What was the earliest form of reinsurance?
A – Catastrophe excess of loss
B – Facultative
C – Quota share treaty
D – Surplus treaty
B: Facultative reinsurance. The market then developed into areas such as treaty reinsurance.
4B: Future loss of earnings is an award made to compensate claimants for the loss of earnings they are likely to sustain going forward after the date of settlement, as a result of their injury. Therefore, the date they start to accrue is the date of settlement or trial date.
When a caravan is being towed and is involved in a fault motor accident, resulting in damage to third-party property, does the liability section of the caravan policy cover the damage to the third-party property?
A: No, only third-party injuries are covered B: Yes, all third-party liabilities are covered C: No, any third-party liability while being towed is excluded D: Yes, providing the caravan had not become detached when the damage occurred
Which of these methods explains how a periodic payment for a personal injury claim is typically funded?
C: The income may be funded directly from an insurer's reserves or by the purchase of an annuity.