Latest PDF of CII-IF1: CII Credit Level Certificate: Mastering the Basic Principles of Insurance, Legal and Regulatory (IF1) Framework

CII Credit Level Certificate: Mastering the Basic Principles of Insurance, Legal and Regulatory (IF1) Framework Practice Test

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CII
CII-IF1
CII Credit Level Certificate: Mastering the Basic
Principles of Insurance, Legal and Regulatory (IF1)
Framework
https://killexams.com/pass4sure/exam-detail/CII-IF1
Question: 10
If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from
A. disclosing details to a third party.
B. reinsuring the risk.
C. pursuing subrogation rights.
D. increasing the premium.
Answer: C
Question: 11
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?
A. He must apply to the British Insurance Brokers' Association.
B. He must apply to the Chartered Insurance Institute.
C. He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
D. He must apply to the Prudential Regulation Authority.
Answer: B
Question: 12
In order for a contract to be legally enforceable, what further action is required after offer and acceptance?
A. Exchange of consideration between the two parties.
B. Witnessing by a third party.
C. Delivery of goods or services concerned.
D. Provision of written terms and conditions.
Answer: A
Question: 13
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 policy number only.
B. The number of days the settlement should take.
C. The contact details of the insurer.
D. The contact details of the loss adjuster used by the insurer.
Answer: D
Question: 14
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. An excess.
C. Brokerage.
D. Loss of interest.
Answer: A
Question: 15
Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but
decides NOT to report his suspicions to anyone.
How is this treated under the current Money Laundering Regulations?
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.
Answer: D
Question: 16
John wishes to insure his friend's house.
Why would an insurer refuse to provide a quotation?
A. His name is not on the mortgage.
B. He does not have any subrogation rights.
C. He does not live in the house.
D. He does not have any insurable interest.
Answer: D
Question: 17
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
A. Insurable interest does not arise.
B. Insurable interest is created by statute.
C. The insurer is considered to have insurable interest by virtue of its liability to pay claims.
D. The policyholder is considered to have assigned the insurable interest to the insurer.
Answer: C
Question: 18
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the
A. Financial Services Compensation Scheme.
B. Financial Ombudsman Service.
C. Association of British Insurers.
D. European Union.
Answer: D
Question: 19
What type of organisation is the British Insurance Brokers' Association?
A. A specialist regulator.
B. A trade body.
C. An educational body.
D. A public limited company.
Answer: B
Question: 20
How would an employee benefit directly from her employer's business interruption insurance if its factory was forced
to close temporarily due to flood damage?
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.
Answer: B
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?
A. Immediately, irrespective of prognosis.
B. He does not need to disclose this.
C. Immediately, but only if the diagnosis is terminal.
D. At the date of the next premium payment.
Answer: B
Question: 22
The principle of indemnity is the
A. obligation of the insurer to provide a maximum sum insured or limit of liability.
B. placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
C. obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.
D. placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
Answer: D
Question: 23
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?
A. It represents a physical hazard.
B. It represents a moral hazard.
C. It is a spent conviction.
D. It is information that would not influence an underwriter.
Answer: C
Question: 24
A risk that is always insurable is a
A. fundamental risk.
B. pure risk.
C. speculative risk.
D. capital risk.
Answer: B
Question: 25
The requirement 10 notify the fitting of a more powerful engine under a motor insurance policy is an example of a
policy wording modifying the principle of
A. subrogation.
B. contribution.
C. good faith.
D. indemnity.
Answer: C

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