[Feb 07, 2023] IF1 PDF Recently Updated Questions Dumps to Improve Exam Score [Q41-Q57]

QUESTION 41
The Financial Services Compensation Scheme was established to help policyholders in the event of

QUESTION 42
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?

QUESTION 43
When a member of the Chartered Insurance Institute (CM) is dealing with a client, what specific guidance does the Code of Ethics give in relation to the member’s knowledge and expertise?

QUESTION 44
What is the current rate of Insurance Premium Tax for a motor insurance policy?

QUESTION 45
What type of organisation is the British Insurance Brokers’ Association?

QUESTION 46
An investor is unable to obtain insurance to protect his potential losses while trading on the stock market because the category of risk is deemed to be

QUESTION 47
What is the legal standing of the Charioted Insurance Institute’s Code of Ethics?

QUESTION 48
The purpose of the EU solvency requirements for insurers and intermediaries is to

QUESTION 49
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

QUESTION 50
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?

QUESTION 51
What type of risk is a widespread natural disaster?

QUESTION 52
Who cedes business to a reinsurer?

QUESTION 53
Who is represented by a loss assessor?

QUESTION 54
Under common law. when does the insured’s duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

QUESTION 55
What is the basis of settlement under a new for old insurance policy if a television is stolen?

QUESTION 56
A loss adjuster normally acts on behalf of the

QUESTION 57
What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?