Pass CII IF1 PDF Dumps Recently Updated 100 Questions [Q52-Q68]

NO.52 When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?

Within 7 days of a complaint being made.

Within 30 days of cover being incepted.

At the time of the sale or immediately afterwards.

At the lime of a claim.

NO.53 The main function of an insurance broker is to

negotiate claims.

act as the agent of the insurer.

provide independent advice to clients.

introduce business lo a particular insurer.

NO.54 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.55 What is the current rate of Insurance Premium Tax for a motor insurance policy?

9.5%

10%

12%

20%

NO.56 An agent, acting outside the terms of her agency agreement, binds her principal to a contract with a third party who has reason to believe that the agent can act in that capacity. On what basis, if al all, is the principal bound by the agent’s actions?

Apparent authority.

Consent.

Necessity.

Not at all.

NO.57 Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

Contra proferentem.

Subrogation.

Good faith.

Privity of contract.

NO.58 Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

Financial Services Compensation Scheme.

Financial Ombudsman Service.

Association of British Insurers.

European Union.

NO.59 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.60 What are the other key components of risk apart from uncertainty?

Financial losses.

Low severity losses and low frequency losses.

The level of risk, peril and hazard.

Financial losses and speculation.

NO.61 Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?

Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.

The lead insurer.

The intermediary.

Each coinsurer for its own proportion only.

NO.62 Julie has cancelled her trip to tlaly as she has broken her leg. Which type of insurance policy is specifically designed to compensate Julie for any cancellation charges she has incurred?

An income protection insurance policy.

A personal accident and sickness insurance policy.

A travel insurance policy.

A money insurance policy.

NO.63 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.64 Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it

discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.

causes a significant imbalance in the parties’ rights and obligations arising under the contract, to the disadvantage of the insured.

allows any party other than the insured to enforce the insurer’s obligations under the policy.

imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.

NO.65 What type of organisation is the British Insurance Brokers’ Association?

A specialist regulator.

A trade body.

An educational body.

A public limited company.

NO.66 A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?

The falling wall.

The storm.

The fire.

The water damage.

NO.67 The website of an insurer must include the company’s registered name, trading address, contact details and regulator. This is in accordance with rules enforced by the

Advertising Standards Authority.

Competition and Markets Authority.

Prudential Regulation Authority.

Financial Ombudsman Service.

NO.68 What type of risk is a widespread natural disaster?

A pure risk.

A speculative risk.

A particular risk.

A fundamental risk.

Pass CII IF1 PDF Dumps Recently Updated 100 Questions [Q52-Q68]

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