Question
51
What must the insured continue to do if there is a breach of warranty?
What must the insured do if there is a breach of warranty?
Options
a
Continue paying the premium
Continue paying the premium
b
Submit a new claim
Submit a new claim
c
Cancel the policy
Cancel the policy
d
Replace the insurer
Replace the insurer
Grade
Ungraded
Last Update
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Question
52
What is not required of the insurer in order to be discharged from liability when a warranty is breached?
What is not required of the insurer in order to be discharged from liability when a warranty is breached?
Options
a
Proving causation
To prove causation
b
Informing the insured
To inform the insured
c
Paying the claim
To pay the claim
d
Extending the policy
To extend the policy
Grade
Ungraded
Last Update
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Question
53
What may discharge the insurer from liability for breach of warranty through a certain method, although it is difficult to prove?
What may discharge the insurer from liability for breach of warranty through a particular method, although it is difficult to prove?
Options
a
Promissory estoppel
Promissory estoppel
b
A court ruling
A court ruling
c
Payment of the premium
Payment of the premium
d
Redrafting the policy
Redrafting of the policy
Grade
Ungraded
Last Update
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Question
54
Which case illustrates the difficulty of proving promissory estoppel?
Which case shows the difficulty in proving promissory estoppel?
Options
a
Argo Systems FZE v Liberty Insurance Pte Ltd
Argo Systems FZE v Liberty Insurance Pte Ltd
b
Quebec Marine Insurance Company v Commercial Bank of Canada
Quebec Marine Insurance Company v Commercial Bank of Canada
c
Heath Lambert Ltd v Sociedad de Corretaje de Seguros
Heath Lambert Ltd v Sociedad de Corretaje de Seguros
d
JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS
JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS
Grade
Ungraded
Last Update
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Question
55
What does not terminate the policy even though there has been a breach of warranty?
What does not terminate the policy even though there has been a breach of warranty?
Options
a
Breach of warranty
Breach of warranty
b
Payment of the claim
Payment of the claim
c
Submission of a claim
Submission of the claim
d
Cancellation of the policy
Cancellation of the policy
Grade
Ungraded
Last Update
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By -
Question
56
What must the insured still do even though there has been a breach of warranty?
What must the insured still do even though there has been a breach of warranty?
Options
a
Pay the premium
Pay the premium
b
Submit a new claim
Submit a new claim
c
Replace the insurer
Replace the insurer
d
Alter the policy
Alter the policy
Grade
Ungraded
Last Update
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By -
Question
57
What forms the basis for the interpretation of warranties in an insurance contract?
What forms the basis for the interpretation of warranties in an insurance contract?
Options
a
The significance of the term to the transaction and its effect on the risk
The significance of the term to the transaction and its impact on the risk
b
The insurer's policy
The insurer's policy
c
The insured's claim history
The insured's claims history
d
The insured's financial condition
The insured's financial condition
Grade
Ungraded
Last Update
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Question
58
What is needed to prove the effect of a warranty on the formation of the insurance contract?
What is needed to prove the effect of a warranty on the formation of the insurance contract?
Options
a
Proof of materiality
Evidence of materiality
b
Proof of premium payment
Evidence of premium payment
c
Proof of claim submission
Evidence of claim submission
d
Proof of the insured's finances
Evidence of the insured's finances
Grade
Ungraded
Last Update
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Question
59
What happens to the risk if there is a breach of warranty?
What happens to the risk if there is a breach of warranty?
Options
a
The risk automatically comes to an end
The risk automatically comes to an end
b
The risk continues as usual
The risk continues as usual
c
The risk is transferred to another insurer
The risk is transferred to another insurer
d
The risk is shared
The risk is shared
Grade
Ungraded
Last Update
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Question
60
What remains the responsibility of the insured even though the risk ends because of a breach of warranty?
What remains the responsibility of the insured even though the risk ends because of a breach of warranty?
Options
a
Payment of the premium
Payment of the premium
b
Payment of the claim
Payment of the claim
c
Replacement of the policy
Replacement of the policy
d
Submission of a new claim
Submission of a new claim
Grade
Ungraded
Last Update
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By -