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Insurance Legal and Regulatory (IF1) Exam

Last Update 19 hours ago Total Questions : 100

The Insurance Legal and Regulatory (IF1) Exam content is now fully updated, with all current exam questions added 19 hours ago. Deciding to include IF1 practice exam questions in your study plan goes far beyond basic test preparation.

You'll find that our IF1 exam questions frequently feature detailed scenarios and practical problem-solving exercises that directly mirror industry challenges. Engaging with these IF1 sample sets allows you to effectively manage your time and pace yourself, giving you the ability to finish any Insurance Legal and Regulatory (IF1) Exam practice test comfortably within the allotted time.

Question # 11

An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?

A.

From the initial interview.

B.

It would not apply, as the employee is already fully competent.

C.

Within 18 months of employment.

D.

When the employee first has contact with members of the public.

Question # 12

When Susan applied for a new household contents insurance policy, she was obliged to disclose her extensive claims history. Such details are normally known as

A.

indemnity.

B.

warranties.

C.

contractual terms.

D.

material circumstances.

Question # 13

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.

The risk of losing a no claims discount is greater.

C.

The policy excess is higher.

D.

A courtesy car is not available.

Question # 14

The main function of an insurance broker is to

A.

negotiate claims.

B.

act as the agent of the insurer.

C.

provide independent advice to clients.

D.

introduce business lo a particular insurer.

Question # 15

The capital requirements of insurers and intermediaries are set out by

A.

Proceeds of Crime Act 2002.

B.

Money Laundering Regulations.

C.

Data Protection legislation.

D.

Prudential Regulation Authority rules.

Question # 16

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.

Only if the records include details of race.

D.

In no circumstances.

Question # 17

When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?

A.

Within 7 days of a complaint being made.

B.

Within 30 days of cover being incepted.

C.

At the time of the sale or immediately afterwards.

D.

At the lime of a claim.

Question # 18

What is the current rate of Insurance Premium Tax for a motor insurance policy?

A.

9.5%

B.

10%

C.

12%

D.

20%

Question # 19

Alex decides to insure his factory. In doing this he is primarily

A.

transferring the risk to the insurer.

B.

reducing his physical hazard.

C.

protecting his business against certainty of loss.

D.

reducing his moral hazard.

Question # 20

John wishes to insure his friend ' s house. Why would an insurer refuse to provide a quotation?

A.

His name is not on the mortgage.

B.

He does not have any subrogation rights.

C.

He does not live in the house.

D.

He does not have any insurable interest.

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