Podcast
Questions and Answers
What is the primary benefit of a personal accident and sickness policy?
What is the primary benefit of a personal accident and sickness policy?
- Paying a weekly benefit for the period of inability to work
- Paying a one-off lump sum
- Paying a weekly benefit for three months (correct)
- Paying only for temporary partial disablement
What type of loss does a business interruption insurance policy primarily cover?
What type of loss does a business interruption insurance policy primarily cover?
- Loss caused by a drop in share value
- Loss of profits (correct)
- Loss of turnover
- Loss caused by bad debts
Why does a personal accident and sickness insurer want to know about other similar policies?
Why does a personal accident and sickness insurer want to know about other similar policies?
- To prevent the policyholder from receiving excessive benefits (correct)
- To ensure the policyholder does not receive more than an indemnity
- To share the cost of any claim with the other insurer
- To detect potential fraud
Which department is responsible for setting individual case reserves?
Which department is responsible for setting individual case reserves?
What does factor reserving mean in the context of motor insurance claims?
What does factor reserving mean in the context of motor insurance claims?
What is not a primary responsibility of the claims department?
What is not a primary responsibility of the claims department?
Under what circumstances does an insured have a duty to mitigate a loss?
Under what circumstances does an insured have a duty to mitigate a loss?
What level of cover does Peter have under the driving other cars extension of his policy?
What level of cover does Peter have under the driving other cars extension of his policy?
What additional product service under Darryl's household insurance policy would assist him in obtaining compensation for the damage caused by his neighbour's dog?
What additional product service under Darryl's household insurance policy would assist him in obtaining compensation for the damage caused by his neighbour's dog?
Which part of Jon's claim would his household insurer usually agree to settle?
Which part of Jon's claim would his household insurer usually agree to settle?
What is the primary reason an insurer accepts a claim as the proximate cause?
What is the primary reason an insurer accepts a claim as the proximate cause?
What is the most likely reason Jon's household insurer would not agree to settle the full replacement value of the roof?
What is the most likely reason Jon's household insurer would not agree to settle the full replacement value of the roof?
Why has ABC Insurance likely chosen a functional structure for its business?
Why has ABC Insurance likely chosen a functional structure for its business?
What is the LEAST LIKELY reason an insurer chose claims system A over B?
What is the LEAST LIKELY reason an insurer chose claims system A over B?
What is the primary benefit of the organisational structure chosen by an insurer?
What is the primary benefit of the organisational structure chosen by an insurer?
How does an insurer typically settle the insured proportion of a claim where a repairer is used?
How does an insurer typically settle the insured proportion of a claim where a repairer is used?
Which team is responsible for pursuing an insurer's subrogation rights?
Which team is responsible for pursuing an insurer's subrogation rights?
What is the primary goal of an insurer's subrogation efforts?
What is the primary goal of an insurer's subrogation efforts?
If an insurer suspects a claim is fraudulent but cannot prove it, can it choose to settle the claim by supplying a new item instead of cash?
If an insurer suspects a claim is fraudulent but cannot prove it, can it choose to settle the claim by supplying a new item instead of cash?
Who owns the salvage of a total loss vehicle once the insurer settles the claim?
Who owns the salvage of a total loss vehicle once the insurer settles the claim?
Why might an insurer refuse to settle a claim for stolen laptops from a business premises?
Why might an insurer refuse to settle a claim for stolen laptops from a business premises?
What type of expenses might an insurer cover in addition to the cost of lost luggage?
What type of expenses might an insurer cover in addition to the cost of lost luggage?
What might an insurer suspect about a claim if it wants to settle by supplying a new item instead of cash?
What might an insurer suspect about a claim if it wants to settle by supplying a new item instead of cash?
What is the most likely occupation of the individual providing legal advice to the insured?
What is the most likely occupation of the individual providing legal advice to the insured?
What is the primary concern when an insurer suspects a fraudulent claim?
What is the primary concern when an insurer suspects a fraudulent claim?
What type of expense might be deducted from a claim payment under a household buildings policy?
What type of expense might be deducted from a claim payment under a household buildings policy?
Who would be the most appropriate person to negotiate a settlement on behalf of Hamza after a fire at his factory?
Who would be the most appropriate person to negotiate a settlement on behalf of Hamza after a fire at his factory?
What might happen to a car once an insurer settles a total loss claim?
What might happen to a car once an insurer settles a total loss claim?
What would ABC Insurer most likely do first if they suspect fraud in a theft claim?
What would ABC Insurer most likely do first if they suspect fraud in a theft claim?
Who would be responsible for the cost of repairing Patricia's kitchen window?
Who would be responsible for the cost of repairing Patricia's kitchen window?
