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IF1 chapter 2 questions with 100% correct answers
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IF1 chapter 2 questions with 100% correct answers
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IF1 chapter 2 questions with 100%correct answers
What are the five main components of the insurance market? - correct answer ✔✔Buyers,
intermediaries, aggregators, insurers and reinsurers.
Name the types of buyers in the market? - correct answer ✔✔Private individuals
Partnerships
Companies
Public bodies
Associations and clubs
What is the difference between a proprietary company and a mutual company? - correct answer ✔✔A
proprietary is owned by share holders and mutual is owned by policy holders.
Why do reinsures fall into the category of buyer and seller? - correct answer ✔✔Reinsurers accept risk
and transfer risk to other reinsurers.
What significant change took place in Lloyds in 2008? - correct answer ✔✔They removed the restriction
which enabled all brokers to place business at Lloyds.
What is the role of the intermediary? - correct answer ✔✔To bring buyers and sellers together.
What is a captive company? - correct answer ✔✔One which insures itself
What is loss adjuster? - correct answer ✔✔A person who inspects claim damage on behalf of the insurer.
What is a loss accessor? - correct answer ✔✔It is a person who inspects claims damage on behalf of the
insured.
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