Podcast
Questions and Answers
What type of information is Rita providing to her insurer?
What type of information is Rita providing to her insurer?
- Contract consideration
- Relevant information (correct)
- Best advice
- Common interest
What principle is being applied when the farmer's claim is paid without deduction for underinsurance?
What principle is being applied when the farmer's claim is paid without deduction for underinsurance?
- Principle of contribution
- First loss basis of cover
- Special condition of average (correct)
- Subrogation waiver
How is the liability of each insurer determined in the case of Amir and Roshan?
How is the liability of each insurer determined in the case of Amir and Roshan?
- According to the proportion of their respective ownership shares
- According to the principle of contribution
- According to the principle of average
- According to the proportion of their respective insured values (correct)
What is the duty of the insured in relation to providing information?
What is the duty of the insured in relation to providing information?
At what point does the duty to disclose relevant information first arise?
At what point does the duty to disclose relevant information first arise?
What is the term for the sharing of losses between multiple insurers?
What is the term for the sharing of losses between multiple insurers?
What is the purpose of the duty of disclosure in insurance?
What is the purpose of the duty of disclosure in insurance?
What happens when an insured has multiple policies with different insurers?
What happens when an insured has multiple policies with different insurers?
What is the consequence of non-disclosure of relevant information?
What is the consequence of non-disclosure of relevant information?
What is the term for the amount of insurance that is less than the value of the insured property?
What is the term for the amount of insurance that is less than the value of the insured property?
Who bears the loss when an insured has underinsured their property?
Who bears the loss when an insured has underinsured their property?
