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PI Insurance, Contracts & Claims

A conceptual illustration of Professional Indemnity insurance, showing a lawyer helping clients understand contracts with visual elements like documents, scales of justice, and symbols representing insurance 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

10 Questions2 MinutesCreated by InsureWise123

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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