Insurance Contracts – NBC Institute

BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

Question

Which of the following is the meaning of re-insurance?
A. The insurer insures the insurer’s assets
B. The insurer’s registration with the office of the Commissioner for Insurance
C. A reinsurance, effected by an insurer, on the same risk which was before insured, to indemnify the insurer
D. A new insurance with the government of the Federation
E. The insurer’s insurance with a foreign insurer

Answer

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Tags: Insurance Contracts, Re-insurance, Risk Transfer
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Maria, a famous national hero, was involved in an accident recently during which her brand new Lexus Jeep was damaged beyond repairs. The accident was caused by the recklessness of the driver of Bogus Company Limited. Since the Jeep was insured under comprehensive insurance by Absolve Insurance Plc, the insurance company processed Maria’s claim and gave her a brand new Lexus Jeep.

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

Absolve Insurance Plc wrote a letter to Maria requesting her to return the Lexus Jeep gift she received from Chief Generous since it has subrogation right over the Jeep. Maria has refused to return the Lexus Jeep.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

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Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

Question

Generally, an insurance contract is one of:
A. Indenture
B. Restoration
C. Profit making
D. Indemnity
E. Security

Answer

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Tags: Business Law, Indemnity, Insurance Contracts
Level: Level 1

Topic: Agency Law
Series: NOV 2023

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

Question

A contract of insurance has elements of offer and acceptance.

Required:
Explain briefly the making of offer and acceptance in insurance contracts.

Answer

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Tags: Formation of Contracts, Insurance Contracts, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

Question

Insurance contract is a contract of indemnity.

Required:
State and explain briefly THREE essential elements of an insurance contract.

Answer

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Tags: Contract Law, Essential Elements, Indemnity, Insurance Contracts
Level: Level 1

Topic: Law of Contract
Series: MAR/JULY 2020

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

Question

Assignment is ONE of the principles in a contract of insurance.

Required:
i. Define the concept of assignment in relation to insurance contracts. (3 Marks)
ii. State the THREE types of assignment that are possible under an insurance contract. (3 Marks)
iii. “Insurance contracts are contracts uberrimae fidei”. Explain this doctrine, and state any ONE major duty the doctrine imposes on the parties to an insurance contract. (4 Marks)

Answer

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Tags: Assignment, Doctrine of Good Faith, Insurance Contracts
Level: Level 1

Topic: Contract Law

BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

Question

Answer

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Tags: Insurance Contracts, Re-insurance, Risk Transfer
Level: Level 1

Topic: Agency Law
Series: NOV 2012

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

Question

Thereafter, Chief Generous, a philanthropist, decided to give Maria a brand new Lexus Jeep to replace her damaged Jeep in view of her previous services to the country.

You are required to advise Maria and Absolve Insurance Plc on the subrogation right of the insurance company to the Lexus Jeep given to Maria by Chief Generous.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Gifts, Insurance Contracts, Subrogation
Level: Level 1

Topic: Agency Law
Series: MAY 2013

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

Question

Generally, an insurance contract is one of:
A. Indenture
B. Restoration
C. Profit making
D. Indemnity
E. Security

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Indemnity, Insurance Contracts
Level: Level 1

Topic: Agency Law
Series: NOV 2023

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

Question

A contract of insurance has elements of offer and acceptance.

Required:
Explain briefly the making of offer and acceptance in insurance contracts.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Formation of Contracts, Insurance Contracts, Offer and Acceptance
Level: Level 1

Topic: Law of Contract
Series: MAY 2017

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

Question

Insurance contract is a contract of indemnity.

Required:
State and explain briefly THREE essential elements of an insurance contract.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract Law, Essential Elements, Indemnity, Insurance Contracts
Level: Level 1

Topic: Law of Contract
Series: MAR/JULY 2020

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

Question

Assignment is ONE of the principles in a contract of insurance.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assignment, Doctrine of Good Faith, Insurance Contracts
Level: Level 1

Topic: Contract Law

Question Tag: Insurance Contracts

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BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

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BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q13 – Agency Law"

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3B – Agency Law"

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q16 – Agency Law"

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

You're reporting an error for "BL – May 2017 – L1 – SB – Q5f – Law of Contract"

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q6a – Law of Contract"

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

You're reporting an error for "BL – May 2015 – L1 – SB – Q5a – Contract Law"

BL – Nov 2012 – L1 – SA – Q13 – Agency Law

Identify the meaning of re-insurance.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q13 – Agency Law"

BL – May 2013 – L1 – SB – Q3B – Agency Law

Discuss the doctrine of subrogation and its application to gifts in insurance law.

You're reporting an error for "BL – May 2013 – L1 – SB – Q3B – Agency Law"

BL – Nov 2023 – L1 – SA – Q16 – Agency Law

This question asks about the general nature of insurance contracts.

You're reporting an error for "BL – Nov 2023 – L1 – SA – Q16 – Agency Law"

BL – May 2017 – L1 – SB – Q5f – Law of Contract

Explains the process of offer and acceptance in an insurance contract.

You're reporting an error for "BL – May 2017 – L1 – SB – Q5f – Law of Contract"

BL – March July 2020 – L1 – SB – Q6a – Law of Contract

Explains the three essential elements of an insurance contract under the law of indemnity.

You're reporting an error for "BL – March July 2020 – L1 – SB – Q6a – Law of Contract"

BL – May 2015 – L1 – SB – Q5a – Contract Law

Define the concept of assignment in relation to insurance and explain the types of assignment possible.

You're reporting an error for "BL – May 2015 – L1 – SB – Q5a – Contract Law"

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