[Jun 16, 2023] IF1 Practice Exam Dumps - 99% Marks In CII Exam
Updated Verified IF1 Q&As - Pass Guarantee or Full Refund
NEW QUESTION # 59
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?
- A. They will only be considered if Tom had a further speeding conviction in the last 12 months.
- B. They will not be considered as this is not an underwriting factor in motor insurance risk assessment.
- C. They will be classed as relevant information and will affect the premium.
- D. They will be ignored in accordance with the provisions of the Rehabilitation of Offenders Act 1974.
Answer: D
NEW QUESTION # 60
Self-insurance arises when a
- A. policyholder finds that he has inadvertently taken out more than one policy covering the same risk.
- B. company decides to set aside a fund to pay losses that may occur.
- C. number of insurers agree to collectively insure a particular risk in agreed proportions.
- D. policyholder decides to insure proportions of his property with different insurers.
Answer: B
NEW QUESTION # 61
Alex decides to insure his factory. In doing this he is primarily
- A. reducing his physical hazard.
- B. protecting his business against certainty of loss.
- C. reducing his moral hazard.
- D. transferring the risk to the insurer.
Answer: D
NEW QUESTION # 62
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
- A. enforceable but only if Harry does not refute the contract within six months of the contract date.
- B. unenforceable as the consideration is inadequate.
- C. unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.
- D. enforceable as consideration does not need to be adequate.
Answer: D
NEW QUESTION # 63
Which key test for money laundering is defined under the Proceeds of Crime Act 2002?
- A. Criminal possession.
- B. Criminal intelligence.
- C. Criminal lifestyle.
- D. Criminal record.
Answer: C
NEW QUESTION # 64
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
- A. indemnity.
- B. subrogation.
- C. contribution.
- D. good faith.
Answer: A
NEW QUESTION # 65
Barbara owns a factory employing 20 people. What insurance is she required to hold by law?
- A. Products liability insurance.
- B. Public liability insurance.
- C. Employers' liability insurance.
- D. Professional indemnity insurance.
Answer: C
NEW QUESTION # 66
Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?
- A. The intermediary.
- B. The lead insurer.
- C. Each coinsurer for its own proportion, but also a share of any proportion unpaid due to the default of another coinsurer.
- D. Each coinsurer for its own proportion only.
Answer: D
NEW QUESTION # 67
For which professional is professional indemnity insurance compulsory by statute?
- A. A solicitor.
- B. A loss assessor.
- C. A loss adjuster,
- D. A chartered surveyor. .
Answer: A
NEW QUESTION # 68
Under the Consumer Rights Act 2015. a clause in a household insurance policy may be considered unfair if it
- A. imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.
- B. discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.
- C. causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.
- D. allows any party other than the insured to enforce the insurer's obligations under the policy.
Answer: C
NEW QUESTION # 69
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?
- A. High frequency, high severity.
- B. Low frequency, low severity.
- C. High frequency, low severity.
- D. Low frequency, high severity.
Answer: D
NEW QUESTION # 70
What type of risk is a widespread natural disaster?
- A. A pure risk.
- B. A speculative risk.
- C. A fundamental risk.
- D. A particular risk.
Answer: C
NEW QUESTION # 71
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
- A. outside normal business hours,
- B. via the intermediary.
- C. on a direct basis,
- D. only when collecting premiums.
Answer: B
NEW QUESTION # 72
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
NEW QUESTION # 73
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?
- A. Three fifths.
- B. Two fifths.
- C. Three eighths.
- D. Five eighths.
Answer: D
NEW QUESTION # 74
The Principles for Business slate that all customers should be treated
- A. equally.
- B. with due respect.
- C. to a minimum standard.
- D. fairly.
Answer: D
NEW QUESTION # 75
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The CII IF1 certification exam covers a range of topics, including the principles of insurance law, the regulatory framework for the industry, the structure and operation of the insurance market, and the role of key players such as brokers, underwriters, and claims handlers. The exam is designed to provide a solid foundation in the key legal and regulatory principles that underpin the insurance industry, helping candidates to develop the skills and knowledge they need to succeed in this complex and dynamic field.
The CII IF1 (Insurance Legal and Regulatory (IF1)) Certification Exam is a certification exam that is designed to test the knowledge and understanding of insurance professionals on legal and regulatory principles and practices. The exam covers a wide range of topics related to insurance law and regulations, such as the legal framework of insurance, insurance contracts, consumer protection, insurance market conduct, and regulatory compliance. The exam is intended for individuals who are working in the insurance industry in roles such as underwriters, claims handlers, brokers, and agents.
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