CII London Market 1 (LM1) – Insurance Essentials Practice Test

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An underwriter needs detailed information about fire protection, processes and storage at a large chemical plant. Which information-gathering method is most appropriate?

A risk survey by a suitably qualified surveyor A standard household statement of fact A renewal reminder sent to the finance director A premium instalment schedule

Correct Answer:

A risk survey by a suitably qualified surveyor

Explanation:

A risk survey is particularly useful for complicated commercial risks because it can provide detailed information on construction, processes, protections, exposures and other material circumstances.

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