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CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. Why is effective risk management important to an insurer?
A) It always reduces costs.
B) It increases the insurer's capacity.
C) It increases premium income.
D) It helps to reduce a company's loss exposure.
2. Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it
A) causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.
B) imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.
C) discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.
D) allows any party other than the insured to enforce the insurer's obligations under the policy.
3. What is the basis of settlement under a new for old insurance policy if a television is stolen?
A) The original cost, less wear and tear.
B) The replacement cost in full.
C) The original cost in full.
D) The replacement cost, less wear and tear.
4. Bye-laws are passed at the Lloyd's Market by the
A) Lloyds Managing Agent.
B) Lloyd's Market Association.
C) Council of Lloyd's.
D) Corporation of Lloyd's.
5. Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the
A) Association of British Insurers.
B) Financial Ombudsman Service.
C) Financial Services Compensation Scheme.
D) European Union.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: D | Question # 4 Answer: C | Question # 5 Answer: D |
By Chad
