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NEW QUESTION 55
It is important to ensure the fair treatment of customers in order to comply with rules set by the
- A. Association of British Insurers.
- B. British Insurance Brokers' Association.
- C. Chartered Insurance Institute.
- D. Financial Conduct Authority.
Answer: D
NEW QUESTION 56
What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?
- A. Brokerage.
- B. An excess.
- C. Wear and tear.
- D. Loss of interest.
Answer: C
NEW QUESTION 57
The website of an insurer must include the company's registered name, trading address, contact details and regulator. This is in accordance with rules enforced by the
- A. Competition and Markets Authority.
- B. Financial Ombudsman Service.
- C. Advertising Standards Authority.
- D. Prudential Regulation Authority.
Answer: B
NEW QUESTION 58
Reinsurance is usually purchased by the
- A. insurer.
- B. regulator.
- C. intermediary.
- D. insured.
Answer: A
NEW QUESTION 59
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 original cost in full.
- C. The replacement cost in full.
- D. The replacement cost, less wear and tear.
Answer: D
NEW QUESTION 60
John has a whole of life policy and has recently been diagnosed with cancer. When, if at all. must he disclose this to his insurer?
- A. Immediately, but only if the diagnosis is terminal.
- B. He does not need to disclose this.
- C. At the date of the next premium payment.
- D. Immediately, irrespective of prognosis.
Answer: B
NEW QUESTION 61
Alex decides to insure his factory. In doing this he is primarily
- A. reducing his moral hazard.
- B. reducing his physical hazard.
- C. transferring the risk to the insurer.
- D. protecting his business against certainty of loss.
Answer: C
NEW QUESTION 62
Julie has cancelled her trip to tlaly as she has broken her leg. Which type of insurance policy is specifically designed to compensate Julie for any cancellation charges she has incurred?
- A. A travel insurance policy.
- B. An income protection insurance policy.
- C. A personal accident and sickness insurance policy.
- D. A money insurance policy.
Answer: A
NEW QUESTION 63
A firm of insurance brokers invite Stuart. an underwriter who handles its account, on a Caribbean cruise with his family. How should Stuart react to this invitation in order to comply with the Chartered Insurance Institute's Code of Ethics?
- A. Accept only on the basis that the cost is less than £1.000.
- B. Accept on the basis that this is an accepted business practice.
- C. Decline to avoid any suggestion he is being compromised.
- D. Decline as this is against the Financial Ombudsman Service regulations.
Answer: C
NEW QUESTION 64
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
- A. Witnessing by a third party.
- B. Exchange of consideration between the two parties.
- C. Provision of written terms and conditions.
- D. Delivery of goods or services concerned.
Answer: B
NEW QUESTION 65
What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?
- A. It is a material circumstance.
- B. To establish whether insurable interest exists.
- C. To enable a loading to be applied.
- D. To enable a discount to be applied.
Answer: A
NEW QUESTION 66
Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as
- A. a Terms of Business Agreement.
- B. unconditional acceptance.
- C. conditional acceptance.
- D. an offer.
Answer: B
NEW QUESTION 67
The Principles for Business slate that all customers should be treated
- A. equally.
- B. fairly.
- C. with due respect.
- D. to a minimum standard.
Answer: B
NEW QUESTION 68
What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?
- A. Vicarious liability.
- B. Delegated authority.
- C. Risk indemnity.
- D. Insurable interest.
Answer: D
NEW QUESTION 69
A retail customer CANNOT buy insurance directly from which type of insurer?
- A. A direct insurer.
- B. A composite insurer.
- C. A mutual insurer.
- D. A captive insurer.
Answer: D
NEW QUESTION 70
What is the current rate of Insurance Premium Tax for a motor insurance policy?
- A. 12%
- B. 20%
- C. 9.5%
- D. 10%
Answer: A
NEW QUESTION 71
If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?
- A. The insured perils.
- B. The premises.
- C. The policyholder.
- D. The policy cover details.
Answer: B
NEW QUESTION 72
A loss adjuster normally acts on behalf of the
- A. insurer.
- B. Financial Services Compensation Scheme.
- C. Financial Ombudsman Service.
- D. insured.
Answer: A
NEW QUESTION 73
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
- A. The policyholder is considered to have assigned the insurable interest to the insurer.
- B. The insurer is considered to have insurable interest by virtue of its liability to pay claims.
- C. Insurable interest does not arise.
- D. Insurable interest is created by statute.
Answer: B
NEW QUESTION 74
If the amount to be paid in the event of a total loss of insured property is agreed between the proposer and the insurer at inception of the policy, this is a modification of the principle of
- A. subrogation.
- B. contribution.
- C. indemnity.
- D. good faith.
Answer: C
NEW QUESTION 75
The purpose of Insurance Premium Tax is to
- A. reimburse for claims of insolvent insurers
- B. pay for flood defences.
- C. raise revenue for the Government.
- D. fund the Association of British Insurers.
Answer: C
NEW QUESTION 76
When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as
- A. an indemnity policy.
- B. a real statement.
- C. a new for old policy.
- D. a first loss policy.
Answer: D
NEW QUESTION 77
Which typo of insurer is owned by multiple policyholders?
- A. A proprietary insurer.
- B. A mutual insurer.
- C. A composite insurer.
- D. A captive insurer.
Answer: B
NEW QUESTION 78
Barbara owns a factory employing 20 people. What insurance is she required to hold by law?
- A. Public liability insurance.
- B. Employers' liability insurance.
- C. Professional indemnity insurance.
- D. Products liability insurance.
Answer: B
NEW QUESTION 79
In a chain of events, the proximate cause of a loss is always the
- A. dominant event leading to the loss.
- B. only event contributing towards the loss.
- C. only event which is not excluded by the terms of the policy.
- D. last event before the loss occurs.
Answer: A
NEW QUESTION 80
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