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NEW QUESTION 21
At what stage is insurable interest required for a marine cargo insurance policy?
- A. At both inception of the policy and at the time of the loss.
- B. Throughout the duration of the contract.
- C. At the time of the loss only.
- D. At inception of the policy only.
Answer: C
NEW QUESTION 22
For this question more than 1 option is correct. You must select all the correct options to gain the mark. What are the characteristics of a corporation aggregate?
- A. It is not treated as a separate legal entity.
- B. It is an organisation with a separate legal existence to its membership.
- C. It is answerable to its shareholders or members.
- D. It is a legal person representing one official position.
Answer: B,C
NEW QUESTION 23
What is the most common for of corporation?
- A. Corporation sole.
- B. Chartered corporation.
- C. Registered corporation.
- D. Statutory corporation.
Answer: C
NEW QUESTION 24
Bill owned a painting which was insured under a policy containing a first refusal clause. The painting was stolen and Bill's claim was settled, but several months later the painting was recovered by the police. As a consequence, what is Bill's position under his insurance policy?
- A. Bill may exercise an option to buy the painting back.
- B. Bill must buy the painting back.
- C. Bill must return the claim settlement in exchange for the painting.
- D. Bill may keep the claim settlement and also keep the painting.
Answer: A
NEW QUESTION 25
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