Latest IF1 Pass Guaranteed Exam Dumps Certification Sample Questions [Q36-Q50]

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Latest IF1 Pass Guaranteed Exam Dumps Certification Sample Questions

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Q36. To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?

The agent cannot delegate her responsibility.

To suitably experienced individuals only.

To suitably qualified individuals only.

To anyone able to fulfil the duties.

Q37. What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?

Insurable interest.

Risk indemnity.

Vicarious liability.

Delegated authority.

Q38. The purpose of Insurance Premium Tax is to

pay for flood defences.

raise revenue for the Government.

reimburse for claims of insolvent insurers

fund the Association of British Insurers.

Q39. Bye-laws are passed at the Lloyd’s Market by the

Corporation of Lloyd’s.

Lloyd’s Market Association.

Lloyds Managing Agent.

Council of Lloyd’s.

Q40. Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Ben discusses this with his solicitor who states the contract is

unenforceable as the consideration is inadequate.

enforceable as consideration does not need to be adequate.

enforceable but only if Harry does not refute the contract within six months of the contract date.

unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.

Q41. Who can place business directly with a Lloyd’s underwriter?

Lloyd’s agents.

Members of the public.

Lloyd’s brokers only.

Lloyd’s brokers and other intermediaries.

Q42. Under common law. when does the insured’s duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

When the policy contract lakes effect.

When a claim is paid.

When a claim is submitted.

At renewal.

Q43. A Terms of Business Agreement between an insurer and an intermediary sets out the

agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS).

criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer.

framework for the commercial relationship, which defines and allocates the respective responsibilities and rights to each party.

disaster recovery procedures to apply if there is a major disaster affecting the insurer.

Q44. 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?

Immediately, irrespective of prognosis.

He does not need to disclose this.

Immediately, but only if the diagnosis is terminal.

At the date of the next premium payment.

Q45. If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it

does not have the right to ask the proposer for more information.

should be able to underwrite the risk based on the information already provided.

has statistics on similar risks.

did not request further information.

Q46. When a member of the Chartered Insurance Institute (CM) is dealing with a client, what specific guidance does the Code of Ethics give in relation to the member’s knowledge and expertise?

The member must be qualified to a minimum of the CD’s diploma qualification.

The member must notify the Cll of any shortcomings in his knowledge.

The member’s knowledge and expertise must be kept up to date and relevant.

The member must provide the client with a copy of appropriate qualifications.

Q47. 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

good faith.

contribution.

indemnity.

subrogation.

Q48. When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?

Within 7 days of a complaint being made.

Within 30 days of cover being incepted.

At the time of the sale or immediately afterwards.

At the lime of a claim.

Q49. Sunita suffers a loss and makes a claim under her household contents insurance policy. When must insurable interest exist for her claim to be valid?

At the time of the loss only.

At policy inception only.

At policy inception and at the time of the loss.

At the time of the proposal.

Q50. Under the provisions of the Financial Services Act 2012. what action, if any, can the regulator take against a firm that has committed money laundering offences?

Criminal prosecution.

No action can be taken.

Civil proceedings.

Arbitration.

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