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Insurance Legal and Regulatory (IF1) Exam

Last Update 16 hours ago Total Questions : 100

The Insurance Legal and Regulatory (IF1) Exam content is now fully updated, with all current exam questions added 16 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 # 4

Self-insurance arises when a

A.

company decides to set aside a fund to pay losses that may occur.

B.

number of insurers agree to collectively insure a particular risk in agreed proportions.

C.

policyholder finds that he has inadvertently taken out more than one policy covering the same risk.

D.

policyholder decides to insure proportions of his property with different insurers.

Question # 5

A risk that is always insurable is a

A.

fundamental risk.

B.

pure risk.

C.

speculative risk.

D.

capital risk.

Question # 6

The Financial Services Compensation Scheme was established to help policyholders in the event of

A.

unreasonable policy terms and conditions.

B.

the financial failure of an insurance company.

C.

the repudiation of liability by an insurer.

D.

fraud perpetrated by an insurance broker.

Question # 7

If a firm is said to be risk averse, this means that it

A.

arranges insurance protection wherever possible.

B.

undertakes its own risk management research.

C.

carries its own risk wherever possible.

D.

tenders its insurance needs to the market.

Question # 8

Which distribution channel for household insurance is typically characterised by high advertising and promotional costs, with no payment of commission?

A.

Appointed representatives.

B.

Lloyd ' s.

C.

Independent brokers.

D.

Direct insurers.

Question # 9

From April 2019. a small company with nine employees is in dispute with its insurer and wishes to refer the matter to the Financial Ombudsman Service (FOS). The FOS is only permitted lo deal with the dispute if the insured ' s turnover does NOT exceed

A.

£1,000,000

B.

£3,500,000

C.

£6,000,000

D.

£6,500,000

Question # 10

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 paid.

C.

When a claim is submitted.

D.

At renewal.

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