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Questions and Answers
What additional chapters have been added in the book regarding motor insurance analytics?
Why is it recommended for candidates appearing for the Associateship Examination to supplement their knowledge with additional material?
Which document is recommended for candidates to peruse regarding motor insurance?
Who is recommended to read the book apart from candidates appearing for the Associateship Examination?
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Why should candidates have a habit of periodical surfing of the net according to the text?
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What advantage does having a habit of net surfing provide according to the text?
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What legal obligation does the doctrine of utmost good faith impose on the proposer in insurance contracts?
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In Turner vs. Green, what happened due to the plaintiff's failure to disclose an accident to the insurer?
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What information should a proposer typically disclose related to previous accidents according to the text?
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Why is it important for the insurer to know the physical health of the driver?
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What is one potential consequence if a proposer fails to submit all necessary information to the insurer?
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How does disclosing driving history, including traffic convictions, benefit the insurer?
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What is the purpose of the book on IC-72 Motor Insurance based on the text?
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Where was the revised syllabus for IC-72 Motor Insurance prepared?
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Which city is mentioned as the location for Insurance Institute of India in the text?
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What is one of the key considerations while understanding the contract of Motor Insurance in India?
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Which doctrine emphasizes the importance of honesty in insurance contracts?
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In insurance, which principle ensures that the insured can't benefit from a loss?
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Study Notes
Motor Insurance Study Notes
New Chapters and Study Materials
- New chapters on Analytics in Motor Insurance, Fraud Management, and Consumer Delight have been added to the study course.
- Candidates are recommended to supplement their knowledge with additional materials, such as office manuals, operating instructions, and insurance magazines.
- Periodical surfing of the net to find out evolving legal jurisprudence, road safety, and emerging technologies is an added advantage.
Motor Insurance Principles
- Principles of insurance contract include doctrine of utmost good faith, insurable interest, indemnity, subrogation, contribution, and doctrine of proximate cause.
Doctrine of Utmost Good Faith (Uberrimae Fides)
- The doctrine of utmost good faith imposes a legal obligation on the proposer to disclose all material facts to the insurers.
- The proposer must submit details of previous accidents, usage of vehicle, geographical area of use, physical health of the driver, and driving history.
- This enables the insurer to decide on the acceptance of the proposal, restrict the scope of insurance cover, or impose restrictions on driving the vehicle.
Importance of Disclosure
- Failure to disclose material facts can lead to termination of the contract (e.g., Turner vs. Green).
- The insurer may not enter into a contract if aware of previous accidents or other material facts.
Studying That Suits You
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Description
Test your knowledge on new chapters related to Analytics in Motor Insurance such as TAC as National Repository, Fraud Management in OD and TP claims, and Consumer delight in claims and customer service management. This quiz is designed for candidates preparing for the Associateship Examination of the Insurance Institute of India.
