Online Access Free IF1 Exam Questions

A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

• A.via the intermediary.
• B.only when collecting premiums.
• C.outside normal business hours,
• D.on a direct basis,

What is the basis of settlement under a new for old insurance policy if a television is stolen?

• A.The original cost, less wear and tear.
• B.The replacement cost, less wear and tear.
• C.The original cost in full.
• D.The replacement cost in full.

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.Certainty.
• B.Frequency.
• C.Statutory requirements.
• D.Uncertainty.

Which typo of insurer is owned by multiple policyholders?

• A.A mutual insurer.
• B.A captive insurer.
• C.A proprietary insurer.
• D.A composite insurer.

An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?

• A.Coinsurance.
• B.Self-insurance.
• C.Reinsurance.
• D.Dual insurance.