Question
31
What is meant by the duty of good faith in a marine insurance contract under section 17 of the MIA 1906?
What is meant by the duty of good faith in a marine insurance contract under section 17 of the MIA 1906?
Options
a
The duty to disclose and not misrepresent material facts
The duty to disclose and not to misrepresent material facts
b
The duty to pay the premium on time
The duty to pay the premium on time
c
The duty to choose the correct insurer
The duty to choose the correct insurer
d
The duty to submit a claim as soon as possible
The duty to submit a claim as soon as possible
Grade
Ungraded
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Question
32
What is meant by a material fact in the context of insurance?
What is meant by a material fact in the context of insurance?
Options
a
A fact that influences the insurer's judgment in fixing the premium or deciding whether to accept the risk
A fact that influences the insurer's judgment in fixing the premium or deciding whether to accept the risk
b
A fact that only affects the insured
A fact that only affects the insured
c
A fact that is irrelevant to insurance
A fact that is irrelevant to insurance
d
A fact unknown to the insurance company
A fact that is unknown to the insurance company
Grade
Ungraded
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Question
33
What does the duty of good faith before the contract is signed include?
What does the duty of good faith before the contract is signed include?
Options
a
Disclosure and non-misrepresentation of material facts
Disclosure of and non-misrepresentation of material facts
b
Payment of the premium
Payment of the premium
c
Selection of the correct policy
Selection of the appropriate policy
d
Submitting a claim in writing
Submitting a claim in writing
Grade
Ungraded
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Question
34
What is provided in section 18(3) of the MIA 1906?
What is provided in section 18(3) of the MIA 1906?
Options
a
Facts that need not be disclosed
Facts that do not require disclosure
b
The duty to pay the premium
The obligation to pay the premium
c
The claim submission procedure
The procedure for submitting a claim
d
The selection of the insurer
The selection of the insurer
Grade
Ungraded
Last Update
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Question
35
What is meant by the "mere influence test" laid down by the House of Lords?
What is meant by the "mere influence test" laid down by the House of Lords?
Options
a
A broad definition of materiality
A broad definition of materiality
b
The proper assessment of premium
A proper assessment of the premium
c
The determination of the insurer's duty
The determination of the insurer's obligation
d
The correct submission of a claim
The correct submission of a claim
Grade
Ungraded
Last Update
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Question
36
What is the remedy for breach of good faith?
What is the remedy for breach of good faith?
Options
a
Avoidance of the contract
Avoidance of the contract
b
Payment of an additional premium
Payment of an additional premium
c
Granting a premium discount
Granting a premium discount
d
Rejection of the claim
Rejection of the claim
Grade
Ungraded
Last Update
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Question
37
What is not usually material in marine insurance?
What is not usually material in marine insurance?
Options
a
Non-payment of premium unless combined with financial difficulties
Non-payment of premium unless combined with financial difficulties
b
Loss history
Loss history
c
The general honesty of the insured
The general honesty of the insured
d
Criminal convictions
Criminal convictions
Grade
Ungraded
Last Update
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Question
38
What must the innocent party do in a case of breach of good faith?
What must the innocent party do in a case of breach of good faith?
Options
a
Choose between avoiding or affirming the contract
Choose between avoiding or affirming the contract
b
Pay the claim
Pay the claim
c
Draft a new contract
Draft a new contract
d
Appeal to the court
Appeal to the court
Grade
Ungraded
Last Update
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Question
39
What is meant by post-contractual duty in the context of insurance?
What is meant by a post-contractual duty in the context of insurance?
Options
a
A duty narrower than the pre-contractual duty but still continuing after the contract has ended
A duty narrower than the pre-contractual duty but still continuing after the contract has ended
b
A duty to renew the policy
A duty to renew the policy
c
A duty to submit a claim
A duty to submit a claim
d
A duty to choose a new insurer
A duty to choose a new insurer
Grade
Ungraded
Last Update
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Question
40
What did the Law Commission propose in its 2014 draft bill?
What did the Law Commission propose in its 2014 draft bill?
Options
a
Replacing sections 18 to 20 of the MIA 1906 with the "duty of fair presentation"
To replace sections 18 to 20 of the MIA 1906 with the "duty of fair presentation"
b
Abolishing the duty of disclosure
To abolish the duty of disclosure
c
Reducing insurance premiums
To reduce insurance premiums
d
Abolishing the "substantial truth" standard
To abolish the "substantial truth" standard
Grade
Ungraded
Last Update
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