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Question 1 of 10
1. Question
Why is the Bankers Blanket Bond known as a blanket bond?
Correct
Bankers Blanket Bond is a highly tailorable risk management solution, intended to protect against clearly defined definitions of financial loss. It’s useful in scenarios where a criminal element is working against the interests of the bank. Blanket bond coverage is, a regulatory requirement for banks, and a good piece of coverage to have set for the employees of a bank. Blanket insurance is a single property insurance policy that covers more than one type of property at the same location, the same kind of property at multiple locations, or multiple kinds of property at two or more locations.
Incorrect
Bankers Blanket Bond is a highly tailorable risk management solution, intended to protect against clearly defined definitions of financial loss. It’s useful in scenarios where a criminal element is working against the interests of the bank. Blanket bond coverage is, a regulatory requirement for banks, and a good piece of coverage to have set for the employees of a bank. Blanket insurance is a single property insurance policy that covers more than one type of property at the same location, the same kind of property at multiple locations, or multiple kinds of property at two or more locations.
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Question 2 of 10
2. Question
What is the policy ‘IT All Risks’ is and what it covers. How would you classify it according to the PRA scheme?
Correct
What is “jewellers block” insurance?
Incorrect
When in the business of high-value goods, whether it’s jewelry, cash, or art a single incident such as a fire or a robbery, can have a devastating effect upon a firm that is not adequately protected. The coverage protects against loss or damage to an item in the stock of retailers, manufacturers, distributors, and pawnbrokers, whilst also covering factors such as theft and burglary in addition to the usual risks covered such as a fire.
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Question 3 of 10
3. Question
What is air traffic control liability?
Correct
When determining the exact cause of the crash, it can take black box data, eyewitness interviews, advice from experts, and more. If the investigation finds that ultimately an air traffic controller is to blame, that person and the company he works for could be legally accountable.
Incorrect
When determining the exact cause of the crash, it can take black box data, eyewitness interviews, advice from experts, and more. If the investigation finds that ultimately an air traffic controller is to blame, that person and the company he works for could be legally accountable.
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Question 4 of 10
4. Question
What benefit does the excess amount have, from the point of view of the insured?
Correct
From the point of view of the insured, the excess amount has at least one benefit as it helps to keep both the compensation and the costs low, and the premium is reduced. The policyholder should therefore choose the excess at a level that exploits the reduction in premium that does not hurt too much financially when the losses happen.
Incorrect
From the point of view of the insured, the excess amount has at least one benefit as it helps to keep both the compensation and the costs low, and the premium is reduced. The policyholder should therefore choose the excess at a level that exploits the reduction in premium that does not hurt too much financially when the losses happen.
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Question 5 of 10
5. Question
What is the purpose of the limit, in the view of the insurer?
Correct
Insurers do not like policies with unlimited liability and are keen to limit their potential liability, which they will issue only if they are required by law. The purpose of a limit is for the insurer to decrease the uncertainty of their results and decrease the capital that needs to be held.
Incorrect
Insurers do not like policies with unlimited liability and are keen to limit their potential liability, which they will issue only if they are required by law. The purpose of a limit is for the insurer to decrease the uncertainty of their results and decrease the capital that needs to be held.
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Question 6 of 10
6. Question
In commercial lines, there are endless subtle variations as to what the legal details of the insurance contract may provide for, which bases are the most widely used in policy bases?
Correct
The policy basis defines which claims attach to a policy, especially as regarded to timings. It seems obvious that an annual policy incepting on the first day of a year covers all motor claims for the company will cover all claims in that year, but it is to decide that all claims that actually happen in that year, or is it all claims that are reported in that year, or some different policy. The more widely used bases are the occurrence basis and the claims-made basis.
Incorrect
The policy basis defines which claims attach to a policy, especially as regarded to timings. It seems obvious that an annual policy incepting on the first day of a year covers all motor claims for the company will cover all claims in that year, but it is to decide that all claims that actually happen in that year, or is it all claims that are reported in that year, or some different policy. The more widely used bases are the occurrence basis and the claims-made basis.
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Question 7 of 10
7. Question
What is the purpose of an each-and-every-loss deductible?
Correct
An each-and-every-loss is designed so that the insured retains most losses in-house, ceding only the large ones to the insurer. This allows the insured to pay smaller premiums, and it allows insurers to reduce the costs of managing the policy because the number of claims to manage will be much smaller.
Incorrect
An each-and-every-loss is designed so that the insured retains most losses in-house, ceding only the large ones to the insurer. This allows the insured to pay smaller premiums, and it allows insurers to reduce the costs of managing the policy because the number of claims to manage will be much smaller.
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Question 8 of 10
8. Question
What does the risk attaching during the period of reinsurance mean?
Correct
All losses originating from policies written during the reinsurance policy period will be recovered from the reinsurer, regardless of the occurrence date and the time at which the loss is reported.
Incorrect
All losses originating from policies written during the reinsurance policy period will be recovered from the reinsurer, regardless of the occurrence date and the time at which the loss is reported.
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Question 9 of 10
9. Question
What is the sunset clause?
Correct
The Sunset clause is the part of a contract or a law that states when it will end or the conditions under which it will end.
Incorrect
The Sunset clause is the part of a contract or a law that states when it will end or the conditions under which it will end.
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Question 10 of 10
10. Question
Where is the hours clause most commonly found?
Correct
An hourly clause, also known as an hours clause, is a provision in a reinsurance contract requiring the time at which a loss occurs to be reported, and, sometimes, restricting coverage to a certain time frame. Hourly clauses are most commonly found in catastrophe reinsurance property policies.
Incorrect
An hourly clause, also known as an hours clause, is a provision in a reinsurance contract requiring the time at which a loss occurs to be reported, and, sometimes, restricting coverage to a certain time frame. Hourly clauses are most commonly found in catastrophe reinsurance property policies.