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CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. The Financial Ombudsman Service will make a ruling on a dispute between
A) a private individual and an insurer.
B) an insurer and a reinsurer.
C) an insurance broker and an insurer.
D) a third party and the insurer against whom he is making a liability claim.
2. Which key test for money laundering is defined under the Proceeds of Crime Act 2002?
A) Criminal lifestyle.
B) Criminal possession.
C) Criminal intelligence.
D) Criminal record.
3. A policyholder achieves peace of mind when insuring his car by
A) reducing the chance of a loss occurring.
B) transferring the risk to the insurer.
C) preventing the chance of a loss occurring.
D) eliminating the risk of loss.
4. What type of risk is a widespread natural disaster?
A) A particular risk.
B) A speculative risk.
C) A pure risk.
D) A fundamental risk.
5. 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) Wear and tear.
B) Brokerage.
C) Loss of interest.
D) An excess.
Solutions:
| Question # 1 Answer: A | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: A |
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