Online Access Free CII.IF1.v2022-08-15.q36 Practice Test (Page 6)

IF1 Exam Question 21

A firm of insurance brokers invite Stuart. an underwriter who handles its account, on a Caribbean cruise with his family. How should Stuart react to this invitation in order to comply with the Chartered Insurance Institute's Code of Ethics?

A.Accept on the basis that this is an accepted business practice.

B.Decline as this is against the Financial Ombudsman Service regulations.

C.Accept only on the basis that the cost is less than £1.000.

D.Decline to avoid any suggestion he is being compromised.

IF1 Exam Question 22

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

A.good faith.

B.indemnity.

C.contribution.

D.subrogation.

IF1 Exam Question 23

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

A.Witnessing by a third party.

B.Provision of written terms and conditions.

C.Exchange of consideration between the two parties.

D.Delivery of goods or services concerned.

IF1 Exam Question 24

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

A.unenforceable as the consideration is inadequate.

B.unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.

C.enforceable but only if Harry does not refute the contract within six months of the contract date.

D.enforceable as consideration does not need to be adequate.

IF1 Exam Question 25

A firm of insurance brokers holds client records on an index card system and does NOT intend to computerise this information. In what circumstances, if any, will these records be covered by the Data Protection Act 2018?

A.Only if the records include dates of birth.

B.In all circumstances.

C.In no circumstances.

D.Only if the records include details of race.

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