This set of questions, courtesy of online CII training package Insurance Assess, will test your knowledge of topics. The answers are at the bottom-¦
By which of these names are the special perils of lightning, explosion, aircraft and earthquake often referred to?
A. Social perils
B. Wet perils
C. Pure perils
D. Catastrophe perils
Which of these is more likely to be considered a factor in rating property damage storm risk?
A. The proximity of water such as rivers
B. The security of the premises
C. The standard of construction of buildings
D. Whether the business is seasonable
When considering the cancellation section of a wedding insurance policy, what cover is provided in respect of cancellation as a result of the weather?
A. Cancellation due to excessive wind and rain
B. Cancellation due to inability to take the photographs due to strong winds
C. Cancellation due to it not being possible to have the photographs taken outside
D. Cancellation due to the inability to reach the wedding or reception venue
Which of these is the usual basis of contribution under a travel insurance policy?
A. Independent liability
B. Dual liability
D. Sum insured method
Which of these reasons explains why personal money claims are among the most common areas of fraud in travel insurance?
A. Because they are typically high frequency losses
B. Due to the difficulty in proving or disproving a loss
C. Holidaymakers always take insufficient measures to protect their money
D. International travel has led to an increase in traveller muggings
In the context of business travel insurance, which of these statements best fits the definition of an insured person?
A. The insured person defines who has taken out the policy
B. The insured person defines who is covered by the policy
C. The insured person names who pays the premium
D. The insured person names who will benefit if a claim is submitted
Which of these statements describes vicarious liability?
A. It is the responsibility of one person for the torts committed by another
B.It means that there is no need for the claimant to prove that the defendant owed them a duty of care
C. It is a liability relating to criminal rather than civil law
D. It means that liability for the torts committed is shared between all parties involved
When is money usually most at risk of being stolen from a business?
A. When it is stored overnight at the insured premises
B. When it is handled by employees at the insured premises
C. When it is carried to or from the premises
D. When it is at the home of an authorised employee
Which of these does the fidelity policy protect in the event of insured losses?
A. Directors of the insured business who may receive claims against them from disaffected parties for their failure to properly enforce the system of check
B. Shareholders who may see the value of their investment fall due to adverse publicity surrounding a loss
C. The accused employee who will require coverage for legal representation costs
D. The insured firm who suffers financial loss due to the criminal activity of their employees
By which of these other names is fidelity guarantee cover sometimes known?
A. Financial crime insurance
B. Integrity coverage
C. Pecuniary loss cover
1D. Catastrophe perils are called such due to their ability to completely destroy the insured property.
2C. Storm damage rating will be dependent on factors such as location and the standard of construction of the buildings.
3D. The inability to reach the wedding or reception venue due to adverse weather.
4A. Contribution amounts are calculated under a travel insurance policy on an independent liability basis.
5B. The difficulty in proving or disproving a loss.
6B. The insured person defines who is covered by the policy, such as group members or employees. 7A. Vicarious liability is 'the responsibility of one person for the torts committed by another'.
8C. When money is being moved from one location to another, eg being paid into a bank.
9D. The policy indemnifies the insured firm for their financial losses arising out of the theft of assets of their staff.
10D. Fidelity guarantee business dates back to the nineteenth century, when it was referred to as 'suretyship'.