Insurance Law – Page 2

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

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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

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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

BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking

Identify the insurance principle that allows the insurer to take over and enforce the rights of the insured.

Question

he insurance principle which allows an insurance company to take over and enforce the right of the insured is known as:

A. Usurpation
B. Representation
C. Subrogation
D. Contribution
E. Impersonation

Answer

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Tags: Insurance Law, Insurance Principles, Legal Rights, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2023

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

Question

Under insurance contract, which principle states that a person must stand to gain from the preservation of the subject matter or suffer loss from its destruction?
A. Insurable interest
B. Insurance credit rule
C. Cover note policy
D. Indemnity principle
E. Insurance payment policy

Answer

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Tags: Insurable Interest, Insurance Law, Legal Principle, Risk Management
Level: Level 1

Topic: Introduction to Law
Series: MAR/JULY 2020

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

Question

Your audit firm is auditing the current year’s financial statements of a major client in the insurance industry. At the planning stage when the engagement partner was doing the risk assessment, he had information that the company is under investigation by the National Insurance Commission for non-compliance with regulations. The client may be liable to sanctions if found culpable.

Non-compliance with laws and regulations has many implications for the operations of entities, their financial statements, and the audit of their financial statements.

Required:

i) Discuss the implications of the suspected non-compliance with the insurance law by the client on its operations and the financial statements. (5 marks)

ii) Evaluate the implications of the client’s non-compliance with the Insurance law on your audit. (5 marks)

Answer

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Tags: Audit Implications, Financial Statements, Insurance Law, Non-compliance, Risk Assessment
Level: Level 3

Topic: Professional responsibility and liability, The regulatory environment
Series: MAY 2017

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.

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

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

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

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

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

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

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

Examines indemnity in an insurance contract.

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

Definition of insurable interest in insurance law.

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

insurance policy assignment

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

Determining the document that initiates an insurance contract.

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

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

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

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

BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking

Identify the insurance principle that allows the insurer to take over and enforce the rights of the insured.

BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

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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.

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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.

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

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

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BL – May 2023 – L1 – SA – Q6 – Law Relating to Banking

Identify the insurance principle that allows the insurer to take over and enforce the rights of the insured.

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BL – MarJul 2020 – L1 – SA – Q16 – Introduction to Law

Question on identifying the principle that a person must have a financial interest in the subject matter of insurance.

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AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability

Discuss the implications of suspected non-compliance with insurance law on a company's operations, financial statements, and the audit process.

You're reporting an error for "AAA – May 2017 – L3 – Q3a – The regulatory environment | Professional responsibility and liability"

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