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1. Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?
A) Statutory requirements.
B) Frequency.
C) Certainty.
D) Uncertainty.
2. What is the current rate of Insurance Premium Tax for a motor insurance policy?
A) 12%
B) 20%
C) 9.5%
D) 10%
3. In the event of an insurer including an unclear clause in its household insurance policy, which statute could the policyholder rely upon if there was a contractual dispute?
A) The Criminal Justice Act 1993.
B) The Consumer Rights Act 2015.
C) The Contracts (Rights of Third Parties) Act 1999.
D) The Data Protection Act 2018.
4. Bye-laws are passed at the Lloyd's Market by the
A) Council of Lloyd's.
B) Lloyds Managing Agent.
C) Lloyd's Market Association.
D) Corporation of Lloyd's.
5. Julie has cancelled her trip to tlaly as she has broken her leg. Which type of insurance policy is specifically designed to compensate Julie for any cancellation charges she has incurred?
A) A travel insurance policy.
B) A personal accident and sickness insurance policy.
C) An income protection insurance policy.
D) A money insurance policy.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: A | Question # 5 Answer: A |
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