Question
41
What was introduced in the 2014 draft bill by the Law Commission?
What was introduced in the 2014 draft bill by the Law Commission?
Options
a
The standards of "substantial truth" and "good faith"
The standards of "substantial truth" and "good faith"
b
The abolition of the duty of disclosure
The abolition of the duty of disclosure
c
A new standard for premium payment
A new standard for premium payment
d
The abolition of marine insurance contracts
The abolition of marine insurance contracts
Grade
Ungraded
Last Update
-
By -
Question
42
What is included among the facts that need not be disclosed under section 18(3) of the MIA 1906?
What is included among the facts that do not require disclosure under section 18(3) of the MIA 1906?
Options
a
Facts that diminish the risk or are known to the insurer
Facts that diminish the risk or are known to the insurer
b
Loss history
Loss history
c
The general honesty of the insured
The general honesty of the insured
d
Physical and moral hazards
Physical and moral hazards
Grade
Ungraded
Last Update
-
By -
Question
43
What did the Court of Appeal decide in JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS?
What did the Court of Appeal decide in JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS?
Options
a
Custom was not overridden by the warranty requiring payment of premium within 60 days
Custom was not displaced by the warranty requiring payment of premium within 60 days
b
Custom was overridden by the warranty requiring payment of premium within 60 days
Custom was displaced by the warranty requiring payment of premium within 60 days
c
The premium had to be paid immediately
The premium had to be paid immediately
d
The premium could be paid by instalments
The premium could be paid in installments
Grade
Ungraded
Last Update
-
By -
Question
44
What was found in Heath Lambert Ltd v Sociedad de Corretaje de Seguros?
What was found in Heath Lambert Ltd v Sociedad de Corretaje de Seguros?
Options
a
A clause requiring cash payment within 90 days overrides custom
A clause requiring cash payment within 90 days overrides custom
b
Custom was not overridden by a premium payment warranty
Custom was not displaced by the premium payment warranty
c
The premium must always be paid in cash
The premium must always be paid in cash
d
The broker is liable for payment of the premium
The broker is liable for payment of the premium
Grade
Ungraded
Last Update
-
By -
Question
45
What is the remedy for breach of the duty of good faith according to the text?
What is the remedy for breach of the duty of good faith according to the text?
Options
a
Avoidance of the contract
Avoidance of the contract
b
Payment of the premium
Payment of the premium
c
Rejection of the claim
Rejection of the claim
d
Drafting a new contract
Drafting a new contract
Grade
Ungraded
Last Update
-
By -
Question
46
What is fundamental in insurance law according to the provisions of the insurance contract?
What is fundamental in insurance law according to the provisions of the insurance contract?
Options
a
Warranty
Warranty
b
Premium
Premium
c
Claim
Claim
d
Policy
Policy
Grade
Ungraded
Last Update
-
By -
Question
47
How may an express warranty be interpreted in an insurance contract?
How may an express warranty be interpreted in an insurance contract?
Options
a
Impliedly
Impliedly
b
Clearly without interpretation
Clearly without interpretation
c
On the basis of claims submitted
Based on the claim submitted
d
On the basis of premium payment
Based on the payment of the premium
Grade
Ungraded
Last Update
-
By -
Question
48
What requires strict compliance in an insurance contract?
What requires strict compliance in an insurance contract?
Options
a
Warranty
Warranty
b
Premium
Premium
c
Claim
Claim
d
General conditions
General condition
Grade
Ungraded
Last Update
-
By -
Question
49
What happens if a warranty in an insurance contract is breached?
What happens if a warranty in an insurance contract is breached?
Options
a
The insurer is automatically discharged from liability
The insurer is automatically discharged from liability
b
The insured must pay a fine
The insured must pay a fine
c
The policy is extended
The policy is extended
d
The premium is reduced
The premium is reduced
Grade
Ungraded
Last Update
-
By -
Question
50
An example of a case showing the insurer's discharge from liability due to breach of warranty is?
An example of a case showing the insurer's discharge from liability as a result of breach of warranty is?
Options
a
Quebec Marine Insurance Company v Commercial Bank of Canada
Quebec Marine Insurance Company v Commercial Bank of Canada
b
Heath Lambert Ltd v Sociedad de Corretaje de Seguros
Heath Lambert Ltd v Sociedad de Corretaje de Seguros
c
JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS
JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS
d
General Reinsurance Corp v Forsakringsaktiebolaget Fennia Patria
General Reinsurance Corp v Forsakringsaktiebolaget Fennia Patria
Grade
Ungraded
Last Update
-
By -