Insurance Contract – NBC Institute

BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

Question

A contract of insurance is a contract of utmost good faith.

Required:
i. Explain briefly the term “material fact” in a contract of insurance.
ii. State THREE exceptions to the duty of disclosure of material facts.

Answer

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Tags: Disclosure Exceptions, Insurance Contract, Material Fact, Utmost Good Faith
Level: Level 1

Topic: Law of Contract
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

Question

Explain the TWO main parties to an insurance contract.

Answer

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Tags: Insurance Contract, Insured, Insurer
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

Question

In a contract of insurance, the party that pays the premium in return for the insurer’s promise of indemnity is the:
A. Insurance company
B. Insurer
C. Contractor
D. Insured
E. Third party

Answer

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Tags: Indemnity, Insurance Contract, Insured, Insurer, Premium Payment
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

Question

State the implication of the following in a contract of insurance:
(i) An applicant gives a proposal form to an insurance agent to complete for him. (2 Marks)
(ii) The insurer gives the proposal form to the applicant to complete. (2 Marks)
(iii) The applicant completes and submits the proposal form to the insurer. (2 Marks)

Answer

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Tags: Insurance Contract, Legal obligations
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

Question

Insurance contract is broadly divided into
A. Two categories
B. Three categories
C. Four categories
D. Five categories
E. Six categories

Answer

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Tags: Categories, Insurance Contract, Law
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

Question

In a contract of insurance, the consequence of non-disclosure of material facts by either party to the contract where the duty exists is to render the contract:

A. Illegal
B. Voidable
C. Valid
D. Void
E. Enforceable

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Voidability, Insurance Contract, Material Facts, Non-Disclosure
Level: Level 1

Topic: Company Law
Series: MAY 2020

BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

Question

A contract of insurance is a contract of utmost good faith.

Required:
i. Explain briefly the term “material fact” in a contract of insurance.
ii. State THREE exceptions to the duty of disclosure of material facts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Disclosure Exceptions, Insurance Contract, Material Fact, Utmost Good Faith
Level: Level 1

Topic: Law of Contract
Series: NOV 2020

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

Question

Explain the TWO main parties to an insurance contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Contract, Insured, Insurer
Level: Level 1

Topic: Negotiable Instruments
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

Question

In a contract of insurance, the party that pays the premium in return for the insurer’s promise of indemnity is the:
A. Insurance company
B. Insurer
C. Contractor
D. Insured
E. Third party

Answer

Find Related Questions by Tags, levels, etc.

Tags: Indemnity, Insurance Contract, Insured, Insurer, Premium Payment
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance Contract, Legal obligations
Level: Level 1

Topic: Law of Contract
Series: MAY 2018

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

Question

Insurance contract is broadly divided into
A. Two categories
B. Three categories
C. Four categories
D. Five categories
E. Six categories

Answer

Find Related Questions by Tags, levels, etc.

Tags: Categories, Insurance Contract, Law
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2016

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

Question

In a contract of insurance, the consequence of non-disclosure of material facts by either party to the contract where the duty exists is to render the contract:

A. Illegal
B. Voidable
C. Valid
D. Void
E. Enforceable

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Voidability, Insurance Contract, Material Facts, Non-Disclosure
Level: Level 1

Topic: Company Law
Series: MAY 2020

Question Tag: Insurance Contract

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BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

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BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q4b – Law of Contract"

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Law of Contract"

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

You're reporting an error for "BL – May 2018 – L1 – SB – Q2c – Law of Contract"

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

You're reporting an error for "BL – May 2024 – L1 – SA – Q10 – Contract Law"

BL – Nov 2020 – L1 – SB – Q4b – Law of Contract

Define material fact in insurance and list exceptions to disclosure duty.

You're reporting an error for "BL – Nov 2020 – L1 – SB – Q4b – Law of Contract"

BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments

Explaining the two main parties involved in an insurance contract.

You're reporting an error for "BL – Nov 2011 – L1 – SB – Q3c – Negotiable Instruments"

BL – Nov 2011 – L1 – SA – Q1 – Law of Contract

Identify the party in a contract of insurance that pays the premium for indemnity.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q1 – Law of Contract"

BL – May 2018 – L1 – SB – Q2c – Law of Contract

Discuss the implications of actions during the proposal form stage of an insurance contract.

You're reporting an error for "BL – May 2018 – L1 – SB – Q2c – Law of Contract"

BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking

This question asks about the broad categories into which insurance contracts are divided.

You're reporting an error for "BL – MAY 2016 – L1 – SA – Q17 – Law Relating to Banking"

BL – May 2024 – L1 – SA – Q10 – Contract Law

Identify the consequence of non-disclosure of material facts in an insurance contract.

You're reporting an error for "BL – May 2024 – L1 – SA – Q10 – Contract Law"

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