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Frequently Asked Questions
Question # 1
In accordance with the principle of good faith, which facts must a potential policyholderdisclose to the insurer when applying for insurance?
A. Any facts which are considered material to the risk.
B. Only those facts considered likely to reduce the cost of cover
C. Any facts which are in the public domain.
D. Any facts of law.
Question # 2
A claim has arisen which is fully covered under insurer A's policy and insurer B's policy.Insurer A's policy has a sum insured of £30,000 and insurer B's policy has a sum insured of£50,000. What proportion of the claim is insurer B liable for if the principle of contributionapplies on a rateable proportion by sum insured basis?
A. Two fifths.
B. Three fifths.
C. Three eighths.
D. Five eighths.
Question # 3
In a chain of events, the proximate cause of a loss is always the
A. only event contributing towards the loss.
B. last event before the loss occurs.
C. dominant event leading to the loss.
D. only event which is not excluded by the terms of the policy.
Question # 4
What is the principal reason for which a proposer is asked by the insurer whether his carwill be driven by anyone else?
A. To enable a loading to be applied.
B. To establish whether insurable interest exists.
C. To enable a discount to be applied.
D. It is a material circumstance.
Question # 5
When should a direct insurer advise a policyholder in writing of its complaints-handlingprocedure, to comply with regulatory requirements?
A. Within 7 days of a complaint being made.
B. Within 30 days of cover being incepted.
C. At the time of the sale or immediately afterwards.
D. At the lime of a claim.
Question # 6
For which professional is professional indemnity insurance compulsory by statute?
A. A loss adjuster,
B. A chartered surveyor. .
C. A solicitor.
D. A loss assessor.
Question # 7
The principle of indemnity is the
A. obligation of the insurer to provide a maximum sum insured or limit of liability.
B. placing of the insured, at expiry of a policy, in the same financial position as enjoyed atinception.
C. obligation of the insurer to pay all valid claims according to the terms and conditions ofthe policy.
D. placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
Question # 8
Bye-laws are passed at the Lloyd's Market by the
A. Corporation of Lloyd's.
B. Lloyd's Market Association.
C. Lloyds Managing Agent.
D. Council of Lloyd's.
Question # 9
Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasinginsurance, Joel is managing what element of risk?
A. Uncertainty.
B. Statutory requirements.
C. Frequency.
D. Certainty.
Question # 10
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. Advertising Standards Authority.
B. Competition and Markets Authority.
C. Prudential Regulation Authority.
D. Financial Ombudsman Service.
Question # 11
A firm of insurance brokers holds client records on an index card system and does NOTintend to computerise this information. In what circumstances, if any, will these records becovered by the Data Protection Act 2018?
A. Only if the records include dates of birth.
B. In all circumstances.
C. Only if the records include details of race.
D. In no circumstances.
Question # 12
A policyholder achieves peace of mind when insuring his car by
A. eliminating the risk of loss.
B. reducing the chance of a loss occurring.
C. preventing the chance of a loss occurring.
D. transferring the risk to the insurer.
Question # 13
To whom, if anyone, can an agent normally delegate the responsibility imposed on netunder an agency agreement?
A. The agent cannot delegate her responsibility.
B. To suitably experienced individuals only.
C. To suitably qualified individuals only.
D. To anyone able to fulfil the duties.
Question # 14
A Terms of Business Agreement between an insurer and an intermediary will normallystate that the insurer will deal with the policyholder
A. only when collecting premiums.
B. on a direct basis,
C. outside normal business hours,
D. via the intermediary.
Question # 15
The purpose of Insurance Premium Tax is to
A. pay for flood defences.
B. raise revenue for the Government.
C. reimburse for claims of insolvent insurers
D. fund the Association of British Insurers.
Question # 16
Insurers and intermediaries are required to adhere to solvency requirements as stipulatedby the
A. Financial Services Compensation Scheme.
B. Financial Ombudsman Service.
C. Association of British Insurers.
D. European Union.
Question # 17
Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Bendiscusses this with his solicitor who states the contract is
A. unenforceable as the consideration is inadequate.
B. enforceable as consideration does not need to be adequate.
C. enforceable but only if Harry does not refute the contract within six months of thecontract date.
D. unenforceable unless Harry signs a disclaimer acknowledging the consideration asacceptable.
Question # 18
Reinsurance is usually purchased by the
A. intermediary.
B. insurer.
C. regulator.
D. insured.
Question # 19
A house slatls to have subsidence problems due to the negligence of a cable-layingcompany. The owner of the house claims under his household buildings insurance policy.Which principle allows the insurer to recover from the cable-laying company?
A. Subrogation.
B. Assignment.
C. Contribution.
D. Salvage.
Question # 20
A risk control survey shows that premises proposed for insurance are in close proximity toa river with a history of flooding. The underwriter will consider this fact to be a
A. moral hazard.
B. physical hazard.
C. fundamental risk.
D. pure risk.
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