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NEW QUESTION 56
Under the regulator's training and competency rules, a general insurance employee carrying out a non-WiFID business activity
- A. for 20 years after the employee stops carrying out the activity.
- B. for 3 years after the employee stops carrying out the activity.
- C. indefinitely.
- D. for 10 years after the employee stops carrying out the activity.
Answer: B
NEW QUESTION 57
When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as
- A. indemnity.
- B. material circumstances.
- C. warranties.
- D. contractual terms.
Answer: B
NEW QUESTION 58
John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of
£20,000. Both policies have identical terms and conditions. What is insurer A's liability if a valid claim of
£3,000 is subsequently made?
- A. £1,500
- B. £2,000
- C. £1,000
- D. £3,000
Answer: C
NEW QUESTION 59
Bye-laws are passed at the Lloyd's Market by the
- A. Corporation of Lloyd's.
- B. Lloyds Managing Agent.
- C. Lloyd's Market Association.
- D. Council of Lloyd's.
Answer: D
NEW QUESTION 60
A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?
- A. The storm.
- B. The water damage.
- C. The falling wall.
- D. The fire.
Answer: A
NEW QUESTION 61
How would an insurer's portfolio of motor claims be shown in terms of frequency and severity?
- A. Low frequency, high seventy.
- B. Low frequency, low seventy.
- C. High frequency, high seventy.
- D. High frequency, low severity.
Answer: D
NEW QUESTION 62
The purpose of the EU solvency requirements for insurers and intermediaries is to
- A. create a standard format for the presentation of accounting data.
- B. strengthen the financial security of the insurer or intermediary.
- C. provide authorisation to transact insurance business.
- D. introduce monitoring procedures by the Prudential Regulation Authority.
Answer: A
NEW QUESTION 63
An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?
- A. Self-insurance.
- B. Reinsurance.
- C. Coinsurance.
- D. Dual insurance.
Answer: C
NEW QUESTION 64
If a firm is said to be risk averse, this means that it
- A. carries its own risk wherever possible.
- B. undertakes its own risk management research.
- C. tenders its insurance needs to the market.
- D. arranges insurance protection wherever possible.
Answer: A
NEW QUESTION 65
When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
- A. A courtesy car is not available.
- B. There is no intermediary to provide assistance.
- C. The policy excess is higher.
- D. The risk of losing a no claims discount is greater.
Answer: B
NEW QUESTION 66
The Financial Ombudsman Service will make a ruling on a dispute between
- A. an insurer and a reinsurer.
- B. an insurance broker and an insurer.
- C. a third party and the insurer against whom he is making a liability claim.
- D. a private individual and an insurer.
Answer: D
NEW QUESTION 67
Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?
- A. The contact details of the insurer.
- B. The policy number only.
- C. The number of days the settlement should take.
- D. The contact details of the loss adjuster used by the insurer.
Answer: D
NEW QUESTION 68
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
- A. outside normal business hours,
- B. only when collecting premiums.
- C. via the intermediary.
- D. on a direct basis,
Answer: C
NEW QUESTION 69
Reinsurance is usually purchased by the
- A. intermediary.
- B. regulator.
- C. insured.
- D. insurer.
Answer: D
NEW QUESTION 70
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. contribution.
- B. subrogation.
- C. indemnity.
- D. good faith.
Answer: C
NEW QUESTION 71
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