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Cert CII IF1 > IF1 Set 1 > Flashcards

IF1 Set 1 Flashcards

1
Q 
The process of assessing risk and attempting to deal with it is called:
A. risk measurement
B. risk management
C. risk strategy
D. risk perception
A

B. Risk management

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2
Q

Why is risk management important?
A. It is necessary in order to comply with Armic’s Risk Management Standards
B. It enables companies to protect themselves against the financial consequences of all risks
C. It reduces the potential for loss through identifying and managing hazards
D. It provides a process for a risk transfer mechanism

A

C. It reduces the potential for loss through identifying and managing hazards

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3
Q 
Maria, who is in the process of setting up her own business, has been advised that risk management is generally viewed as a three step process. Which of the following is the final stage in that process?
A. Risk perception
B. Risk analysis
C. Risk identification
D. Risk control
A

D. Risk control

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4
Q 
Jodie owns a shop and her new insurers ask to see details of the previous claims she has made. Which risk management stage is this part of?
A. Risk control
B. Risk identification
C. Risk analysis
D. Risk perception
A

C. Risk analysis

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5
Q 
Keith decides to fit an immobiliser to his car. This method of controlling the risk of theft is called a:
A. physical control measure
B. financial control measure
C. detective control mechanism
D. risk elimination measure
A

A. physical control measure

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6
Q

A vase which has been in Daisy’s family for years can be insured for its:
A. potential future financial value
B. current financial value and its sentimental value
C. sentimental value
D. current financial value

A

D. current financial value

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7
Q 
Which kind of risk is uninsurable?
A. A pure risk
B. A particular risk
C. A fundamental risk
D. A financial risk
A

C. A fundamental risk

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8
Q 
A localised risk such as a factory fire, is classified as a:
A. non-financial risk
B. fundamental risk
C. particular risk
D. speculative risk
A

C. particular risk

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9
Q 
Marie owns a sweet shop which has suffered several small losses due to shoplifting. This level of risk is classified as:
A. high frequency, low severity
B. low severity, low frequency
C. high severity, high frequency
D. low frequency, high severity
A

A. high frequency, low severity

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10
Q 
When a business decides to retain a risk and not to transfer it by taking out an insurance policy, this is called:
A. co-insurance
B. reinsurance
C. dual insurance
D. self-insurance
A

D. self-insurance

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11
Q 
Pecuniary insurance relates to:
A. theft
B. liability
C. money
D. property
A

C. money

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12
Q 
To protect themselves from an accumulation of risk in one area, insurers can share the risk with:
A. a broker
B. a reinsurer
C. an intermediary
D. an aggregator
A

B. a reinsurer

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13
Q 
An example of a public body is:
A. a doctor's surgery
B. a football club
C. a local council
D. a veterinary practice
A

C. a local council

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14
Q 
Which type of proprietary company is made up of shares which are not available to the general public?
A. A public limited company
B. A private limited company
C. A mutual company
D. A captive company
A

B. A private limited company

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15
Q 
Policyholders in mutual companies usually have:
A. limited liability
B. no liability
C. unlimited liability
D. liability limited by guarantee
A

D. liability limited by guarantee

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16
Q 
In the Lloyd's market, the process whereby a broker approaches an underwriter to obtain their signature in return for a share in a risk they are willing to accept is known as:
A. scratching a slip
B. writing a line
C. brokerage
D. Xchanging
A

A. scratching a slip

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17
Q

To offer independent advice and engage in regulated activities, an intermediary must apply for direct authorisation from the FCA, in which case they will then be known as:
A. an introducer appointed representative
B. an appointed representative
C. an authorised person
D. a designated professional

A

C. an authorised person

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18
Q

Who takes responsibility for the activities of an appointed representative?
A. A principal who is an authorised person
B. An introducer
C. The appointed representative themselves
D. The appointed representative and the principal jointly

A

A. A principal who is an authorised person

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19
Q

Which type of intermediary is tied to providing advice on the products provided by one or more particular insurers?
A. An appointed representative
B. An independent intermediary
C. An introducer appointed representative
D. A Lloyd’s broker

A

A. An appointed representative

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20
Q

An example of an indirect marketing channel when used by an insurer is:
A. a leaflet posted through a potential customer’s letterbox
B. a broker
C. a home service agent
D. in-house company sales staff

A

B. a broker

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21
Q 
Re-insurance is a method of transferring risk used by:
A. insurers
B. individuals
C. corporations
D. public bodies
A

A. insurers

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22
Q 
Reinsurers do not accept business directly from:
A. Lloyd's syndicates
B. insurance companies
C. other reinsurers
D. private individuals
A

D. private individuals

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23
Q 
What is the representative organisation for international wholesale and reinsurance companies in the London market?
A. LMBC
B. LUC
C. IUA
D. Lloyd's
A

C. IUA (International Underwriting Association of London (IUA)

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24
Q 
Electrical Engineering suffer a large fire at their factory. The factory's insurance company appoints a specialist to process the claim from start to finish. What kind of
specialist is this likely to be?
A. A loss adjustor
B. A loss assessor
C. An underwriter
D. A surveyor
A

A. A loss adjustor

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25
Q 
Clive is cycling and is hit by an uninsured driver, who is untraceable after the accident. To whom can he apply for compensation for his injuries?
A. MIB
B. UKIC
C. MID
D. ABI
A

A. MIB (Motor Insurance Bureu)

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26
Q 
An agreement dealing with the contractual relationship between an insurer and an intermediary is called a:
A. statement of Intent
B. declaration of Engagement
C. terms of Business Agreement
D. service Level Agreement
A

C. terms of Business Agreement

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27
Q 
Jamie offers to clean the rooms in a bed and breakfast in order to receive free accommodation. Which element of the contract is the cleaning?
A. The offer
B. The acceptance
C. The consideration
D. The exchange
A

C. The consideration

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28
Q 
Which of the following Acts did away with the requirement for a motor policyholder to return their certificate of motor insurance when cancelling their policy mid-term?
A. Finance Act 2015
B. Deregulation Act 2015
C. Insurance Act 2015
D. Consumer Rights Act 2015
A

B. Deregulation Act 2015

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29
Q

Julie’s motor insurance has a condition that claims must be reported within 30 days. She has an accident and reports it to the insurer after 36 days. What is the usual
course of action an insurer would take?
A. Avoid the claim, but leave the policy valid
B. Void the policy, but pay the claim
C. Avoid the claim and void the policy
D. Pay the claim and leave the policy valid

A

A. Avoid the claim, but leave the policy valid

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30
Q 
A situation where a principal accepts the contract formed by an agent, where they had not been given authority, is called agency by:
A. consent
B. necessity
C. ratification
D. agreement
A

C. ratification

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31
Q

When is an independent intermediary acting as an agent for the insurer?
A. When advising on claims
B. When collecting premiums
C. When arranging the policy
D. When recommending which policy to take out

A

B. When collecting premiums

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32
Q 
When a third party is unaware of the extent of an agent's authority, the law makes provision for:
A. express authority
B. actual authority
C. apparent authority
D. implied authority
A

C. apparent authority

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33
Q

The material information section of a TOBA deals with the broker’s responsibility for:
A. ensuring that information is clear, fair and not misleading
B. the credit risk in relation to premiums paid and refunded
C. the prompt passing of information to the insurer
D. releasing statutory documentation such as motor certificates

A

C. the prompt passing of information to the insurer

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34
Q

Katharine is storing a piano at her house for her friend Helen. Can she add the piano to her household insurance?
A. No, because she does not legally own the piano so she does not have an insurable interest
B. Yes, if Helen temporarily transfers ownership to her so that she has an insurable interest
C. Yes, because the piano is in her safekeeping so she has an insurable interest
D. No, Helen has to take out insurance in her own name to keep the piano at Katharine’s house

A

C. Yes, because the piano is in her safekeeping so she has an insurable interest

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35
Q

When an insurer places the risk of suffering a loss with a reinsurer what is their financial interest in the original insurance called?
A. The subject matter of the contract
B. The subject matter of the insurance
C. The subject matter of the reinsurance
D. The subject matter of the contract and the insurance

A

A. The subject matter of the contract

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36
Q

When must insurable interest exist in life assurance contracts?
A. At the time of loss, but not at inception
B. At inception and at the time of loss
C. It is not a requirement in life assurance contracts
D. At inception, but not necessarily at the time of loss

A

D. At inception, but not necessarily at the time of loss

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37
Q 
Jenna paid a deposit of £55,000 for her £220,000 three bedroomed semi. She has a mortgage with ABC bank for the rest. What is the financial value of ABC’s insurable
interest in Jenna’s house?
A. £0
B. £55,000
C. £165,000
D. £220,000
A

C. £165,000

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38
Q

What is a material fact?
A. A circumstance that would affect the judgment of a prudent underwriter
B. A fact about statutory requirements
C. A fact that does not need to be disclosed
D. A circumstance that lessens the risk

A

A. A circumstance that would affect the judgment of a prudent underwriter

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39
Q

Under the Consumer Insurance (Disclosure and Representations) Act 2012, consumers have a duty to:
A. make a fair representation of the risk
B. comply with any basis of contract clause imposed by the insurer
C. take reasonable care not to make a misrepresentation
D. disclose all facts that a prudent underwriter would consider material

A

C. take reasonable care not to make a misrepresentation

40
Q

Joan takes out a life insurance policy. Two years later she is diagnosed with treatable breast cancer. Does she need to disclose this to her life insurers?
A. No, because her duty of disclosure ceased at policy inception
B. No, unless she receives a terminal diagnosis
C. Yes, because this is a material fact
D. Yes, because there will be a policy condition about notifying changes to her health

A

A. No, because her duty of disclosure ceased at policy inception

41
Q 
Under which of the following principles could an insured prevent an insurer from cancelling their policy, on account of the insurer’s previous behaviour?
A. Utmost good faith
B. Insurable interest
C. Estoppel
D. Subrogation
A

C. Estoppel

42
Q

Whose perspective do the courts adopt in order to determine what is a material fact?
A. The insured person’s
B. A prudent insurer’s
C. A broker’s
D. That of the particular insurer involved

A

B. A prudent insurer’s

43
Q

Which kind of risk needs to be declared to an insurer?
A. A fact of public knowledge
B. A fact that lessens the risk
C. A fact that relates to an unspent conviction
D. A fact that is covered by policy terms

A

C. A fact that relates to an unspent conviction

44
Q 
Who is a compulsory insurance such as motor insurance, primarily concerned with compensating?
A. Third party victims
B. Third party only drivers
C. The insurer
D. Fully comprehensive insured drivers
A

A. Third party victims

45
Q

What is the principle of proximate cause used to establish?
A. Whether a peril is insured, uninsured or excepted
B. The size of the loss
C. The identity of the person responsible for the loss
D. The event that caused the loss

A

D. The event that caused the loss

46
Q

Bill has a fire policy for his factory. A large fire occurs leading to water damage caused by the water used by the fire brigade to put out the fire. Can Bill claim for this
damage under his fire policy?
A. No, because the water is the proximate cause
B. Yes, because the fire is the proximate cause
C. No, because water damage is an unnamed peril
D. Yes, because water damage is an insured peril

A

B. Yes, because the fire is the proximate cause

47
Q 
The doctrine of proximate cause can be modified by:
A. underwriters
B. policy wordings
C. the policyholder
D. claims history
A

B. policy wordings

48
Q 
Which of these will be provided under a benefit policy rather than under a policy of indemnity?
A. Reinstatement of a building
B. A lump sum payment on loss of a limb
C. Repair of a washing machine
D. Replacement of a stolen laptop
A

B. A lump sum payment on loss of a limb

49
Q 
The most common use of the replacement method of providing indemnity is:
A. fire insurance
B. motor insurance
C. critical illness insurance
D. glass insurance
A

D. glass insurance

50
Q 
The most common use of repair as a method of indemnity is:
A. glass insurance
B. fire insurance
C. motor insurance
D. critical illness insurance
A

C. motor insurance

51
Q

A piece of machinery bought for £5,000 is damaged by fire. Its owners have property cover with a “new for old” provision. To replace the machine will cost £6,000. The
policy excess is £250. How much can the owners claim under the policy?
A. £5,000
B. £5,250
C. £5,750
D. £6,000

A

C. £5,750

52
Q 
The policy condition where the sum insured must be at least 85% of the full value of the item at reinstatement and the insured pays a premium based on this, is called:
A. betterment
B. partial indemnity
C. day one reinstatement
D. the reinstatement memorandum
A

D. the reinstatement memorandum

53
Q

When measuring indemnity for a piece of machinery what is the first consideration?
A. Whether the machine can be repaired
B. Whether there is a reinstatement memorandum
C. Whether the policy is on a day one reinstatement basis
D. Whether there is a second hand market

A

D. Whether there is a second hand market

54
Q 
Which type of property cannot be insured on a reinstatement basis?
A. A house
B. A piece of machinery
C. Retailers' stock in trade
D. A block of flats
A

C. Retailers’ stock in trade

55
Q 
A policy where the sum insured is less than the full value of the insured's property, to take into account the fact that all of the property is unlikely to be lost in one incident,
is called:
A. agreed value
B. day one
C. first loss
D. reinstatement
A

C. first loss

56
Q 
What is the name for a restriction on the sum insured for particular items covered under a policy wording, e.g. jewellery covered under a household insurance policy?
A. Average
B. An inner limit
C. An excess
D. New for old
A

B. An inner limit

57
Q

It is important when pooling risks that equitable premiums are charged for the risks accepted into the pool. How can the average condition help insurers to manage the
pool?
A. By charging an automatic uplift to ensure there is an adequate sum insured
B. By limiting the amount paid out if a risk is underinsured
C. By limiting the amount paid out to the average settled for other similar claims
D. By cancelling the policy if the sum insured is above a defined amount

A

B. By limiting the amount paid out if a risk is underinsured

58
Q 
What is the principle used where there is more than one policy covering a loss?
A. Indemnity
B. Contribution
C. Subrogation
D. Liability
A

B. Contribution

59
Q

What effect does a contribution condition have?
A. It means that the insurer will not contribute to a claim covered by another insurer
B. It means that the insured cannot claim because it is fraudulent to have more than
one policy
C. It means that the insured can claim the full amount from any of their insurers
D. It means that the insurer’s liability is restricted to its rateable share of the loss

A

D. It means that the insurer’s liability is restricted to its rateable share of the loss

60
Q 
Which things must insurance policies have in common for contribution to exist?
A. Common peril and subject matter
B. Common wording
C. A contribution condition
D. A rateable proportion
A

A. Common peril and subject matter

61
Q

Liz’s flat is insured by two different insurers. Her first policy has a sum insured of £60,000, the second a sum insured of £40,000. Neither policy is subject to average.
Flooding results in a claim for £30,000. Under the principle of contribution, what is the maximum payment that Liz will receive from the second policy?
A. £12,000
B. £15,000
C. £18,000
D. £30,000

A

A. £12,000

62
Q 
What is the main advantage to the insured of market agreements between insurers?
A. Reduction in claim assessment time
B. Less administration
C. Avoidance of litigation
D. Reduction in premiums
A

D. Reduction in premiums

63
Q

If an insured is indemnified by the insurer and acquires a further payment from a third party can they keep the additional payment?
A. No, because this goes against the principal of indemnity
B. Yes, as compensation
C. Yes, because this agrees with the principal of indemnity
D. No, because this conflicts with the principal of contribution

A

A. No, because this goes against the principal of indemnity

64
Q 
Who is entitled to the salvage value of an item once the insurer has indemnified the insured in full:
A. The insured
B. The insurer
C. The salvage company
D. The third party
A

B. The insurer

65
Q

Which of the following statements regarding the ABI Memorandum of Understanding - Subrogated Motor Claims is TRUE?
A. It seeks to avoid apportioning blame
B. It has an agreed formula for sharing losses
C. It is a legally binding agreement
D. It takes into account contributory negligence where necessary

A

D. It takes into account contributory negligence where necessary

66
Q 
In contract, how can an insured waive their rights and their insurer's rights to pursue a third party for damages?
A. A market agreement
B. A hold harmless clause
C. A contribution waiver
D. A subrogation waiver
A

B. A hold harmless clause

67
Q 
What arrangement do certain insurers have with local authorities regarding damage caused to buildings by impact by a motor vehicle?
A. Immobile property agreement
B. Third party damage waiver
C. Static property agreement
D. Subrogation waiver
A

A. Immobile property agreement

68
Q

What was the effect of the Employers’ Liability (Compulsory Insurance) (Amended) Regulations 2008 on the requirement of employers to retain employers’ liability
insurance certificates?
A. The retention period was increased by 50 years
B. There is no longer a requirement to keep certificates for a specified period
C. The retention period was decreased to 10 years
D. There is now a requirement to retain certificates for 20 years

A

B. There is no longer a requirement to keep certificates for a specified period

69
Q 
What is the minimum legal limit of indemnity for Employers’ Liability?
A. £2 million
B. £5 million
C. £10 million
D. £20 million
A

B. £5 million

70
Q 
Who must be satisfied with the adequacy of the insurance taken out by an owner of a dangerous animal?
A. The RSPCA
B. The police
C. The local authority
D. The EU
A

C. The local authority

71
Q 
Ali’s firm has 100 workers. By law, which kind of insurance does he need to have?
A. Professional Indemnity
B. Fidelity Guarantee
C. Employers’ Liability
D. Public Liability
A

C. Employers’ Liability

72
Q

Which of these people are required to have Professional Indemnity Insurance?
A. Appointed representatives
B. Introducer appointed representatives
C. Insurance intermediaries authorised by the FCA
D. All staff in an insurance company

A

C. Insurance intermediaries authorised by the FCA

73
Q

What is the main aim of compulsory insurances?
A. To compensate innocent victims
B. To make insurance affordable for all
C. To protect firms from fraudulent claims
D. To control and reduce industry losses

A

A. To compensate innocent victims

74
Q

If an insurer is found to be using policies containing an unfair term, which body/bodies may require an undertaking to amend the term?
A. The Competition and Markets Authority only
B. The Financial Conduct Authority only
C. The Competition and Markets Authority or the Financial Conduct Authority
D. The Financial Conduct Authority or the Prudential Regulation Authority

A

C. The Competition and Markets Authority or the Financial Conduct Authority

75
Q

Under the Contracts (Rights of Third Parties) Act 1999, when can a third party enforce a contract?
A. If the contract makes express provisions for enforcement
B. If an insurer has excluded the terms of this legislation in their policy wording
C. If the third party will benefit from the policy
D. If the third party is a relative

A

A. If the contract makes express provisions for enforcement

76
Q

Which of these was an effect on insurers of the Equality Act 2010 (Amendment) Regulations (2012)?
A. It removed the ability of insurers to take age into account when calculating premium
B. It removed the ability of insurers to take gender into account when calculating premium
C. It allowed insurers to use gender as a factor in pricing for the first time
D. It provided for insurers to charge men and women the same premium in all cases

A

B. It removed the ability of insurers to take gender into account when calculating premium

77
Q

How does insurance premium tax apply in respect of risks located outside the UK?
A. Non-UK risks are IPT exempt within the UK
B. The lower rate of IPT applies to non-UK risks
C. Non-UK risks attract the higher rate of IPT
D. IPT is charged at the applicable local rate

A

A. Non-UK risks are IPT exempt within the UK

78
Q 
Under the section of the FCA handbook relating to financial crime, what kind of officer does an authorised firm have to appoint?
A. Legal Officer
B. Data Protection Officer
C. Money Laundering Reporting Officer
D. Compliance Officer
A

C. Money Laundering Reporting Officer

79
Q 
Which of these is an example of a civil (as opposed to a criminal or regulatory) action for misconduct?
A. Withdrawal of approval
B. Prosecution
C. An injunction
D. Cancellation of permission
A

C. An injunction

80
Q

Why does regulation require a non-life insurer to have an enhanced capital requirement?
A. To minimise complaints to the FCA
B. To ensure they make a profit
C. To minimise the risk of it having insufficient funds to meet claims
D. To ensure marketing stability

A

C. To minimise the risk of it having insufficient funds to meet claims

81
Q 
How often do authorised companies need to report complaints to the FCA?
A. Annually
B. Monthly
C. Twice a year
D. Quarterly
A

C. Twice a year

82
Q 
What do the Insurance Conduct of Business Rules relate to?
A. Life Assurance
B. Pensions
C. Investments
D. General Insurance
A

D. General Insurance

83
Q 
The process of converting cash into financial assets such as property is called:
A. concealment
B. placement
C. layering
D. integration
A

B. placement

84
Q 
Which of these bodies is the lead regulator for Lloyd’s?
A. PRA
B. FCA
C. PIF
D. FOC
A

A. PRA

85
Q 
As well as consumer protection and competition, which of these is a strategic objective of the FCA?
A. Challenge
B. Profitability
C. Integrity
D. Mitigation of risk
A

C. Integrity

86
Q 
In respect of which customers may the FCA use its product intervention powers?
A. Retail customers
B. Commercial customers
C. All customers
D. Professional customers
A

A. Retail customers

87
Q 
To which body is the FCA accountable?
A. The Bank of England
B. The Central European Bank
C. The UK Government
D. The Financial Ombudsman Service
A

C. The UK Government

88
Q

Which of the following statements regarding the Bribery Act 2010 is TRUE?
A. It has been in force since 1 January 2010
B. It applies to all organisations
C. The range of offences under the Act is extremely narrow
D. It created four new criminal offences

A

D. It created four new criminal offences

89
Q 
The Data Protection Act 1998 is concerned with the processing of information about:
A. private individuals
B. government bodies
C. public bodies
D. corporations
A

A. private individuals

90
Q

What is the definition of personal data?
A. Information about a living individual who can be identified
B. Information about an individual, living or dead, who can be identified
C. Information about a deceased individual
D. Any information about a living individual

A

A. Information about a living individual who can be identified

91
Q 
The Data Protection Act 1998 states that personal data must be processed in a way that is:
A. fair and lawful
B. fair and efficient
C. expedient and efficient
D. vital and lawful
A

A. fair and lawful

92
Q

Sarah would like to know if she can request details about the data the university she attended twelve years ago still holds about her. Can she request this information
under The Data Protection Act?
A. Yes, subject to a payment of a fee
B. Yes, this information should be provided free of charge
C. No, this information is restricted
D. No, because it was over ten years ago

A

A. Yes, subject to a payment of a fee

93
Q 
Who has the right to pursue their complaint through the Financial Ombudsman Service?
A. An aggrieved complainant
B. An eligible complainant
C. A justified complainant
D. A regulated complainant
A

B. An eligible complainant

94
Q 
How long must complaint files be retained from the date of complaint?
A. 1 year
B. 2 years
C. 3 years
D. 5 years
A

C. 3 years

95
Q 
What is the maximum binding financial award the Financial Ombudsman Service can make?
A. £355,000
B. £375,000
C. £500,000
D. £1,000,000
A

B. £375,000

Cert CII IF1 (2 decks)

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