BIBF Professional Award For Specialist Insurance Practitioner Practice Questions - BIBF Professional Award For Specialist Insurance Practitioner (PASIP) Exam

The insurer is entitled to declare the contract void ab initio (from inception), repudiate all claims, and retain the premium paid as a penalty for fraud The insurer is legally required to pay the claim in full and can only cancel future renewals The policy is transferred to the Ministry of Industry and Commerce for dispute resolution The claim payout is reduced by exactly 5% with no further consequences