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IF1 Revision 2019 > All > Flashcards

All Flashcards

1
Q

Period to cancel PPI.

A

30 days

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2
Q

Cooling off period for general insurance policies

A

14 days

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3
Q

Policyholders must report riot damage within how many days?

A

7 days

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4
Q

FCA complaints reported by policyholder within how long?

A

6 months

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5
Q

Compliants must be resolved in how long?

A

8 weeks

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6
Q

Training records kept for how long?

A

3 years

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7
Q

Complaint records kept for how long?

A

3 years

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8
Q

Claims records kept for how long?

A

5 years

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9
Q

IPT tax return must be submitted how frequently?

A

Quarterly

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10
Q

IPT travel %?

A

20%

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11
Q

Max FOS award

A

£350k

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12
Q

Insurer minimum indemnity insurance

A

£1.85m / £1.25m single

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13
Q

What is hold harmless?

A

Policyholder waives rights to pursue 3rd party.

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14
Q

First loss

A

Sum insured less than full value

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15
Q

Reinstatement memo

A

85%

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16
Q

Day 1

A

Uplifted / accurate

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17
Q

PRA

A

Lead Lloyds regulator.
Promote soundness
Insurers authorised by PRA

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18
Q

FCA

A

Integrity / competition / consumer protection
ICOBS
Government
Conduct

19
Q

FSA

A

Treasury

20
Q

3 elements of risk assessment framework

A

Impact
Risk
Mitigation

21
Q

PLC’s who underwrite Lloyds business

A

Corporate members

22
Q

Privity

A

Only those party to contract can enforce.

23
Q

Arranging insurance on a single known risk

A

Facultative re-insurance

24
Q

Enterprise Act 2016 gives policyholders what right?

A

Claim damages for late payment

25
Q

PRIN (Principles for Business) Fair treatment of customers

A

FCA. 11 principles. C1 to C4. Enforcement

26
Q

SYSC

A

FCA

27
Q

PRIN No.6 covers what?

A

Fair treatment of customers.

28
Q

PRIN / SYSC / SMRC

A

FCA

29
Q

Monitoring done by PRA or FCA?

A

PRA

30
Q

Retail Mediation Activities Return (RMAR) submitted via which online system?

A

Gabriel to the FCA

31
Q

Insurance Distribution Directive (IDD)

A

Trade across borders
Policyholder protection
Level playing field

32
Q

The different elements of risk brought to the common pool by each insured are known as:

A

discimination factors

33
Q

In which main area do mutual indemnity associations operate today?

A

Marine

34
Q

Which of the following statements is true about the duty of disclosure under common law?

A

The duty of disclosure does not apply between inception and renewal negotiations unless it affects the policy cover.

35
Q

Which of the following is an example of physical hazard in relation to motor insurance?

A

Age of driver

36
Q

In relation to the proximate cause of a loss, an uninsured peril is a peril which:

A

is not named in the policy.

37
Q

The proximate cause of a loss is always the dominant cause and there MUST be:

A

a direct link between it and the resulting loss.

38
Q

Excepted peril

A

A risk that is expressly excluded from an insurance policy.

39
Q

NOT covered in standard fire policy

A

Explosion of an industrial boiler & Spontaneous fermentation.

40
Q

When applying the principle of contribution, the two ways in which each insurer’s rateable proportion of a loss can be calculated are the:

A

sum insured method and independent liability method.

41
Q

Godfrey is walking home from town one day, dreaming about the holiday that he has just booked. Without looking he steps out into the road. Sam swerves to avoid Godfrey, causing his car to overturn. Sam’s insurer pays for the repairs to Sam’s car and then takes action to recover their payment from Godfrey. This is an example of subrogation rights arising under:

A

Tort

42
Q

The rewards culture within a firm is one of the key questions relating to which of the central principles in the CII’s Code of Ethics?

A

Members must act in the best interests of each client.

43
Q

Eligible complainants who have a policy placed at Lloyd’s USUALLY have their complaints handled independently by:

A

Lloyd’s itself.

IF1 Revision 2019 (1 decks)

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