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Question 1 of 10
1. Question
What does the cover of the extended warranty insurance provide?
Correct
When customers are provided with the extended warranty coverage, it benefits all the retailers, distributors, and manufacturers, which enables the firm in making it clear regarding the quality and durability of their product. Such a statement increases consumer confidence in a product and can help create or reemphasize a brand image of quality and customer care.
Incorrect
When customers are provided with the extended warranty coverage, it benefits all the retailers, distributors, and manufacturers, which enables the firm in making it clear regarding the quality and durability of their product. Such a statement increases consumer confidence in a product and can help create or reemphasize a brand image of quality and customer care.
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Question 2 of 10
2. Question
What exactly do you understand by the term mortgage indemnity?
Correct
Mortgage indemnity is insurance which a lender may take out for its protection if at some future stage the mortgager falls behind with the mortgage payments. In this case, the lender has to repossess the property and sell it. If the property is sold for less than the amount of the outstanding mortgage can be claimed on the mortgage indemnity to recover the loss.
Incorrect
Mortgage indemnity is insurance which a lender may take out for its protection if at some future stage the mortgager falls behind with the mortgage payments. In this case, the lender has to repossess the property and sell it. If the property is sold for less than the amount of the outstanding mortgage can be claimed on the mortgage indemnity to recover the loss.
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Question 3 of 10
3. Question
What is the compensation of a consequential loss policy based on?
Correct
The business interruption also known as consequential loss covers the loss of profits suffered by a business because of interruption of business caused by material damage to the premises or other defined perils. The compensation is typically limited to the first 12 or 24 months of interruption.
Incorrect
The business interruption also known as consequential loss covers the loss of profits suffered by a business because of interruption of business caused by material damage to the premises or other defined perils. The compensation is typically limited to the first 12 or 24 months of interruption.
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Question 4 of 10
4. Question
How does the employer’s liability compensation gets paid?
Correct
Employers’ liability works on the principle of indemnity.In some cases it is needed for the worker to be compensated is to prove that the employer has been negligent in protecting the worker, and the employer has not thoroughly exercised the duty of care.
Incorrect
Employers’ liability works on the principle of indemnity.In some cases it is needed for the worker to be compensated is to prove that the employer has been negligent in protecting the worker, and the employer has not thoroughly exercised the duty of care.
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Question 5 of 10
5. Question
Which of the following covers are not included in the directors’ and officers’ liability in the professional indemnity?
Correct
Directors’ and officers’ liability cover is directed to the directors and officers of a company, for the negligence of duty towards the shareholders, creditors, and employees. Losses can be very large-worth million of dollars. Despite the cover, the directors of a company are still responsible personally for paying any fines of an individual nature, and Directors’ and officers’ cover will not pay for these.
Incorrect
Directors’ and officers’ liability cover is directed to the directors and officers of a company, for the negligence of duty towards the shareholders, creditors, and employees. Losses can be very large-worth million of dollars. Despite the cover, the directors of a company are still responsible personally for paying any fines of an individual nature, and Directors’ and officers’ cover will not pay for these.
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Question 6 of 10
6. Question
Which department has a legal requirement for covering public and products liability?
Correct
Public liability covers the legal liability of an organization to the public for anything that is not covered by other more specific liability products such as employers’ liability, environmental liability, or product liability. It is a legal requirement only for nuclear power stations and horse establishments.
Incorrect
Public liability covers the legal liability of an organization to the public for anything that is not covered by other more specific liability products such as employers’ liability, environmental liability, or product liability. It is a legal requirement only for nuclear power stations and horse establishments.
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Question 7 of 10
7. Question
What type of cover does the suretyship provide?
Correct
Suretyship can be viewed as a contract between the insurer who is the surety and the insured named as the principal, that guarantees the third party who is the obligee, that if the principal does not fulfil the contract, the surety will compensate the obligee.
Incorrect
Suretyship can be viewed as a contract between the insurer who is the surety and the insured named as the principal, that guarantees the third party who is the obligee, that if the principal does not fulfil the contract, the surety will compensate the obligee.
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Question 8 of 10
8. Question
Which type of insurance claim is presented for the situation that happened in 2010, when a number of concerts were cancelled due to Bono needing back surgery?
Correct
The policy that covers the risk of an event not taking place is known as the Commercial contingency as there is an example of the cancellation of a sporting event for sudden inaccessibility of a venue.
Incorrect
The policy that covers the risk of an event not taking place is known as the Commercial contingency as there is an example of the cancellation of a sporting event for sudden inaccessibility of a venue.
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Question 9 of 10
9. Question
Energy operation is the combined liability cover for the energy industry. What are the two main classifications for energy operations?
Correct
The combined liability cover for the energy industry, which deals with oil and gas production and refining and with renewable energies is known as the energy operation cover. Energy operations and their related risks are normally classified as upstream that are dealing with the exploration and production of oil and gas and downstream that is dealing with the transportation and refinement of crude oil and the distribution of fuel and energy. A further distinction known as ‘midstream’ operations is concerned with transportation by pipeline, vessel, and storage. Midstream operations are also seen as part of the downstream operations.
Incorrect
The combined liability cover for the energy industry, which deals with oil and gas production and refining and with renewable energies is known as the energy operation cover. Energy operations and their related risks are normally classified as upstream that are dealing with the exploration and production of oil and gas and downstream that is dealing with the transportation and refinement of crude oil and the distribution of fuel and energy. A further distinction known as ‘midstream’ operations is concerned with transportation by pipeline, vessel, and storage. Midstream operations are also seen as part of the downstream operations.
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Question 10 of 10
10. Question
What do you understand by the freight demurrage and how does its policy provide the cover in the selected insurance?
Correct
Freight demurrage and defense is expenses insurance,which pays the legal costs incurred in the handling of a dispute, which arises from different aspects in the vessel, that includes building, buying, selling, owning, and trading of a vessel.
Incorrect
Freight demurrage and defense is expenses insurance,which pays the legal costs incurred in the handling of a dispute, which arises from different aspects in the vessel, that includes building, buying, selling, owning, and trading of a vessel.