Question
21
For what are brokers liable if they arrange a policy with a high deductible without notifying the insured?
What are brokers liable for if they arrange a policy with a high deductible without notifying the insured?
Options
a
The resulting loss
The resulting loss
b
The unpaid premium
The unpaid premium
c
The profit obtained
The profit obtained
d
The cancellation of the policy
The cancellation of the policy
Grade
Ungraded
Last Update
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By -
Question
22
What does a broker obtain from arranging an insurance policy?
What does a broker obtain from arranging an insurance policy?
Options
a
Commission
Commission
b
The full premium
The full premium
c
An award
An award
d
A free policy
A free policy
Grade
Ungraded
Last Update
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By -
Question
23
In cases where a producing broker works with a placing broker, who usually receives claims from the insured?
In cases where a producing broker works with a placing broker, who usually receives the claim from the insured?
Options
a
The producing broker
The producing broker
b
The placing broker
The placing broker
c
The underwriter
The underwriter
d
The insurance company
The insurance company
Grade
Ungraded
Last Update
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By -
Question
24
Who is personally liable for the premium in marine insurance?
Who is personally liable for the premium in marine insurance?
Options
a
The broker
The broker
b
The insured
The insured
c
The underwriter
The underwriter
d
The court
The court
Grade
Ungraded
Last Update
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Question
25
What allows the broker to cancel the contract if the insured fails to pay the premium?
What allows the broker to cancel the contract if the insured fails to pay the premium?
Options
a
A cancellation clause in the policy
A cancellation clause in the policy
b
A premium payment warranty
A premium payment warranty
c
The Marine Insurance Act 1906
The Marine Insurance Act 1906
d
A lien over the policy
A lien over the policy
Grade
Ungraded
Last Update
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Question
26
What is governed by section 53(1) of the MIA 1906?
What is governed by section 53(1) of the MIA 1906?
Options
a
An exception to the general rule that the broker is liable for the premium
An exception to the general rule that the broker is liable for the premium
b
The insured's obligation to pay the premium
The insured's obligation to pay the premium
c
The underwriter's right to sue the insured
The underwriter's right to sue the insured
d
A guarantee of claim payment
A guarantee of claim payment
Grade
Ungraded
Last Update
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By -
Question
27
What was the effect of the warranty requiring payment of premium within 60 days in JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS?
What was the effect of the warranty requiring payment of the premium within 60 days in JA Chapman & Co Ltd v Kadirga Denizcilik ve Ticaret AS?
Options
a
Discussion concerning the broker's liability
Discussion regarding the broker's liability
b
Cancellation of the policy
Cancellation of the policy
c
Faster claim payment
Faster payment of the claim
d
Reduction of the premium
Reduction of the premium
Grade
Ungraded
Last Update
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By -
Question
28
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
The insurer is not liable for the premium
The insurer is not liable for the premium
c
The insured must pay the full premium
The insured must pay the full premium
d
The broker is not liable for claims
The broker is not liable for the claim
Grade
Ungraded
Last Update
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By -
Question
29
What happens if the insured fails to pay the premium in accordance with the contract terms?
What happens if the insured fails to pay the premium in accordance with the contract terms?
Options
a
The insurer may be discharged from liability
The insurer may be discharged from liability
b
The broker will bear the premium
The broker will bear the premium
c
The policy becomes invalid
The policy becomes invalid
d
The broker submits a claim
The broker submits a claim
Grade
Ungraded
Last Update
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By -
Question
30
What does a broker usually have over the policy for unpaid premium and charges?
What does a broker usually have over the policy for unpaid premium and charges?
Options
a
A lien
A lien
b
Custody rights
A right of custody
c
Security rights
A security right
d
Ownership rights
A right of ownership
Grade
Ungraded
Last Update
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By -