What should the limit of Indemnity Insurance be equal to?
Indemnity Insurance

Quiz
•
Other
•
1st Grade
•
Medium
James Coupland
Used 2+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The purchase price
The Deposit Price
10% above the purchase price
10% below the purchase price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How long is an Indemnity Policy quotation valid for?
3 months
6 month
12 months
1 year
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What letter must be sent to the client in respect in the Indemnity Insurance in order to comply with CLC /SRA requirements?
Covering letter
Financial Statement
Demands and Needs letter
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When does an Indemnity Policy need to be placed on risk?
As soon as you are aware of the defect
On Exchange of Contracts
On Completion
Upon Registration of the property
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the golden rule of Indemnity Insurance?
A plaster over the problem
Quick
Cost effective
Don't discuss the issue or policy with anyone who could enforce the defect
6.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
What are the benefits of proceeding with Indemnity Insurance as opposed to getting Retrospective Consent? Select all that apply
Quicker
Cheaper
Risk Reduction
Retrospective Consent could be refused
You can charge an arrangement fee to your bill
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Once you have obtained an Indemnity Policy for the seller to resolve an issue with the property, what are the next steps? Select all that apply
Add the costs of the Policy and any arrangement fee to your financial statement
Send the Draft Policy to the buyers solicitors for approval
Speak to the seller to make sure they agree to cover the costs of the policy
Speak to the seller and ask them to confirm the terms and conditions of the policy can be complied with
Send the Policy, Demands and Needs letter and covering letter to the client
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