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IF2 > IF2Set3010118v2 > Flashcards

IF2Set3010118v2 Flashcards

1
Q 
In the UK, the minimum cover required to comply with motor legislation is:
A.	third party only
B.	comprehensive
C.	Road Traffic Act only
D.	third party, fire and theft
A

C. Road Traffic Act only

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2
Q

Which of these is not something that must be covered under the Road Traffic Act 1988?
A. Indemnity to third parties if they are held wholly liable for an accident
B. Indemnity for claimants’ costs and the expenses of handling the claim
C. Indemnity for bodily injury or death to third parties, including passengers
D. Indemnity for loss or damage to third party property

A

A. Indemnity to third parties if they are held wholly liable for an accident

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3
Q

A comprehensive motor insurance policy will exclude cover for:
A. personal belongings of the driver
B. personal accident cover for the driver
C. mechanical and electrical failure
D. medical expenses for the insured

A

C. mechanical and electrical failure

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4
Q 
Alice has five years’ no claim discount and is worried about losing this if she has an accident. Which type of no claim discount should she purchase from her insurer to solve this problem?
A.	Protected
B.	Entitled
C.	Defined
D.	Guaranteed
A

A. Protected

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5
Q 
The recognised international certificate for cover to drive abroad is otherwise known as a Green:
A.	bond
B.	flag
C.	cross
D.	card
A

D. card

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6
Q 
Which of these would be classed as a vehicle of special construction under a commercial motor policy?
A.	Bus
B.	Crane
C.	Tractor
D.	Lorry
A

B. Crane

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7
Q 
Which type of cover can be provided under a policy for a private car, but is usually excluded from a commercial motor insurance policy?
A.	Driving other vehicles
B.	Windscreen cover
C.	Personal belongings
D.	Trailers attached to the vehicle
A

A. Driving other vehicles

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8
Q 
What is the main rating factor for personal accident insurance?
A.	Age of proposer
B.	Occupation of proposer
C.	Gender of proposer
D.	Medical history of proposer
A

B. Occupation of proposer

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9
Q

Sam has two personal accident policies. In the event of an insured event he can claim for a lump sum benefit from:
A. both policies
B. one policy
C. neither policy, because having two policies is fraudulent
D. both policies, but contribution will apply

A

A. both policies

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10
Q 
Which of the following policies would have the narrowest cover in relation to its legal expenses cover?
A.	Household
B.	Group legal expenses
C.	Personal accident and sickness cover
D.	Travel
A

C. Personal accident and sickness cover

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11
Q 
The time limit under the sickness section of a personal accident policy before which no benefit is payable is called:
A.	a waiting period
B.	an indemnity
C.	an excess
D.	a franchise
A

D. a franchise

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12
Q 
Some companies offer higher weekly benefit limits for temporary total disablement for a lesser period of:
A.	4 weeks
B.	13 weeks
C.	26 weeks
D.	52 weeks
A

D. 52 weeks

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13
Q 
What benefit is usually payable if a person dies after a personal accident policy has already paid out a lump sum for total disablement?
A.	A lump sum of half the sum insured
B.	A lump sum of twice the sum insured
C.	Nothing – there is no further benefit
D.	An annuity for 10 years
A

C. Nothing – there is no further benefit

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14
Q 
Medical expenses insurance usually excludes cover for medical treatment in the last:
A.	1 year
B.	2 years
C.	5 years
D.	10 years
A

C. 5 years

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15
Q 
It is possible to add cover for each of the following as an optional extension to a household policy with the exception of:
A.	small craft
B.	caravan
C.	bike
D.	car
A

D. car

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16
Q 
Norton Engineering who are a large commercial firm, have a policy which groups together different policies that each have different underwriting conditions. What is this kind of policy called?
A.	A group policy
B.	A package policy
C.	A combined policy
D.	A standardised policy
A

C. A combined policy

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17
Q 
What is another name for 'new for old' cover?
A.	Reinsurance
B.	Reinstatement
C.	Indemnity
D.	Settlement
A

B. Reinstatement

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18
Q 
Which of these would usually be excluded under the buildings section of a household insurance policy?
A.	Escape of water or oil
B.	Falling trees or branches
C.	Storm damage to fences
D.	Theft or attempted theft
A

C. Storm damage to fences

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19
Q 
What is cover for the event of an aircraft crashing into a building called?
A.	Escape
B.	Strike
C.	Heave
D.	Impact
A

D. Impact

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20
Q

Which of these is a recognised guide for determining what constitutes a ‘building’ for household insurance purposes?
A. Any part of the core structure of the main insured premises
B. Anything that would normally be left behind when moving from a house
C. Anything which is fixed or permanent
D. Anything not capable of being left behind when moving from a house

A

B. Anything that would normally be left behind when moving from a house

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21
Q 
What is the usual single item limit under household contents insurance?
A.	5% of total contents sum insured
B.	10% of total contents sum insured
C.	20% of total contents sum insured
D.	25% of total contents sum insured
A

A. 5% of total contents sum insured

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22
Q 
Which of the following covers is typically included as standard in a travel insurance policy?
A.	Delayed baggage
B.	Failure of tour organiser
C.	Loss of passport
D.	Legal expenses
A

A. Delayed baggage

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23
Q 
The maximum sum insured under the baggage, personal effects and money cover of a travel policy will be higher if which of the following are included within the scope of cover?
A.	Credit vouchers
B.	Passports
C.	Travellers’ cheques
D.	Travel tickets
A

B. Passports

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24
Q 
Under a standard fire policy, what cover is provided to a limited extent?
A.	Fire
B.	Lightning
C.	Explosion
D.	Subterranean fire
A

C. Explosion

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25
Q 
In the ABI Standard Fire and Special Perils Policy (Material Damage) wording, which term is taken to mean ‘the loss or destruction of or damage to the property insured’?
A.	DAMAGE
B.	LOSS
C.	DESTRUCTION
D.	HARM
A

A. DAMAGE

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26
Q 
Cover within a standard fire and perils policy for explosion of boilers or gas is restricted to:
A.	domestic purposes
B.	commercial purposes
C.	domestic and commercial purposes
D.	industrial purposes
A

A. domestic purposes

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27
Q 
What must a special peril result in for cover to apply?
A.	Damage to property
B.	Third party liability
C.	Consequential loss
D.	Physical injury to a person
A

A. Damage to property

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28
Q 
Flood cover is only issued in conjunction with:
A.	impact cover
B.	storm cover
C.	escape of water
D.	theft cover
A

B. storm cover

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29
Q 
Kevin's home in Bognor Regis is damaged by a sudden rise in sea levels. Which special peril applies?
A.	Storm
B.	Flood
C.	Escape of water
D.	Impact
A

B. Flood

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30
Q

Which of these can be covered under the special peril of subsidence, ground heave and landslip?
A. Damage to a car park, where the insured’s building has not been damaged
B. Damage caused by construction
C. Movement of foundations caused by changes in soil
D. Damage caused by subterranean fire

A

C. Movement of foundations caused by changes in soil

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31
Q 
The widest scope of cover is offered by:
A.	the Lloyd's standard fire policy
B.	the ABI standard fire policy
C.	a fire and special perils policy
D.	an ‘all risks’ policy
A

D. an ‘all risks’ policy

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32
Q 
Which of these is an absolute exclusion under an "all risks" policy?
A.	Theft
B.	Money
C.	Specific insurance
D.	Accidental damage
A

C. Specific insurance

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33
Q 
An insured can get a discount in premium by requesting a sum insured based on the proportion of their property that is likely to be lost in one incident. This is called a:
A.	minimum sum insured
B.	first loss sum insured
C.	limit of liability
D.	catastrophe sum insured
A

B. first loss sum insured

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34
Q 
A common automatic extension under a theft policy is:
A.	robbery and aggravated burglary
B.	fire and explosion
C.	collusion
D.	replacement of keys
A

D. replacement of keys

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35
Q 
Which of these policies is not usually subject to average because the sums chosen are limits rather than sums insured?
A.	Money
B.	Theft
C.	Fire
D.	Commercial property
A

A. Money

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36
Q 
Which of following is an example of a pecuniary insurance?
A.	Legal expenses
B.	Theft
C.	Fire and special perils
D.	Motor
A

A. Legal expenses

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37
Q 
Under which type of policy would you expect cover to be available as standard for copyright disputes?
A.	Products liability
B.	Group legal expenses
C.	Employers’ liability
D.	Commercial legal protection
A

D. Commercial legal protection

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38
Q

Which of the following statements regarding commercial legal protection is TRUE?
A. It can cover the costs of defending an action by an employee, plus awards made against the company if its defence is unsuccessful
B. Employment, personal, motor and conveyancing cover are included as standard
C. It can cover the costs of a criminal action brought against the company, plus fines which may be imposed
D. Conveyancing cover can be added as an optional extension

A

A. It can cover the costs of defending an action by an employee, plus awards made against the company if its defence is unsuccessful

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39
Q 
Which of the following is available as an optional extension to a commercial legal protection policy?
A.	Motor cover
B.	Property disputes cover
C.	Cover against taxation proceedings
D.	Conveyancing cover
A

C. Cover against taxation proceedings

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40
Q 
Business interruption insurance is designed to protect:
A.	both fixed and variable charges
B.	turnover and net profit
C.	net profit and variable charges
D.	net profit and fixed charges
A

D. net profit and fixed charges

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41
Q 
In business interruption insurance, insurers use the "difference basis" of cover to calculate how much a company has lost whilst not operational. How is this calculated?
A.	Gross profit minus turnover
B.	Turnover minus net profit
C.	Turnover minus fixed charges
D.	Turnover minus variable charges
A

D. Turnover minus variable charges

42
Q 
Assuming no optional extensions have been selected, cover for business interruption will be limited to the insured’s:
A.	own premises
B.	supplier’s premises
C.	customer’s premises
D.	utility provider’s premises
A

A. own premises

43
Q 
What is the requirement to have a policy in place for the physical damage which has caused the loss of income being claimed for under a business interruption policy called?
A.	Physical damage warranty
B.	Commercial warranty
C.	Special perils warranty
D.	Material damage warranty
A

D. Material damage warranty

44
Q 
What accounts for the vast majority of actions to recover damages?
A.	Negligence
B.	Property damage
C.	Nuisance
D.	Contracts
A

A. Negligence

45
Q

Which of these would be excluded from cover by an employers’ liability insurance?
A. Pure accidents
B. Death due to the employer’s negligence
C. Occupational asthma
D. Injuries caused by work equipment

A

A. Pure accidents

46
Q 
An employers’ liability policy cannot offer an employee compensation for:
A.	pain and suffering
B.	future earnings
C.	damage to personal property
D.	loss of earnings
A

C. damage to personal property

47
Q

Which of these is a standard extension on an employers’ liability insurance?
A. Claims made basis
B. Defence cost and expenses
C. Cover for employee’s personal property
D. Claimant’s costs and expenses

A

B. Defence cost and expenses

48
Q 
What is the usual limit of indemnity under public liability cover?
A.    £500,000 
B. £1,000,000 
C. £2,000,000 
D. £5,000,000
A

C. £2,000,000

49
Q 
Which of the following limitations is common to both public and products liability insurance?
A.	Contractual liability
B.	Damage to goods supplied
C.	Faulty design or formula
D.	Failure to perform
A

A. Contractual liability

50
Q

Professional indemnity insurance usually excludes:
A. an insurance broker confirming cover, but forgetting to arrange it
B. a surveyor unknowingly giving incorrect advice, resulting in the purchase of a defective property
C. an investment consultant accidentally inputting the wrong figures into a spreadsheet, resulting in financial loss
D. an adviser deliberately omitting a fact on a proposal form, resulting in the insurance company voiding the policy

A

D. an adviser deliberately omitting a fact on a proposal form, resulting in the insurance company voiding the policy

51
Q 
Which of the following types of insurance is most likely to offer bereavement counselling?
A.	Motor
B.	Travel
C.	Pet
D.	Home
A

C. Pet

52
Q 
What do motor insurers usually call their authorised repairers?
A.	Approved repairers
B.	Preferred repairers
C.	Permitted repairers
D.	Allowed repairers
A

A. Approved repairers

53
Q

An insurer’s main concern in risk control is usually to deal with:
A. labour relations issues
B. areas that will have an impact on risk
C. retention issues in the risk pool
D. issues of competition

A

B. areas that will have an impact on risk

54
Q 
What are a surveyor's recommendations regarding things that must be done for the risk to be accepted called?
A.	Risk arrangements
B.	Risk recommendations
C.	Risk requirements
D.	Risk reversal
A

C. Risk requirements

55
Q 
Which of these is not usually considered by insurers for the transit risk in money insurance?
A.	The method of transit used
B.	The sums involved
C.	The adequacy of training
D.	Number of people involved
A

C. The adequacy of training

56
Q

What is generally the greatest risk under a public liability insurance?
A. Staff relations
B. Employment terms and conditions
C. Visitors to the insured’s premises
D. Damage that employees could do to third party premises

A

D. Damage that employees could do to third party premises

57
Q 
Which insurance area employs the most specialist surveyors?
A.	Money
B.	Material damage
C.	Engineering
D.	Products Liability
A

C. Engineering

58
Q 
Which of the following specialists are most notably involved in pursuing claims for uninsured loss recovery?
A.	Loss assessors
B.	Claims handlers
C.	Solicitors
D.	Loss adjusters
A

C. Solicitors

59
Q 
Duncan parks his car in a garage. In doing so he may benefit from a cheaper premium because this is an example of a:
A.	poor physical hazard
B.	good moral hazard
C.	good physical hazard
D.	poor moral hazard
A

C. good physical hazard

60
Q 
In personal accident insurance, a significant rating factor is the proposer’s:
A.	name
B.	address
C.	occupation
D.	retirement plans
A

C. occupation

61
Q

Why do insurers use surveys as another way of getting material information?
A. To eliminate the need for a proposal form
B. To save money
C. To obtain a fuller picture of the risk than a written summary from the insured
D. To eliminate flood risks

A

C. To obtain a fuller picture of the risk than a written summary from the insured

62
Q 
FCA rules on the negotiation of an insurance contract are contained in which Sourcebook?
A.	MCOBS
B.	PRU
C.	ICOBS
D.	PRA
A

C. ICOBS

63
Q 
Introducer appointed representatives may get involved in distributing:
A.	cover notes
B.	insurance certificates
C.	proposal forms
D.	claims settlements
A

C. proposal forms

64
Q 
How much insurance premium tax would be charged on a motor insurance premium of £250?
A. £18.75 
B. £23.75 
C. £25
D.  £30
A

D. £30

65
Q 
The sales of insurance policies by telephone are specifically governed by:
A.	ICOBS
B.	the Consumer Rights Act 2015
C.	the Distance Marketing Directive
D.	the Insurance Act 2015
A

C. the Distance Marketing Directive

66
Q

Which of the following would an intermediary be expected to declare for all types of contract, even though there is no specific guidance on this from the FCA?
A. Any demands and needs that are not met
B. Where it owns more than 10% of another insurer
C. The duration of the insurance contract
D. Contact details of how a claim may be notified

A

A. Any demands and needs that are not met

67
Q 
Which of these would be the most appropriate means of establishing customer demands and needs for a private motor insurance policy?
A.	A survey
B.	A proposal form
C.	A detailed checklist
D.	A demands and needs analysis form
A

B. A proposal form

68
Q

What additional requirement must an intermediary establish when determining the suitability of a protection policy for a customer?
A. The customer should be eligible to claim benefit
B. The customer should be able to afford the premium
C. The customer should understand the policy terms and conditions
D. The customer should complete a proposal form

A

A. The customer should be eligible to claim benefit

69
Q 
The most common type of policy for which EDI systems are used is:
A.	private motor insurance
B.	travel insurance
C.	commercial property insurance
D.	household insurance
A

A. private motor insurance

70
Q 
Credit facilities, instalments and third-party financing are all methods of what?
A.	Broadening market appeal to customers
B.	Premium collection
C.	Improving moral risk
D.	Reducing claims occurrences
A

B. Premium collection

71
Q 
In policy wording, an alternative term for exclusion is:
A.	condition
B.	franchise
C.	exception
D.	extension
A

C. exception

72
Q 
An exclusion that applies to all sections of cover under a particular insurance policy is referred to as a:
A.	specific exclusion
B.	general exclusion
C.	policy condition
D.	market exclusion
A

B. general exclusion

73
Q 
Which of the following common policy conditions is intended to deal with any disputes that arise as to the amount to be paid in settlement of a claim under a policy?
A.	Subrogation
B.	Contribution
C.	Average
D.	Arbitration
A

D. Arbitration

74
Q 
Which of these is typically included in the information section of a policy?
A.	Claims information
B.	Policy conditions
C.	The insured’s details
D.	Excesses and franchises
A

A. Claims information

75
Q 
An action which an insurer stipulates in a policy which must be undertaken by the insured is called:
A.	An excess
B.	A franchise
C.	A warranty
D.	A deduction
A

C. A warranty

76
Q

Under a motor insurance policy, a warranty may be:
A. expressed, and relate to past or present facts
B. implied, and relate to past or present facts
C. expressed, but relate only to past facts
D. implied, and relate to a continuing state of affairs

A

A. expressed, and relate to past or present facts

77
Q

If a private customer fails to comply with a condition precedent to liability an insurer can:
A. repudiate the contract as a whole
B. refuse liability for a loss that is connected with the breach
C. refuse to pay subsequent losses
D. refuse to pay losses unconnected to the breach

A

B. refuse liability for a loss that is connected with the breach

78
Q

What does the FCA stipulate in relation to renewal of insurance policies?
A. Customers do not have to be issued with renewal information unless they make their premium payments in a lump sum
B. Customers should receive notification of renewal within 30 days of the expiry of their current policy
C. Customers should not be pressured to renew
D. Last year’s premium must be disclosed on renewal notices

A

D. Last year’s premium must be disclosed on renewal notices

79
Q

What must an insured prove in order to make a claim?
A. That the loss was accidental
B. That the loss was caused by an insured peril
C. That the value of their loss is reasonable
D. That they have complied with all conditions and warranties

A

B. That the loss was caused by an insured peril

80
Q 
If an insurer has no strict liability to pay a claim but wishes to do so as a good will gesture, this is called:
A.	subrogation
B.	contribution
C.	ex gratia
D.	indemnity
A

C. ex gratia

81
Q 
For which of the following claims may it be desirable to obtain an engineer’s report, incorporating scale plans and photographs as supporting evidence?
A.	Theft
B.	Accident
C.	Travel
D.	Property
A

B. Accident

82
Q 
An expert who is employed by the insured to prepare their claim is called a loss:
A.	administrator
B.	adviser
C.	adjuster
D.	assessor
A

D. assessor

83
Q 
Mr Jones has his camera stolen whilst returning from the airport after his holiday. The camera is covered by his travel insurance and his household contents insurance and is worth £500. Using a rateable proportion calculation, work out how much of the claim his household insurer, who has a sum insured of £800 would share in the claim if the travel insurer has a sum insured of £200?
A.   £200
B. £400 
C. £500 
D.   £800
A

B. £400

84
Q 
Which of the following can be described as an alternative method of dispute resolution whereby a third party is selected to act as a facilitator and where, if an agreement is not reached, other legal remedies/options can be pursued?
A.	Civil procedure
B.	Arbitration
C.	Conciliation
D.	Mediation
A

D. Mediation

85
Q 
Which of the following provides compensation to victims of ‘hit and run’ cases?
A.	Road Traffic Act
B.	Uninsured drivers agreement
C.	Untraced drivers agreement
D.	ABI Memorandum of Understanding
A

C. Untraced drivers agreement

86
Q 
The estimate an insurer puts on the total amount a claim will reach is called:
A.	a settlement
B.	a reserve
C.	a deductible
D.	an excess
A

B. a reserve

87
Q

What are the three categories of information?
A. Private, general, and public
B. Corporate, small business and consumer
C. Sensitive, personal and public
D. Public, corporate and personal

A

D. Public, corporate and personal

88
Q

Under the General Data Protection Regulation ‘sensitive personal data’ is now referred to as?
A. Protected personal data
B. Special categories of personal data
C. Restricted categories of personal data
D. Ring-fenced personal data

A

B. Special categories of personal data

89
Q 
Under the Data Protection Act 2018, the age from which parental consent is not needed to process data online is?
A.	11
B.	13
C.	16
D.	18
A

B. 13

90
Q

What are the necessary data security requirements for hard copies of documents with restricted access?
A. Storage in a locked filing cabinet
B. Storage in a locked room
C. Scanning and electronic storage on a secure network
D. Storage by an appointed person within the business

A

A. Storage in a locked filing cabinet

91
Q 
With which area of the insurance market do we usually associate telematics?
A.	Personal accident
B.	Travel
C.	Motor
D.	Employers’ liability
A

C. Motor

92
Q

Which of these has aided the rapid growth of social media?
A. The relaxation of data protection rules
B. The potential for premium reduction
C. The development of new hardware
D. The change in attitude by consumers towards the insurance industry

A

C. The development of new hardware

93
Q

What are the specific challenges to employers and insurers of using mobile devices as opposed to desktop computers?
A. They have less data storage capacity
B. They are more prone to viruses
C. They are more susceptible to theft and loss
D. They are more difficult for employees to operate

A

C. They are more susceptible to theft and loss

94
Q 
Which of these is not a key component of customer service?
A.	Research
B.	Strategic Planning
C.	Marketing
D.	Finance
A

D. Finance

95
Q 
What is one of the main factors in the increasing importance of customer service?
A.	Greater consumer awareness
B.	Customer apathy
C.	Lower customer expectations
D.	Decreased competition
A

A. Greater consumer awareness

96
Q 
Which of these is a benefit to the insured, rather than the insurer of providing quality customer service?
A.	Speedy claims settlement
B.	Customer loyalty
C.	Increased profitability
D.	Improved working environment
A

A. Speedy claims settlement

97
Q

What is the FCA’s definition of competence?
A. The ability to supervise a function
B. The ability to carry out a function without supervision
C. The ability to carry out a function with minimal supervision
D. The ability to carry out functional tasks

A

B. The ability to carry out a function without supervision

98
Q

With respect to the FCA ICOBS, which of these is a reason that the rejection of a claim will be deemed to be reasonable?
A. Breach of warranty or condition where the circumstances of the claim are connected with the breach
B. Non-negligent misrepresentation of a material fact
C. Fraudulent misrepresentation of a material fact
D. Non-disclosure where the policyholder could not reasonably have been expected to disclose the material fact

A

C. Fraudulent misrepresentation of a material fact

99
Q 
Who can an eligible complainant contact if a firm has not satisfactorily resolved their complaint after 8 weeks?
A.	The FOS
B.	The FCA
C.	The FSCS
D.	The PRA
A

A. The FOS

100
Q

What is the primary function of a customer service strategy?
A. To make customers part of the company’s entire operation
B. To ensure the FCA Handbook is adhered to
C. To ensure a positive customer service culture
D. To ensure the overall fairness of claims settlements

A

A. To make customers part of the company’s entire operation

IF2 (4 decks)

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