This set of questions, courtesy of online CII training package insurance Assess
Question 1
The most important step in understanding business ethics is:
A. Establishing codes of ethics
B. Hiring ethical employees
C. Implementing a strategic plan
D. Learning to recognise ethical issues
Question 2
Which one of these activities would not be descriptive of a 'values-led' ethics culture?
A. Benchmarking - open to external good practice
B. Focus on 'up-stream' business
C. Offer resources to other units to learn
D. Sign up to relevant external codes
Question 3
Which particular peril is managed by a property surveyor's recommendation that stock be raised above ground level to reduce the risk of damage?
A. Fire
B. Impact
C. Subsidence
D. Flood
Question 4
In respect of marine hull insurance, what is a broker insurance document (BID)?
A. A document presented to underwriters which contains all the risk information
B. A document confirming the broker's authority to place a piece of insurance business
C. A document evidencing the placing of a risk and acting as a cover note
D. A document provided to the insurer to confirm details of the risk
Question 5
In marine insurance, which of these explains the term 'proximate cause'?
A. Any cause of damage
B. The cause nearest in effect
C. The cause nearest in time
D. The cause before a break in a chain of events
Question 6
What is the position regarding cyber attack cover under a kidnap and ransom policy?
A. Usually included in corporate kidnap and ransom cover
B. Always included in personal kidnap and ransom cover
C. Excluded from kidnap and ransom cover
D. Included only for ransom cover in the UK
Question 7
Does a cyber risk policy provide cover for the payment of fines?
A. No cover is provided, as it is against public policy to insure fines
B. Some cyber policies cover data protection fines, where permitted by law
C. Yes, cover is provided for any fines under a cyber policy
D. Never
Question 8
Which legal costs are shared between motor insurers and legal expenses insurers?
A. Costs of liability investigations which are necessary to deal with both claims
B. Costs incurred in establishing the extent of the driver's injuries
C. All costs involving third party claims
D. Third party solicitors' success fees
Question 9
In respect of motor claims which of these statements are a definition of 'special damages'?
A. Any damages awarded in the light of special circumstances
B. Quantifiable costs incurred between the date of the accident and the date the claim is settled
C. amages awarded to penalise the defendant
D. Damages awarded for pain and suffering
Question 10
Which of these statements accurately describes wedding insurance?
Wedding insurance is a simple contract offering cover for wedding attire and rings
Wedding insurance is a complex package of property, liability and financial risks
Wedding insurance is a package of covers, all of which are written on an indemnity basis
Wedding insurance is a complicated package of covers that provide for the couple where they experience financial problems leading up to their wedding
Answers
1D. Without recognising ethical issues, the other matters listed cannot be addressed.
2D. Sign-up to relevant external codes is a business improvement activity.
3D. Quick and economic improvements can be made to manage a flood risk, such as the relocation of valuable contents to upper floors.
4C. A document evidencing the placing of a risk and acting as a cover note.
5B. Proximate means the cause nearest in effect, which is not necessarily the nearest in time.
6A. Cyber attack cover is usually included in corporate kidnap and ransom cover.
7B. Some cyber policies cover data protection fines, where permitted by law.
8A. The establishment or apportionment of liability is central to both insurers. As a result, investigation costs can be shared. Any sharing, however, would be based only on costs common to both insurers.
9B. Special damages relate to quantifiable costs incurred between the date of the accident and the date the claim is settled.
10B. Wedding insurance is a complex package of property, liability and financial risks.
Your score
1–3 Poor
4–6 Good
7–8 Very good
9-10 Excellent
