Brilliant IF1 Exam Dumps Get IF1 Dumps PDF [Q48-Q67]

QUESTION 48
What is the principal reason for which a proposer is asked by the insurer whether his car will be driven by anyone else?

QUESTION 49
John wishes to insure his friend’s house. Why would an insurer refuse to provide a quotation?

QUESTION 50
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?

QUESTION 51
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?

QUESTION 52
A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?

QUESTION 53
An owner of a building reduces its sum insured from £1,000.000 lo £500.000 to save premiums. A Tire causes
£300,000 damage to the building. If the building has a reinstatement value of £750,000 and average is applied, how much will the insured receive in settlement?

QUESTION 54
For which professional is professional indemnity insurance compulsory by statute?

QUESTION 55
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 56
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 57
The Principles for Business slate that all customers should be treated

QUESTION 58
An agent, acting outside the terms of her agency agreement, binds her principal to a contract with a third party who has reason to believe that the agent can act in that capacity. On what basis, if al all, is the principal bound by the agent’s actions?

QUESTION 59
The main purpose of the fair treatment of customers initiative is to

QUESTION 60
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

QUESTION 61
How does insurable interest arise, if at all. when an insurer arranges reinsurance?

QUESTION 62
If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it

QUESTION 63
What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?

QUESTION 64
The Financial Services Compensation Scheme was established to help policyholders in the event of

QUESTION 65
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?

QUESTION 66
Lloyd’s is known as a subscription market because

QUESTION 67
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?