[Nov-2023] Exam IF1 New Brain Dump Professional – ActualPDF [Q42-Q65]

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[Nov-2023] Exam IF1: New Brain Dump Professional – ActualPDF

Free IF1 Exam Dumps to Improve Exam Score

This is a comprehensive exam that covers a wide range of topics, including the legal framework of the insurance industry, the regulatory environment, claims handling and dispute resolution, and the importance of fair treatment of customers. IF1 exam also includes questions on ethics, conduct, and professionalism, which are extremely important for professionals working in the insurance industry.

CII IF1 (Insurance Legal and Regulatory (IF1)) exam is an important certification for those looking to make a career in the insurance industry. IF1 exam is designed to test the knowledge and understanding of insurance laws and regulations, as well as the ethical principles that govern the industry. The CII IF1 exam is aimed at individuals who are just starting out in the insurance industry, as well as those who have some experience and are looking to enhance their knowledge.

NO.42 Who cedes business to a reinsurer?

The insurer.

The assessor.

The agent.

The insured.

NO.43 Who can place business directly with a Lloyd’s underwriter?

Lloyd’s agents.

Members of the public.

Lloyd’s brokers only.

Lloyd’s brokers and other intermediaries.

NO.44 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?

Wear and tear.

An excess.

Brokerage.

Loss of interest.

NO.45 Peter currently has no penalty points on his driving licence, although he was convicted of a minor motoring offence eight years ago. Why does Peter NOT need to disclose this to his motor insurer?

It represents a physical hazard.

It represents a moral hazard.

It is a spent conviction.

It is information that would not influence an underwriter.

NO.46 How is Insurance Premium Tax collected within the UK?

By HM Revenue & Customs on the whole general account.

By the insurer on individual insurance contracts.

By the insurer on the whole general and life accounts.

By HM Revenue & Customs on individual insurance contracts.

NO.47 In accordance with the principle of good faith, which facts must a potential policyholder disclose to the insurer when applying for insurance?

Any facts which are considered material to the risk.

Only those facts considered likely to reduce the cost of cover

Any facts which are in the public domain.

Any facts of law.

NO.48 If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?

The full year’s premium less a fixed nominal charge.

The full year’s premium.

None of the premium.

A pro rata amount.

NO.49 A risk that is always insurable is a

fundamental risk.

pure risk.

speculative risk.

capital risk.

NO.50 The Principles for Business slate that all customers should be treated

to a minimum standard.

fairly.

equally.

with due respect.

NO.51 The purpose of the EU solvency requirements for insurers and intermediaries is to

create a standard format for the presentation of accounting data.

introduce monitoring procedures by the Prudential Regulation Authority.

provide authorisation to transact insurance business.

strengthen the financial security of the insurer or intermediary.

NO.52 It is important to ensure the fair treatment of customers in order to comply with rules set by the

British Insurance Brokers’ Association.

Association of British Insurers.

Financial Conduct Authority.

Chartered Insurance Institute.

NO.53 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?

£150.000

£200.000

£300.000

£500.000

NO.54 Under the regulator’s training and competency rules, a general insurance employee carrying out a non-WiFID business activity

for 3 years after the employee stops carrying out the activity.

for 10 years after the employee stops carrying out the activity.

for 20 years after the employee stops carrying out the activity.

indefinitely.

NO.55 For which professional is professional indemnity insurance compulsory by statute?

A loss adjuster,

A chartered surveyor. .

A solicitor.

A loss assessor.

NO.56 Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?

The policy number only.

The number of days the settlement should take.

The contact details of the insurer.

The contact details of the loss adjuster used by the insurer.

NO.57 What is the legal standing of the Charioted Insurance Institute’s Code of Ethics?

It has full force of Jaw except where overridden by pre-existing Acts.

It does not have the force of law.

It has full stand-alone legal recognition.

It is to be applied in conjunction with existing Acts.

NO.58 A retail customer CANNOT buy insurance directly from which type of insurer?

A captive insurer.

A mutual insurer.

A direct insurer.

A composite insurer.

NO.59 Reinsurance is usually purchased by the

intermediary.

insurer.

regulator.

insured.

NO.60 To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?

The agent cannot delegate her responsibility.

To suitably experienced individuals only.

To suitably qualified individuals only.

To anyone able to fulfil the duties.

NO.61 Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

Contra proferentem.

Subrogation.

Good faith.

Privity of contract.

NO.62 If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it

does not have the right to ask the proposer for more information.

should be able to underwrite the risk based on the information already provided.

has statistics on similar risks.

did not request further information.

NO.63 When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as

indemnity.

warranties.

contractual terms.

material circumstances.

NO.64 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?

At the time of the loss only.

At policy inception only.

At policy inception and at the time of the loss.

At the time of the proposal.

NO.65 A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

only when collecting premiums.

on a direct basis,

outside normal business hours,

via the intermediary.

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