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NEW QUESTION 24
In a chain of events, the proximate cause of a loss is always the
- A. dominant event leading to the loss.
- B. last event before the loss occurs.
- C. only event contributing towards the loss.
- D. only event which is not excluded by the terms of the policy.
Answer: A
NEW QUESTION 25
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
- A. only when collecting premiums.
- B. via the intermediary.
- C. on a direct basis,
- D. outside normal business hours,
Answer: B
NEW QUESTION 26
How does insurable interest arise, if at all. when an insurer arranges reinsurance?
- A. Insurable interest does not arise.
- B. The policyholder is considered to have assigned the insurable interest to the insurer.
- C. The insurer is considered to have insurable interest by virtue of its liability to pay claims.
- D. Insurable interest is created by statute.
Answer: C
NEW QUESTION 27
An insured is temporarily disabled due to illness and unable to work. During this period, what type of insurance policy will typically pay a weekly benefit for up to two years?
- A. A medical expenses insurance policy.
- B. A personal accident and sickness insurance policy.
- C. A critical illness insurance policy.
- D. An employers' liability insurance policy.
Answer: B
NEW QUESTION 28
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?
- A. The spray booth.
- B. The waste bin.
- C. The unguarded paraffin space heater.
- D. The paint.
Answer: C
NEW QUESTION 29
Self-insurance arises when a
- A. policyholder finds that he has inadvertently taken out more than one policy covering the same risk.
- B. number of insurers agree to collectively insure a particular risk in agreed proportions.
- C. policyholder decides to insure proportions of his property with different insurers.
- D. company decides to set aside a fund to pay losses that may occur.
Answer: D
NEW QUESTION 30
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?
- A. Immediately, but only if the diagnosis is terminal.
- B. At the date of the next premium payment.
- C. Immediately, irrespective of prognosis.
- D. He does not need to disclose this.
Answer: D
NEW QUESTION 31
The Principles for Business slate that all customers should be treated
- A. to a minimum standard.
- B. fairly.
- C. with due respect.
- D. equally.
Answer: B
NEW QUESTION 32
Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?
- A. Good faith.
- B. Subrogation.
- C. Contra proferentem.
- D. Privity of contract.
Answer: D
NEW QUESTION 33
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. contribution.
- B. subrogation.
- C. good faith.
- D. indemnity.
Answer: D
NEW QUESTION 34
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?
- A. It is a spent conviction.
- B. It represents a physical hazard.
- C. It represents a moral hazard.
- D. It is information that would not influence an underwriter.
Answer: A
NEW QUESTION 35
When motor insurance is purchased directly with an insurer, what is usually the main disadvantage to the policyholder in the event of a claim compared to purchasing indirectly through a different marketing channel?
- A. There is no intermediary to provide assistance.
- B. A courtesy car is not available.
- C. The risk of losing a no claims discount is greater.
- D. The policy excess is higher.
Answer: A
NEW QUESTION 36
The purpose of the EU solvency requirements for insurers and intermediaries is to
- A. strengthen the financial security of the insurer or intermediary.
- B. provide authorisation to transact insurance business.
- C. introduce monitoring procedures by the Prudential Regulation Authority.
- D. create a standard format for the presentation of accounting data.
Answer: D
NEW QUESTION 37
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 number of days the settlement should take.
- B. The contact details of the loss adjuster used by the insurer.
- C. The contact details of the insurer.
- D. The policy number only.
Answer: B
NEW QUESTION 38
Bye-laws are passed at the Lloyd's Market by the
- A. Lloyd's Market Association.
- B. Corporation of Lloyd's.
- C. Lloyds Managing Agent.
- D. Council of Lloyd's.
Answer: D
NEW QUESTION 39
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