2023 Verified IF1 dumps Q&As on your Certificate in Insurance Exam Questions Certain Success!
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NEW QUESTION 23
The requirement 10 notify the fitting of a more powerful engine under a motor insurance policy is an example of a policy wording modifying the principle of
- A. good faith.
- B. indemnity.
- C. contribution.
- D. subrogation.
Answer: A
NEW QUESTION 24
The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?
- A. High frequency, low severity.
- B. High frequency, high severity.
- C. Low frequency, high severity.
- D. Low frequency, low severity.
Answer: C
NEW QUESTION 25
A firm of insurance brokers invite Stuart. an underwriter who handles its account, on a Caribbean cruise with his family. How should Stuart react to this invitation in order to comply with the Chartered Insurance Institute's Code of Ethics?
- A. Accept only on the basis that the cost is less than £1.000.
- B. Decline as this is against the Financial Ombudsman Service regulations.
- C. Accept on the basis that this is an accepted business practice.
- D. Decline to avoid any suggestion he is being compromised.
Answer: D
NEW QUESTION 26
In a chain of events, the proximate cause of a loss is always the
- A. last event before the loss occurs.
- B. only event contributing towards the loss.
- C. dominant event leading to the loss.
- D. only event which is not excluded by the terms of the policy.
Answer: C
NEW QUESTION 27
If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?
- A. The insured perils.
- B. The policyholder.
- C. The policy cover details.
- D. The premises.
Answer: D
NEW QUESTION 28
Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?
- A. The Chartered Institute of Loss Adjusters.
- B. The Institute and Faculty of Actuaries.
- C. The International Underwriting Association of London.
- D. The Lloyd's Market Association.
Answer: B
NEW QUESTION 29
An insured is temporarily disabled due to illness and unable to work. During this period, what type of insurance policy will typically pay a weekly benefit for up to two years?
- A. An employers' liability insurance policy.
- B. A critical illness insurance policy.
- C. A personal accident and sickness insurance policy.
- D. A medical expenses insurance policy.
Answer: C
NEW QUESTION 30
Under the regulator's training and competency rules, a general insurance employee carrying out a non-WiFID business activity
- A. for 20 years after the employee stops carrying out the activity.
- B. for 3 years after the employee stops carrying out the activity.
- C. for 10 years after the employee stops carrying out the activity.
- D. indefinitely.
Answer: B
NEW QUESTION 31
What is the current rate of Insurance Premium Tax for a motor insurance policy?
- A. 20%
- B. 9.5%
- C. 12%
- D. 10%
Answer: C
NEW QUESTION 32
A risk that is always insurable is a
- A. capital risk.
- B. fundamental risk.
- C. pure risk.
- D. speculative risk.
Answer: C
NEW QUESTION 33
What is the basis of settlement under a new for old insurance policy if a television is stolen?
- A. The original cost in full.
- B. The replacement cost, less wear and tear.
- C. The replacement cost in full.
- D. The original cost, less wear and tear.
Answer: B
NEW QUESTION 34
An investor is unable to obtain insurance to protect his potential losses while trading on the stock market because the category of risk is deemed to be
- A. speculative.
- B. financial.
- C. particular.
- D. pure.
Answer: A
NEW QUESTION 35
The capital requirements of insurers and intermediaries are set out by
- A. Data Protection legislation.
- B. Prudential Regulation Authority rules.
- C. Proceeds of Crime Act 2002.
- D. Money Laundering Regulations.
Answer: B
NEW QUESTION 36
What type of organisation is the British Insurance Brokers' Association?
- A. A specialist regulator.
- B. A public limited company.
- C. A trade body.
- D. An educational body.
Answer: C
NEW QUESTION 37
How do an insurer's subrogation rights differ, if at all, between a theft policy and a personal accident policy?
- A. Subrogation rights apply under both policies.
- B. Subrogation rights only apply under a personal accident policy.
- C. Subrogation rights only apply under a theft policy.
- D. Subrogation rights do not apply under either policy.
Answer: C
NEW QUESTION 38
When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as
- A. a new for old policy.
- B. an indemnity policy.
- C. a first loss policy.
- D. a real statement.
Answer: C
NEW QUESTION 39
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?
- A. He must apply to the British Insurance Brokers' Association.
- B. He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
- C. He must apply to the Prudential Regulation Authority.
- D. He must apply to the Chartered Insurance Institute.
Answer: D
NEW QUESTION 40
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