[Sep 30, 2022] Get New IF1 Certification Practice Test Questions Exam Dumps [Q36-Q53]

QUESTION 36
Which key test for money laundering is defined under the Proceeds of Crime Act 2002?

QUESTION 37
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?

QUESTION 38
A house slatls to have subsidence problems due to the negligence of a cable-laying company. The owner of the house claims under his household buildings insurance policy. Which principle allows the insurer to recover from the cable-laying company?

QUESTION 39
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?

QUESTION 40
What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?

QUESTION 41
Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity’s death?

QUESTION 42
Who cedes business to a reinsurer?

QUESTION 43
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

QUESTION 44
How do an insurer’s subrogation rights differ, if at all, between a theft policy and a personal accident policy?

QUESTION 45
In accordance with the principle of good faith, which facts must a potential policyholder disclose to the insurer when applying for insurance?

QUESTION 46
Under common law. when does the insured’s duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

QUESTION 47
Bye-laws are passed at the Lloyd’s Market by the

QUESTION 48
It is important to ensure the fair treatment of customers in order to comply with rules set by the

QUESTION 49
Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

QUESTION 50
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?

QUESTION 51
Barbara owns a factory employing 20 people. What insurance is she required to hold by law?

QUESTION 52
Alex decides to insure his factory. In doing this he is primarily

QUESTION 53
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