Cover Notes
Resumen
You have paid your motor premium this morning, but the full policy document will take a week to print. Are you insured right now, today, on the drive home? The answer is yes, and the single sheet of paper that proves it is the cover note. It is small, it is temporary, and it does one big job: it holds your cover in place during the gap between saying yes to insurance and receiving the thick policy that spells everything out.
In this lesson you will learn exactly what a cover note is, the moment an insurer reaches for one, and the handful of details it must carry to be worth anything. You will see why a claim made while only a cover note exists is still paid in full, how a Nigerian motorist uses it to license a vehicle and satisfy the police, and how to tell it apart from the two documents students most often confuse it with: the policy and the certificate of insurance.
Objetivos
- Define a cover note and explain when an insurer issues one
- State the contents of a cover note
- Explain the functions and uses of a cover note as evidence of temporary cover
- Distinguish a cover note from a policy and from a certificate of insurance
Nota de la lección
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Evaluación de la lección
Felicitaciones por completar la lección del Cover Notes. Ahora que has explorado el conceptos e ideas clave, es hora de poner a prueba tus conocimientos. Esta sección ofrece una variedad de prácticas Preguntas diseñadas para reforzar su comprensión y ayudarle a evaluar su comprensión del material.
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- A cover note is best described as: A. The full and permanent contract of insurance B. Temporary evidence that cover has begun, pending the policy C. A demand for payment of premium D. A statutory proof of compulsory motor insurance Answer: B
- An insurer would normally issue a cover note when: A. The claim has already been settled B. The insured has cancelled the insurance C. Cover must start before the full policy can be prepared D. The premium has not been paid at all Answer: C
- Which of the following is the MOST important item on a cover note? A. The colour of the document B. The period of cover C. The name of the insurer's chairman D. The office address of the broker Answer: B
- A fire occurs while only a valid cover note exists and no policy has yet been issued. The insurer should: A. Reject the claim because no policy exists B. Pay the claim, since the cover note is a binding contract for its period C. Pay only half of the claim D. Wait until the policy is printed before deciding Answer: B
- The document that a Nigerian motorist must produce to the police as legal proof of compulsory third party cover is the: A. Cover note B. Proposal form C. Certificate of insurance D. Receipt Answer: C
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Crea una cuenta gratuita para acceder a todos los recursos de aprendizaje, preguntas de práctica y seguir tu progreso.
Regístrate para continuar
Crea una cuenta gratuita para acceder a todos los recursos de aprendizaje, preguntas de práctica y seguir tu progreso.
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Preguntas Anteriores
¿Te preguntas cómo son las preguntas anteriores sobre este tema? Aquí tienes una serie de preguntas sobre Cover Notes de años anteriores.
Pregunta 1 Informe
(a)List seven contents of a certificate of insurance.
(b)State four characteristics of a cover note.