Revision Mate Wrong Answers Flashcards
What is an example of sensitive personal data
Health info
The ICOBS book forms part of…
FCA Handbook
When analysing historical claims data they need to be aware that
The sample needs to be large enough and homogenous to be credible
What is the benefit of categorising risks
It makes it easier to analyse and rate the risk
Soft reinsurance market benefits insurers because
They gain more bargaining power over reinsurers
The max capacity an insurer will accept for a single risk is based on
Capital position and cost of reinsurance
What is a disadvantage of treaty reinsurance
No ability to cancel the contract mid term
Every how many years would a high street firm or brokers expect to be in contact with the regulator
Every 4 years
When looking at the solvency II minimum capital requirements, is it the same for EU and UK
Effectively subject to the same requirements
What does a passion distribution measure?
The probability of a certain no. Of events occurring within a given time frame
If a broker has delegated authority for a LOB it acts as a
Coverholder
FCA Consumer Duty applies to all new products in use from the
31st July 2023
A soft market is usually the result of
Increased market capacity due to more entrants to the market and more investment
What is a feature of the Flood Re fund
Insurers retain responsibility for customer claims
A low standard deviation typically suggests…
The claims experience is fairly stable
