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Question 1

A policyholder achieves peace of mind when insuring his car by

A : eliminating the risk of loss.

B : reducing the chance of a loss occurring.

C : preventing the chance of a loss occurring.

D : transferring the risk to the insurer.

Answer: D

Question 2

If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?

A : The policyholder.

B : The premises.

C : The policy cover details.

D : The insured perils.

Answer: B

Question 3

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

A : create a standard format for the presentation of accounting data.

B : introduce monitoring procedures by the Prudential Regulation Authority.

C : provide authorisation to transact insurance business.

D : strengthen the financial security of the insurer or intermediary.

Answer: A

Question 4

Who cedes business to a reinsurer?

A : The insurer.

B : The assessor.

C : The agent.

D : The insured.

Answer: A

Question 5

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?

A : The full year's premium less a fixed nominal charge.

B : The full year's premium.

C : None of the premium.

D : A pro rata amount.

Answer: A

Name:	Insurance Legal and Regulatory (IF1)
Exam Code:	IF1
Certification:	Certificate in Insurance
Vendor:	CII
Total Questions:	101
Last Updated:	Jul 03, 2024

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