[Q13-Q29] Full IF1 Practice Test and 100 Unique Questions, Get it Now!

NEW QUESTION 13
Which distribution channel for household insurance is typically characterised by high advertising and promotional costs, with no payment of commission?

NEW QUESTION 14
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?

NEW QUESTION 15
Who can place business directly with a Lloyd’s underwriter?

NEW QUESTION 16
Under the regulator’s training and competency rules, a general insurance employee carrying out a non-WiFID business activity

NEW QUESTION 17
What is the legal standing of the Charioted Insurance Institute’s Code of Ethics?

NEW QUESTION 18
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?

NEW QUESTION 19
In the event of an insurer including an unclear clause in its household insurance policy, which statute could the policyholder rely upon if there was a contractual dispute?

NEW QUESTION 20
Reinsurance is usually purchased by the

NEW QUESTION 21
Bye-laws are passed at the Lloyd’s Market by the

NEW QUESTION 22
A firm of insurance brokers holds client records on an index card system and does NOT intend to computerise this information. In what circumstances, if any, will these records be covered by the Data Protection Act 2018?

NEW QUESTION 23
The principle of indemnity is the

NEW QUESTION 24
How is Insurance Premium Tax collected within the UK?

NEW QUESTION 25
The purpose of the EU solvency requirements for insurers and intermediaries is to

NEW QUESTION 26
Self-insurance arises when a

NEW QUESTION 27
What is the basis of settlement under a new for old insurance policy if a television is stolen?

NEW QUESTION 28
Which typo of insurer is owned by multiple policyholders?

NEW QUESTION 29
What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?