question
19
What is the nature of the relationship between the insured and the broker?
What is the nature of the relationship between the insured and the broker?
Options
a
Contractual
Contractual
b
Informal
Informal
c
One-sided
One-sided
d
Temporary
Temporary
Grade
Ungraded
Last Update
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Question
20
What is expected of a broker by the modern courts in performing his duties?
What is expected of a broker by the modern courts in carrying out their duties?
Options
a
To use reasonable skill and care
To exercise reasonable skill and care
b
To place the burden on the insured
To place the burden on the insured
c
To ignore the insured's claims
To ignore the insured's claims
d
To reduce the amount of premium
To reduce the amount of premium
Grade
Ungraded
Last Update
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