CII Insurance Legal and Regulatory (IF1) - IF1 Exam Practice Test

A. Lloyd's brokers only.

B. Members of the public.

C. Lloyd's brokers and other intermediaries.

D. Lloyd's agents.

A. It is to be applied in conjunction with existing Acts.

B. It has full force of Jaw except where overridden by pre-existing Acts.

C. It does not have the force of law.

D. It has full stand-alone legal recognition.

A. good faith.

B. contribution.

C. subrogation.

D. indemnity.

A. Criminal prosecution.

B. Arbitration.

C. Civil proceedings.

D. No action can be taken.

A. A direct insurer.

B. A mutual insurer.

C. A captive insurer.

D. A composite insurer.

A. insurer.

B. insured.

C. intermediary.

D. regulator.

A. Self-insurance.

B. Dual insurance.

C. Coinsurance.

D. Reinsurance.

A. The member must notify the Cll of any shortcomings in his knowledge.

B. The member's knowledge and expertise must be kept up to date and relevant.

C. The member must provide the client with a copy of appropriate qualifications.

D. The member must be qualified to a minimum of the CD's diploma qualification.

A. framework for the commercial relationship, which defines and allocates the respective responsibilities and rights to each party.

B. criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer.

C. disaster recovery procedures to apply if there is a major disaster affecting the insurer.

D. agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS).

A. discriminates against one of the persons insured on the grounds of nationality, gender or sexual orientation only.

B. allows any party other than the insured to enforce the insurer's obligations under the policy.

C. causes a significant imbalance in the parties' rights and obligations arising under the contract, to the disadvantage of the insured.

D. imposes unreasonable obligations on the insurer in terms of costs or expenses that must be paid in addition to the amount of any loss.