Question 6. ST3.Sep 2008. Bicycle Insurance -( non-standard add-on covers )

Discussion in 'SP8' started by peace, Mar 7, 2014.

  1. peace

    peace Member

    Part iv: Non-standard add-on covers

    Examiners' report says "poorly answered, with only the strongest candidates offering a range of sensible add-on covers that reflected the nature and cost of the standard insurance policy".

    I had no difficulty in identifying many possible coverages but was presented with some ambiguity in classifying them into a standard cover or a non-standard add-on cover?

    (A) Does "standard cover" mean a cover offered by many companies as part of the standard insurance policy in a general sense (or) Is there any specific technical definition for this?

    Similarly, can I take - whatever is not standard but still offered by insurance companies (as an addition / option) as a "non-standard add-on cover"?

    Any thoughts on this to clarify further?

    (B) Could any one provide reference to some past exam questions where non-standard add-on covers were dealt in detail?
     
    Last edited by a moderator: Mar 8, 2014
    peace, Mar 7, 2014
    #1
  2. Katherine Young

    Katherine Young ActEd Tutor Staff Member

    "Non standard add-on cover" means any cover not provided by the basic policy.

    I wouldn't take it to mean:
    We need to read part (ii) in the context of the overall question, which is talking about an unusual policy. Therefore you want to avoid thinking about what many companies do, after all, it might not be offered by many companies at all.

    In addition, it's risky to think about what is "standard cover for many companies", even for more common products. Many companies try to differentiate themselves from the competition by offering different terms and conditions.

    Subject ST8, ST3 and 303 often examine unusual products, there are many past examples to choose from. I recommend you get stuck into the past papers on the profession's website.
     
    Katherine Young, Mar 9, 2014
    #2

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