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ISR3701-25-EX06
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Molefe’s factory is insured under the fire policy. One of the factory’s worker’s who was dismissed, deliberately sets fire to some flammable material that is stored in the factory. However, the sprinkler system activated and extinguished the fire but caused water damage to the other stock in the factory. In addition, some debtors’ records were also destroyed. It is estimated that it will take less or more than two months to restore the factory to full production. CHOOSE THE CORRECT STATEMENT FROM THE FOLLOWING OPTIONS:a) The damage caused dismissed factory worker is covered by the fire policy.b) Water damage caused by the sprinkler system will not be covered in terms of the policy c) The insurer will not be liable for any revenue losses incurred as a result of the damage to debtors' records d) The water is a peril in terms of the fire policy.
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Indicate the correct statement (s).a) The breaching of a warranty in an insurance contract by the insured may result in the repudiation of a claim by the insurer. b) The first amount payable is reflected in the schedule of a policy document. c) Insurance contracts are based on the premise of caveat emptor. d) The reasonable man test is generally applied to test the validity of insurance contacts. CHOOSE THE CORRECT COMBINATION:
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The insured is involved in a serious accident and the estimated vehicle loss/damage was R620 000. The vehicle was insured for R850 000.Following inspection, the assessor found that it should have been insured for R1 000 000. Assuming that the claim is accepted by the insurer,choose the correct statement?
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Mr. Chabalala is an electrician. Apart from the working tools he carries with him, he also carries wires and pipes and, in many cases, electrical equipment that needs to be fitted at a clients’ premises. In terms of Goods in Transit insurance, which of the following best describe the options that will be covered?
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Under motorcycle insurance, …
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An excessive claim reserve may result in an …
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A farmer insures his crop for R800 000. Just before harvesting the crop, damage to the value of R500 000 was caused by a run-away fire from a neighbouring farm. The total value of the crop was estimated to be R1 000 000. If the principle of special condition applies, the insurer will be liable for ...
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The insured car which is comprehensively insured collided with a pole. The car was damaged in the front bumper, the bonnet, the radio banned, and the windscreen also cracked as a result of the bonnet smashing into it. The insured submitted a claim of R25 000.The policy stipulates the following excesses:Basic: R2 000,Windscreen: R500, and Radio: R250.CHOOSE THE CORRECT INSURER'S SETTLEMENT AMOUNT.
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Choose the correct option which best describes what is covered by the motor traders external risks policy.
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Glass insurance …
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