IF1 Practice Dumps – Verified By PracticeMaterial Updated 100 Questions [Q21-Q37]

QUESTION 21
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?

QUESTION 22
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?

QUESTION 23
Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?

QUESTION 24
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?

QUESTION 25
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

QUESTION 26
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

QUESTION 27
Who can place business directly with a Lloyd’s underwriter?

QUESTION 28
If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?

QUESTION 29
The Financial Services Compensation Scheme was established to help policyholders in the event of

QUESTION 30
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

QUESTION 31
What is the current rate of Insurance Premium Tax for a motor insurance policy?

QUESTION 32
Which typo of insurer is owned by multiple policyholders?

QUESTION 33
A survey of a car repairers reveals a spray booth exists by an unguarded paraffin space beater. Also, a day’s supply of paint is kept within the building and waste is removed daily from a metal bin. What will the underwriter perceive as the main physical hazard?

QUESTION 34
A policyholder achieves peace of mind when insuring his car by

QUESTION 35
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?

QUESTION 36
A loss adjuster normally acts on behalf of the

QUESTION 37
What is the legal standing of the Charioted Insurance Institute’s Code of Ethics?