IF1 Exam Dumps: Mastering the Basic Principles of Insurance, Legal and Regulatory (IF1) Framework

1. To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?

2. Which key test for money laundering is defined under the Proceeds of Crime Act 2002?

3. Barbara owns a factory employing 20 people.

What insurance is she required to hold by law?

4. A loss adjuster normally acts on behalf of the

5. A Terms of Business Agreement between an insurer and an intermediary sets out the

6. 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?

7. 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

8. It is important to ensure the fair treatment of customers in order to comply with rules set by the

9. The purpose of the EU solvency requirements for insurers and intermediaries is to

10. If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from

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?

12. In order for a contract to be legally enforceable, what further action is required after offer and acceptance?

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?

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?

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?

16. John wishes to insure his friend's house.

Why would an insurer refuse to provide a quotation?

17. How does insurable interest arise, if at all. when an insurer arranges reinsurance?

18. Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

19. What type of organisation is the British Insurance Brokers' Association?

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?

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?

22. The principle of indemnity is the

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?

24. A risk that is always insurable is a

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