CII LM1 Practice Questions - CII LM1 London Market Insurance Essentials Exam

Which of the following is a common modification of strict indemnity in property insurance?

Agreed-value or new-for-old (reinstatement) bases that depart from a pure pre-loss market-value measure Refusing ever to pay anything after a loss Ignoring the sum insured when settling claims Paying the insured twice the rebuild cost as a windfall

Correct Answer:

Agreed-value or new-for-old (reinstatement) bases that depart from a pure pre-loss market-value measure

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