Get Latest Dec-2023 Real IF1 Exam Questions and Answers FREE
Truly Beneficial For Your CII Exam (Updated 100 Questions)
Passing the CII IF1 certification exam is a significant achievement and demonstrates the candidate's knowledge and understanding of the legal and regulatory framework that underpins the insurance industry. Insurance Legal and Regulatory (IF1) Exam certification is highly valued by employers in the insurance sector, as it indicates that the candidate has the necessary skills and expertise to work effectively in a complex and highly regulated industry. Additionally, holding the CII Certificate in Insurance qualification is often a requirement for career progression within the insurance industry, making the IF1 exam an essential step for those looking to advance their careers in this field.
NEW QUESTION # 40
Who can place business directly with a Lloyd's underwriter?
- A. Lloyd's brokers and other intermediaries.
- B. Lloyd's agents.
- C. Lloyd's brokers only.
- D. Members of the public.
Answer: A
NEW QUESTION # 41
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 # 42
John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of
£20,000. Both policies have identical terms and conditions. What is insurer A's liability if a valid claim of
£3,000 is subsequently made?
- A. £1,000
- B. £3,000
- C. £2,000
- D. £1,500
Answer: A
NEW QUESTION # 43
A claim has arisen which is fully covered under insurer A's policy and insurer B's policy. Insurer A's policy has a sum insured of £30,000 and insurer B's policy has a sum insured of £50,000. What proportion of the claim is insurer B liable for if the principle of contribution applies on a rateable proportion by sum insured basis?
- A. Three eighths.
- B. Three fifths.
- C. Two fifths.
- D. Five eighths.
Answer: D
NEW QUESTION # 44
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 must apply to the Chartered Insurance Institute.
- C. He must apply to the Prudential Regulation Authority.
- D. He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
Answer: B
NEW QUESTION # 45
The purpose of Insurance Premium Tax is to
- A. reimburse for claims of insolvent insurers
- B. raise revenue for the Government.
- C. pay for flood defences.
- D. fund the Association of British Insurers.
Answer: B
NEW QUESTION # 46
A retail customer CANNOT buy insurance directly from which type of insurer?
- A. A mutual insurer.
- B. A composite insurer.
- C. A direct insurer.
- D. A captive insurer.
Answer: D
NEW QUESTION # 47
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, high severity.
- B. Low frequency, low severity.
- C. Low frequency, high severity.
- D. High frequency, low severity.
Answer: C
NEW QUESTION # 48
Who cedes business to a reinsurer?
- A. The insured.
- B. The assessor.
- C. The agent.
- D. The insurer.
Answer: D
NEW QUESTION # 49
Sunita suffers a loss and makes a claim under her household contents insurance policy. When must insurable interest exist for her claim to be valid?
- A. At the time of the proposal.
- B. At the time of the loss only.
- C. At policy inception only.
- D. At policy inception and at the time of the loss.
Answer: D
NEW QUESTION # 50
An owner of a building reduces its sum insured from £1,000.000 lo £500.000 to save premiums. A Tire causes
£300,000 damage to the building. If the building has a reinstatement value of £750,000 and average is applied, how much will the insured receive in settlement?
- A. £150.000
- B. £200.000
- C. £300.000
- D. £500.000
Answer: B
NEW QUESTION # 51
An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?
- A. When the employee first has contact with members of the public.
- B. Within 18 months of employment.
- C. From the initial interview.
- D. It would not apply, as the employee is already fully competent.
Answer: A
NEW QUESTION # 52
It is important to ensure the fair treatment of customers in order to comply with rules set by the
- A. Chartered Insurance Institute.
- B. British Insurance Brokers' Association.
- C. Financial Conduct Authority.
- D. Association of British Insurers.
Answer: C
NEW QUESTION # 53
Which typo of insurer is owned by multiple policyholders?
- A. A composite insurer.
- B. A captive insurer.
- C. A mutual insurer.
- D. A proprietary insurer.
Answer: C
NEW QUESTION # 54
Under common law. when does the insured's duly of fair presentation cease with regard to declarations that do NOT affect policy cover?
- A. When the policy contract lakes effect.
- B. When a claim is paid.
- C. When a claim is submitted.
- D. At renewal.
Answer: D
NEW QUESTION # 55
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
- A. Delivery of goods or services concerned.
- B. Exchange of consideration between the two parties.
- C. Witnessing by a third party.
- D. Provision of written terms and conditions.
Answer: B
NEW QUESTION # 56
The Principles for Business slate that all customers should be treated
- A. to a minimum standard.
- B. equally.
- C. with due respect.
- D. fairly.
Answer: D
NEW QUESTION # 57
How is Insurance Premium Tax collected within the UK?
- A. By the insurer on individual insurance contracts.
- B. By HM Revenue & Customs on individual insurance contracts.
- C. By HM Revenue & Customs on the whole general account.
- D. By the insurer on the whole general and life accounts.
Answer: D
NEW QUESTION # 58
To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?
- A. To suitably qualified individuals only.
- B. To anyone able to fulfil the duties.
- C. The agent cannot delegate her responsibility.
- D. To suitably experienced individuals only.
Answer: C
NEW QUESTION # 59
How would an employee benefit directly from her employer's business interruption insurance if its factory was forced to close temporarily due to flood damage?
- A. By compensation for loss of bonus.
- B. By payment of a redundancy lump sum.
- C. By payment of an early retirement pension.
- D. By continuation of her wages.
Answer: D
NEW QUESTION # 60
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
- A. Insurable interest is created by statute.
- B. Insurable interest does not arise.
- C. The insurer is considered to have insurable interest by virtue of its liability to pay claims.
- D. The policyholder is considered to have assigned the insurable interest to the insurer.
Answer: C
NEW QUESTION # 61
What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?
- A. Brokerage.
- B. Wear and tear.
- C. Loss of interest.
- D. An excess.
Answer: B
NEW QUESTION # 62
......
IF1 dumps Free Test Engine Verified By It Certified Experts: https://freepdf.passtorrent.com/IF1-latest-torrent.html