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Indemnity Insurance

Authored by James Coupland

Other

1st Grade

Used 3+ times

Indemnity Insurance
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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should the limit of Indemnity Insurance be equal to?

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 a 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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