PI Insurance, Contracts & Claims
Professional Indemnity Insurance Quiz
Test your knowledge on Professional Indemnity insurance with our engaging quiz! This quiz covers essential topics such as contracts, claims, and obligations, making it perfect for professionals in the field.
Key features of the quiz:
- 10 multiple-choice questions
- Instant feedback on your answers
- Enhance your understanding of PI insurance principles
Professional Indemnity insurance is arranged on a claims ______ basis?
Made
Occurring
What is an example of a defence cost?
Expert witness fees
Loss of income
Rectification costs
Court attendance payments
What function does a letter of reliance perform?
Assigns rights under the appointment
Assigns rights and obligations under an appoitment
Allows a third party to rely on the appointment
Allows a third party to rely on a report
What occurs when a novation is signed?
Only rights are assigned
Both rights and obligations are assigned
Only obligations are assigned
Which of the following is excluded under the PI Policy?
Strict obligation
Outside control obligations
Contractor obligations
FFP Design
What is a 'Normid' obligation?
Requirement to provide a copy of the insurance policy
Requirement not to settle a claim with insurers
Requirement to guarantee that materials used are of satisfactory quality
Requirement to ensure the project meets a certain objective
What does a Power of Attorney clause grant the client?
Rights to assign the rights under an appointment
Right to terminate the appointment
Rights to sign documents on the consultants behalf
Rights to appoint new consultants at any time
Where would you find an Equivalent Rights in Defence clause?
Appointment
Collateral Warranty
Framework Agreement
Letter of Reliance
What are Code 1(b) obligations?
Excluded from cover
Onerous obligations
Highly onerous / can't comply with obligationss
Acceptable obligations
On what basis should a time limitation be worded?
From practical completion of the development
From completion of the services
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