IF1 Practice Exam Questions and Answers

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.

A.  

Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.

B.  

The lead insurer.

C.  

The intermediary.

D.  

Each coinsurer for its own proportion only.

A.  

At the time of the loss only.

B.  

At policy inception only.

C.  

At policy inception and at the time of the loss.

D.  

At the time of the proposal.

A.  

By HM Revenue & Customs on the whole general account.

B.  

By the insurer on individual insurance contracts.

C.  

By the insurer on the whole general and life accounts.

D.  

By HM Revenue & Customs on individual insurance contracts.

A.  

By payment of a redundancy lump sum.

B.  

By continuation of her wages.

C.  

By compensation for loss of bonus.

D.  

By payment of an early retirement pension.

A.  

Subrogation rights only apply under a theft policy.

B.  

Subrogation rights do not apply under either policy.

C.  

Subrogation rights only apply under a personal accident policy.

D.  

Subrogation rights apply under both policies.

A.  

Wear and tear.

B.  

An excess.

C.  

Brokerage.

D.  

Loss of interest.

A.  

to a minimum standard.

B.  

fairly.

C.  

equally.

D.  

with due respect.

A.  

make firms more competitive.

B.  

ensure all firms have a similar service standard.

C.  

apply fixed times for responding to claims and complaints.

D.  

build consumer confidence in the financial services industry.

A.  

It is a disciplinary offence under the Banking Code.

B.  

It is a civil offence.

C.  

It is a criminal offence.

D.  

It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.