Insurance Law – Knowsia

BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

Question

Disclosure of material facts is important in insurance transactions.

Required:
What is utmost good faith in insurance?

Answer

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Tags: Contract of Insurance, Insurance Law, Material Disclosure, Risk Assessment, Utmost Good Faith
Level: Level 1

Topic: Insurance and Banking Contracts
Series: Nov 2024

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

Question

A shareholder has no insurable interest in the __________ of the company.

Answer

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Tags: Insurable Interest, Insurance Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

Question

Which of the following principles is NOT applicable to life assurance?

A. Insurable interest
B. Assignment
C. Utmost good faith
D. No premium no cover
E. Subrogation

Answer

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Tags: Insurance Law, Life Assurance, Principles of Insurance
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – Nov 2013 – L1 – SA – Q10 – Agency Law

Identifies the minimum paid-up share capital required for life insurance business in Nigeria.

Question

In life insurance, no insurer can carry on the business of life insurance except it has and maintains a paid-up share capital of _____________________.

Answer

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Tags: Capital requirement, Insurance Law, Life Insurance, Short Answer
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

Question

In an Insurance contract, the insured is indemnified on payment of the

A. Price
B. Premium
C. Interest
D. Discount
E. Instalment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Indemnity, Insurance Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

Question

A person is said to have insurable interest in an insured person, thing, or event when
A. He is related by affinity to the insured
B. The insured is the property of the person
C. The insured is a chattel
D. He stands to gain or profit in his/its preservation and to suffer loss or damage in his/its destruction
E. The insured could go into extinction by usage

Answer

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Tags: Insurable Interest, Insurance Law, Legal Definition, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2021 – L1 – SB – Q5c – Sale of Goods

insurance policy assignment

Question

An insurance policy creates rights in favour of the contracting parties, which are assignable.

Required:
i. Explain briefly ‘assignment of insurance policy’ and a situation in which an assignment of insurance becomes a legal assignment (2 Marks).
ii. Why is it not possible to transfer the rights in an insurance policy by delivery, and when is a marine insurance policy not assignable? (3 Marks)

Answer

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Tags: Insurance Law
Level: Level 1

Topic: Sale of Goods
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

Question

The document by which an insured initiates an insurance contract is known as
A. Proposal form
B. Application form
C. Insurance form
D. Policy form
E. Proposer form

Answer

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Tags: Insurance Law, Proposal Form
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2023 – L1 – SB – Q4b – Law of Contract

Discusses the legal implications of non-disclosure in an insurance contract involving Abokhasomi.

Question

Abokhasomi was told that he had kidney problems and lung infection, neither of which he disclosed to the insurer in the proposal form for a health policy. Abokhasomi filled out the proposal form, stating that no health issues were present. The policy was issued after paying the premium. Three months later, he became sick, and a test revealed a lung infection. He now wants the insurer to pay for the treatment, which the insurer has declined on the grounds of non-disclosure.

Required:
State the applicable law and advise the parties. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach of Contract, Contract of Insurance, Insurance Law, Non-Disclosure
Level: Level 1

Topic: Law of Contract
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q4d – Company Law

Explanation of factors necessary for claiming contribution in multiple insurance policies.

Question

Multiple insurance is an allowable practice under insurance law.
Required:
Explain briefly THREE essential factors necessary to claim contribution by an insurance company. (6 Marks)

Answer

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Tags: Claims, Contribution, Insurance Law, Multiple insurance
Level: Level 1

Topic: Company Law
Series: NOV 2019

BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

Question

Disclosure of material facts is important in insurance transactions.

Required:
What is utmost good faith in insurance?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract of Insurance, Insurance Law, Material Disclosure, Risk Assessment, Utmost Good Faith
Level: Level 1

Topic: Insurance and Banking Contracts
Series: Nov 2024

BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

Question

A shareholder has no insurable interest in the __________ of the company.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance Law
Level: Level 1

Topic: Company Law
Series: MAY 2013

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

Question

Which of the following principles is NOT applicable to life assurance?

A. Insurable interest
B. Assignment
C. Utmost good faith
D. No premium no cover
E. Subrogation

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Law, Life Assurance, Principles of Insurance
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – Nov 2013 – L1 – SA – Q10 – Agency Law

Identifies the minimum paid-up share capital required for life insurance business in Nigeria.

Question

In life insurance, no insurer can carry on the business of life insurance except it has and maintains a paid-up share capital of _____________________.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Capital requirement, Insurance Law, Life Insurance, Short Answer
Level: Level 1

Topic: Agency Law
Series: NOV 2013

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

Question

In an Insurance contract, the insured is indemnified on payment of the

A. Price
B. Premium
C. Interest
D. Discount
E. Instalment

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Indemnity, Insurance Law, Multiple Choice
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2013

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurable Interest, Insurance Law, Legal Definition, Multiple Choice
Level: Level 1

Topic: Company Law
Series: NOV 2015

BL – Nov 2021 – L1 – SB – Q5c – Sale of Goods

insurance policy assignment

Question

An insurance policy creates rights in favour of the contracting parties, which are assignable.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Law
Level: Level 1

Topic: Sale of Goods
Series: NOV 2021

BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

Question

The document by which an insured initiates an insurance contract is known as
A. Proposal form
B. Application form
C. Insurance form
D. Policy form
E. Proposer form

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Law, Proposal Form
Level: Level 1

Topic: Agency Law
Series: NOV 2021

BL – Nov 2023 – L1 – SB – Q4b – Law of Contract

Discusses the legal implications of non-disclosure in an insurance contract involving Abokhasomi.

Question

Abokhasomi was told that he had kidney problems and lung infection, neither of which he disclosed to the insurer in the proposal form for a health policy. Abokhasomi filled out the proposal form, stating that no health issues were present. The policy was issued after paying the premium. Three months later, he became sick, and a test revealed a lung infection. He now wants the insurer to pay for the treatment, which the insurer has declined on the grounds of non-disclosure.

Required:
State the applicable law and advise the parties. (5 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Breach of Contract, Contract of Insurance, Insurance Law, Non-Disclosure
Level: Level 1

Topic: Law of Contract
Series: NOV 2023

BL – Nov 2019 – L1 – SB – Q4d – Company Law

Explanation of factors necessary for claiming contribution in multiple insurance policies.

Question

Multiple insurance is an allowable practice under insurance law.
Required:
Explain briefly THREE essential factors necessary to claim contribution by an insurance company. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Claims, Contribution, Insurance Law, Multiple insurance
Level: Level 1

Topic: Company Law
Series: NOV 2019

Question Tag: Insurance Law

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BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

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BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q7 – Company Law"

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

You're reporting an error for "BL – May 2013 – L1 – SA – Q14 – Agency Law"

BL – Nov 2013 – L1 – SA – Q10 – Agency Law

Identifies the minimum paid-up share capital required for life insurance business in Nigeria.

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BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

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BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

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BL – Nov 2021 – L1 – SB – Q5c – Sale of Goods

insurance policy assignment

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BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

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BL – Nov 2023 – L1 – SB – Q4b – Law of Contract

Discusses the legal implications of non-disclosure in an insurance contract involving Abokhasomi.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q4b – Law of Contract"

BL – Nov 2019 – L1 – SB – Q4d – Company Law

Explanation of factors necessary for claiming contribution in multiple insurance policies.

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BCL – Nov 2024 – L1 – Q4d – Utmost Good Faith in Insurance

Explanation of the principle of utmost good faith in insurance contracts.

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BL – May 2013 – L1 – SA – Q7 – Company Law

This question assesses the concept of insurable interest in a company.

You're reporting an error for "BL – May 2013 – L1 – SA – Q7 – Company Law"

BL – May 2013 – L1 – SA – Q14 – Agency Law

This question tests knowledge of the principles not applicable to life assurance.

You're reporting an error for "BL – May 2013 – L1 – SA – Q14 – Agency Law"

BL – Nov 2013 – L1 – SA – Q10 – Agency Law

Identifies the minimum paid-up share capital required for life insurance business in Nigeria.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q10 – Agency Law"

BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking

Examines indemnity in an insurance contract.

You're reporting an error for "BL – Nov 2013 – L1 – SA – Q10 – Law Relating to Banking"

BL – Nov 2015 – L1 – SA – Q19 – Company Law

Definition of insurable interest in insurance law.

You're reporting an error for "BL – Nov 2015 – L1 – SA – Q19 – Company Law"

BL – Nov 2021 – L1 – SB – Q5c – Sale of Goods

insurance policy assignment

You're reporting an error for "BL – Nov 2021 – L1 – SB – Q5c – Sale of Goods"

BL – Nov 2021 – L1 – SA – Q16 – Agency Law

Determining the document that initiates an insurance contract.

You're reporting an error for "BL – Nov 2021 – L1 – SA – Q16 – Agency Law"

BL – Nov 2023 – L1 – SB – Q4b – Law of Contract

Discusses the legal implications of non-disclosure in an insurance contract involving Abokhasomi.

You're reporting an error for "BL – Nov 2023 – L1 – SB – Q4b – Law of Contract"

BL – Nov 2019 – L1 – SB – Q4d – Company Law

Explanation of factors necessary for claiming contribution in multiple insurance policies.

You're reporting an error for "BL – Nov 2019 – L1 – SB – Q4d – Company Law"

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