IC 11 - Practice of General Insurance Exam Study Notes

Composite Broker - One who acts as Direct Broker as well as Reinsurance Broker
Underwriter decide whether insurance cover is to be granted or not. If cover is to be given then the underwriters will decide at what terms, conditions and exceptions.
Contra proferentum rule : this rule (which effectively says against the offering party) states that there contractual language is capable of two alternative interpretations, it will be construed against the insurer who drafted the contract and in favour of the insured, who accepts the wording. This is because the insurer will have chosen the language used and should not be able to benefit from any ambiguity contained within it.
An insurance contract is a legal document and has all the elements of a valid contract.
An insurance proposal form includes general questions, insurance related questions and specific questions.

Licentiate Examination - IC 11 - Practice of General Insurance Exam - Important Points