Podcast
Questions and Answers
What is the maximum number of days an insurer has to provide a policy document after inception of the policy?
What is the maximum number of days an insurer has to provide a policy document after inception of the policy?
An insurance policy that is illegal will always be void.
An insurance policy that is illegal will always be void.
True
What happens if the insured does not disclose material information before the conclusion of the policy?
What happens if the insured does not disclose material information before the conclusion of the policy?
The insurer can cancel the insurance contract.
An insured must disclose all material information that falls within their knowledge and all information that they should have known if they had taken reasonable ______.
An insured must disclose all material information that falls within their knowledge and all information that they should have known if they had taken reasonable ______.
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Match the following disclosure requirements with the correct descriptions:
Match the following disclosure requirements with the correct descriptions:
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Which of the following is a requirement for the insured regarding disclosures?
Which of the following is a requirement for the insured regarding disclosures?
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The insurer is not obligated to explain the nature and extent of policy benefits to the insured.
The insurer is not obligated to explain the nature and extent of policy benefits to the insured.
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What must an insured do if they are satisfied about the correctness of information submitted on their behalf?
What must an insured do if they are satisfied about the correctness of information submitted on their behalf?
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What are alterable provisions?
What are alterable provisions?
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Section 6 prohibits any changes to agreements that aim to reduce the effect of unalterable provisions.
Section 6 prohibits any changes to agreements that aim to reduce the effect of unalterable provisions.
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What can render a document void under substantial compliance?
What can render a document void under substantial compliance?
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A person who enters into a pre-incorporation contract is __________ with other persons for liabilities created.
A person who enters into a pre-incorporation contract is __________ with other persons for liabilities created.
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Match the following terms with their definitions:
Match the following terms with their definitions:
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If a person enters an agreement in the name of an entity that does not yet exist, what is the consequence if that entity is not incorporated later?
If a person enters an agreement in the name of an entity that does not yet exist, what is the consequence if that entity is not incorporated later?
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A company's rejection of a pre-incorporation contract discharges the person's liability under that agreement.
A company's rejection of a pre-incorporation contract discharges the person's liability under that agreement.
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What are the two conditions under which deviations from prescribed forms do not invalidate actions?
What are the two conditions under which deviations from prescribed forms do not invalidate actions?
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Which of the following acts relates specifically to data protection?
Which of the following acts relates specifically to data protection?
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The Employment Equity Act promotes fair treatment in the workplace regardless of gender, race, or disability.
The Employment Equity Act promotes fair treatment in the workplace regardless of gender, race, or disability.
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What is the primary purpose of competition law?
What is the primary purpose of competition law?
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The __________ Act governs the basic working conditions and rights of employees.
The __________ Act governs the basic working conditions and rights of employees.
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Match the following acts with their primary focus:
Match the following acts with their primary focus:
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Which of the following is NOT a source of competition law?
Which of the following is NOT a source of competition law?
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The Competition Act allows for monopolistic practices if they are deemed beneficial to consumers.
The Competition Act allows for monopolistic practices if they are deemed beneficial to consumers.
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Name one of the key agencies responsible for enforcing the Competition Act.
Name one of the key agencies responsible for enforcing the Competition Act.
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The __________ Act aims to ensure transparency in governmental processes by granting access to information.
The __________ Act aims to ensure transparency in governmental processes by granting access to information.
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Match the following employment laws with their focus areas:
Match the following employment laws with their focus areas:
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What is a significant concern addressed by the Data Protection Act?
What is a significant concern addressed by the Data Protection Act?
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The Labour Relations Act only applies to private sector employees.
The Labour Relations Act only applies to private sector employees.
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What is the main goal of the Basic Conditions of Employment Act?
What is the main goal of the Basic Conditions of Employment Act?
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The __________ of Competition Law is to prevent unfair competitive practices that could harm market competition.
The __________ of Competition Law is to prevent unfair competitive practices that could harm market competition.
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Which of the following provisions does the Protection of Personal Information Act enforce?
Which of the following provisions does the Protection of Personal Information Act enforce?
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Study Notes
KRG201 Exam Notes
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Insurance:
- Insurance is defined as a means of transferring risk by contract.
- Sources of South African insurance law include common law, statutes, and subordinate legislation.
- The three branches of insurance law are insurance contract law, statutory regulation of insurers, and the law of insurance intermediaries.
- Different types of insurance include indemnity and non-indemnity insurance.
- The interest in being protected is to compensate for financial losses, not necessarily at the time the loss occurs.
- The duration of insurance policies can be short or long-term, and this determines the type of insurance.
- The peril or event insured is the cause of the loss, whether damage, injury or destruction.
- Essential elements of an insurance contract include the insurer's undertaking to pay, exchange for a premium, the trigger event, and compensation for loss.
- Insurance policies can be made through direct marketing or proposal forms, must comply with cooling-off periods and legislation.
- Insurance claims involve risk description, risk coverage interpretation, limitations, and causation. Insurable interest in the peril or harm is needed.
- Claims can be made in specific manners and time-bar clauses are crucial in disputes.
- Acts of fraud in insurance claims will void any claim made.
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Introduction to Business Forms and Partnerships:
- Types of business entities include sole proprietorships, partnerships, close corporations, and companies.
- Key aspects of Company law include the company as a business structure, types of companies, registration, effects and processes of incorporation, and corporate governance (shareholders, and directors).
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Company Law:
- Study unit 1: the company as a business structure
- Study unit 2: processes of registration and incorporation
- Study unit 3 and 4: pre-incorporation contracts, the capacities and representations of a company
- Study unit 5: Corporate governance- shareholders and shares
- Study unit 6: Corporate Governance- Directors
- Study unit 7: Transparency, accountability, and integrity; Whistleblowing and miscellaneous matters.
- Study unit 8: Reckless trading and Corporate Insolvency
- Study unit 9: Group companies
- Study unit 10: Corporate Finance
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Labor Law:
- Key aspects of labor law include the employment relationship, legislation (Basic Conditions of Employment Act, Labour Relations Act, Employment Equity Act, National Minimum Wage Act), social protection
- General aspects of Labor Law.
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