[May 31, 2022] Get New IF1 Practice Test Questions Answers [Q17-Q37]

NEW QUESTION 17
Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as

NEW QUESTION 18
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 contribution applies on a rateable proportion by sum insured basis?

NEW QUESTION 19
An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?

NEW QUESTION 20
Who is represented by a loss assessor?

NEW QUESTION 21
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?

NEW QUESTION 22
It is important to ensure the fair treatment of customers in order to comply with rules set by the

NEW QUESTION 23
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

NEW QUESTION 24
Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

NEW QUESTION 25
Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?

NEW QUESTION 26
An insured is temporarily disabled due to illness and unable to work. During this period, what type of insurance policy will typically pay a weekly benefit for up to two years?

NEW QUESTION 27
Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?

NEW QUESTION 28
A policyholder achieves peace of mind when insuring his car by

NEW QUESTION 29
The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?

NEW QUESTION 30
Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity’s death?

NEW QUESTION 31
What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?

NEW QUESTION 32
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

NEW QUESTION 33
Peter currently has no penalty points on his driving licence, although he was convicted of a minor motoring offence eight years ago. Why does Peter NOT need to disclose this to his motor insurer?

NEW QUESTION 34
When completing a proposal form, Tom declares that he has two spent speeding convictions. How, if at all, will the spent convictions affect an underwriter’s decision to write the risk?

NEW QUESTION 35
Lloyd’s is known as a subscription market because

NEW QUESTION 36
How do an insurer’s subrogation rights differ, if at all, between a theft policy and a personal accident policy?

NEW QUESTION 37
A risk control survey shows that premises proposed for insurance are in close proximity to a river with a history of flooding. The underwriter will consider this fact to be a