By whom is a “fiduciary duty” owed?
A - An employee to a fellow employee who might be harmed by their actions
B – Any employee who has signed a contract of employment to their employer
C – Anyone whose work involves paying or receiving money
D – Someone who occupies a position of trust in relation to another and acts on their behalf
D: A fiduciary is a person who occupies a position of trust and is required to act for the latter’s benefit.
Where war risks cover is purchased as part of aircraft insurance, on what basis will liability coverage for war risks apply?
D: Liability coverage for war risks will be on an aggregate basis for all aircraft insured under the policy.
5B: When a reinsurance company reinsures an original risk, or part thereof, which they have accepted from a direct insurer – they become known as the retrocedant in what is known as a contract of retrocession. The reinsurer who accepts the risk is called the retrocessionaire.
In what way has the Fourth EU Motor Insurance Directive made it easier for victims to make claims against drivers from another state?
A: It requires vehicles coming from other states to display a windscreen insurance disc B: It requires motor insurers to maintain a branch in each member state of the EU C: It requires motor insurers to maintain a representative in each member state of the EU D: It requires the local Motor Insurers' Bureau to deal with all claims involving foreign motorists