Online Access Free CII.IF1.v2022-08-15.q36 Practice Test (Page 8)

IF1 Exam Question 31

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.Dual insurance.

C.Reinsurance.

D.Self-insurance.

IF1 Exam Question 32

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

A.create a standard format for the presentation of accounting data.

B.provide authorisation to transact insurance business.

C.introduce monitoring procedures by the Prudential Regulation Authority.

D.strengthen the financial security of the insurer or intermediary.

IF1 Exam Question 33

An investor is unable to obtain insurance to protect his potential losses while trading on the stock market because the category of risk is deemed to be

A.speculative.

B.financial.

C.particular.

D.pure.

IF1 Exam Question 34

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

A.Insurable interest does not arise.

B.Insurable interest is created by statute.

C.The policyholder is considered to have assigned the insurable interest to the insurer.

D.The insurer is considered to have insurable interest by virtue of its liability to pay claims.

IF1 Exam Question 35

Under common law. when does the insured's duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

A.When the policy contract lakes effect.

B.When a claim is submitted.

C.At renewal.

D.When a claim is paid.

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