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A Terms of Business Agreement between an insurer and an intermediary sets out the
A Terms of Business Agreement between an insurer and an intermediary sets out theA . agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS). B. criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer. C. framework for the commercial relationship, which defines...
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?A . Exchange of consideration between the two parties. B. Witnessing by a third party. C. Delivery of goods or services concerned. D. Provision of written terms and conditions.View AnswerAnswer: A
The principle of indemnity is the
The principle of indemnity is theA . obligation of the insurer to provide a maximum sum insured or limit of liability. B. placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception. C. obligation of the insurer to pay all valid claims...
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?A . He must apply to the British Insurance Brokers' Association. B. He must apply to the Chartered Insurance Institute....
In purchasing insurance, Joel is managing what element of risk?
Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?A . Uncertainty. B. Statutory requirements. C. Frequency. D. Certainty.View AnswerAnswer: A
