Podcast
Questions and Answers
What is the insured's responsibility when it comes to facts and the insurance contract?
What is the insured's responsibility when it comes to facts and the insurance contract?
- To keep all facts secret from the insurer
- To disclose all material facts to the insurer (correct)
- To disclose only minor facts to the insurer
- To only disclose facts that might benefit the insurer
What is the insurer's duty of disclosure to the insured?
What is the insurer's duty of disclosure to the insured?
- Disclose only a few material facts
- Avoid accepting risks registered with them
- Mislead insured about policy coverage
- Notify the insured of premium discounts (correct)
What may result in the voiding of an insurance policy?
What may result in the voiding of an insurance policy?
- Being transparent about policy coverage
- Keeping all information secret from the insurer
- Failure to disclose material facts (correct)
- Fully disclosing all facts to the insurer
Which of the following is an essential characteristic for a fact to be considered misrepresentation?
Which of the following is an essential characteristic for a fact to be considered misrepresentation?
What does the insurer avoid by exercising utmost good faith in relation to risk acceptance?
What does the insurer avoid by exercising utmost good faith in relation to risk acceptance?
What is the consequence of misleading an insured about the policy coverage?
What is the consequence of misleading an insured about the policy coverage?
How is indemnity determined for a building under a Property Insurance policy?
How is indemnity determined for a building under a Property Insurance policy?
What is the basis for determining indemnity for machinery & equipment with a ready second-hand market?
What is the basis for determining indemnity for machinery & equipment with a ready second-hand market?
How is indemnity determined for stock under a Property Insurance policy?
How is indemnity determined for stock under a Property Insurance policy?
What happens to the indemnity value for machinery & equipment when there is no ready second-hand market?
What happens to the indemnity value for machinery & equipment when there is no ready second-hand market?
What is included in a manufacturer’s stock in trade?
What is included in a manufacturer’s stock in trade?
What factor determines the measurement of indemnity for buildings under a Property Insurance policy?
What factor determines the measurement of indemnity for buildings under a Property Insurance policy?
What does the inclusion of a replacement cost 'as new' clause in an insurance policy result in?
What does the inclusion of a replacement cost 'as new' clause in an insurance policy result in?
When is the agreed value cover often used in insurance policies?
When is the agreed value cover often used in insurance policies?
What is a valued policy in insurance terms?
What is a valued policy in insurance terms?
In a valued policy, what amount must the insurer pay in case of a total loss claim?
In a valued policy, what amount must the insurer pay in case of a total loss claim?
What does subrogation refer to in insurance?
What does subrogation refer to in insurance?
Why might an insurer pay an amount more than what the policy owner is actually entitled to?
Why might an insurer pay an amount more than what the policy owner is actually entitled to?
What right does the clause regarding subrogation give to insurers?
What right does the clause regarding subrogation give to insurers?
In what situation can the insured bring an action against a third party without the insurers' agreement?
In what situation can the insured bring an action against a third party without the insurers' agreement?
How does the principle of subrogation operate when the recovery from a third party equals the loss suffered by the insured?
How does the principle of subrogation operate when the recovery from a third party equals the loss suffered by the insured?
What will happen if insurers pay S$4,750 due to a policy excess of S$250, and then recover S$5,000 from a third party?
What will happen if insurers pay S$4,750 due to a policy excess of S$250, and then recover S$5,000 from a third party?
What is the consequence if the insured waives his rights against a third party without insurer's agreement?
What is the consequence if the insured waives his rights against a third party without insurer's agreement?
What happens if there is a surplus after insurers recover their money from a third party?
What happens if there is a surplus after insurers recover their money from a third party?
What must be the proximate cause of loss in a Householder’s Insurance policy covering fire or lightning damage?
What must be the proximate cause of loss in a Householder’s Insurance policy covering fire or lightning damage?
If a tree branch lands on electrical circuitry and causes an electrical fault which leads to a fire, will the resulting fire damage be covered?
If a tree branch lands on electrical circuitry and causes an electrical fault which leads to a fire, will the resulting fire damage be covered?
In Example 4.4, why is the water damage covered even though it's an uninsured peril?
In Example 4.4, why is the water damage covered even though it's an uninsured peril?
If a fire starts in the bedroom of a house covered by insurance, and the firefighters use foam instead of water to extinguish it, would the resulting foam damage be covered?
If a fire starts in the bedroom of a house covered by insurance, and the firefighters use foam instead of water to extinguish it, would the resulting foam damage be covered?
If a fire reaches a gas cylinder and causes an explosion, would the resulting explosion damage be covered under the policy?
If a fire reaches a gas cylinder and causes an explosion, would the resulting explosion damage be covered under the policy?
Why is the fire damage covered in the scenario where water causes additional damage to household contents?
Why is the fire damage covered in the scenario where water causes additional damage to household contents?
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