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IF1 - Chapter 2 questions with correct answers
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IF1 - Chapter 2 questions with correct answers
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IF1 - Chapter 2 questions with correctanswers
Structure of the insurance market - correct answer ✔✔- Buyers (policyholder/Insureds)
- Insurers (sellers)
- Intermediaries (those who bring buyer and sellers together)
- Comparison websites (aggregators)
- Reinsurers (A mean of spreading risks)
Buyers - correct answer ✔✔- Private individuals
- Partnerships
- Companies
- Public bodies
- Associations and clubs
Insurers - correct answer ✔✔- Proprietary companies
- Mutual companies
- Mutual indemnity associations
- Captive insurers
- Protected cell companies (PCCs)
- Societas Europaeas (SEs)
Types of insurer as a function - correct answer ✔✔- Composite companies
- Specialist insurers
Takaful insurance companies - correct answer ✔✔This is a type of insurance that is based around Islamic
financial services industry and is based on the ruling of Sharia law on financial and commercial
transactions.
, Takaful insurances embrace the Islamic principles - correct answer ✔✔- Mutuality and cooperation
- Shared responsibility
- Joint indemnity
- Common interest
- Solidarity
The state in the UK - correct answer ✔✔Provides as an insurer in social services and pensions. It also
acts as a reinsurer in relation to terrorism risks.
Lloyd's - correct answer ✔✔The organisation which provides the facilities for the placing of risks in its
own market.
Syndicates - correct answer ✔✔Groups of private individuals or corporate member who actually carry
the risks.
The London market - correct answer ✔✔Is a place where sizeable and complex industrial risks from all
over the world are placed.
Contract certainty - correct answer ✔✔To achieve the complete and final agreement of all terms
between insured and insurers before inception.
Authorised persons - correct answer ✔✔Someone who is authorised by the FCA to engage in regulated
activities.
Appointed representatives - correct answer ✔✔An individual or company appointed by an authorised
person under the terms of the contract.
Introducer appointed representative - correct answer ✔✔One whose scope of appointment by the
authorised person/firm is limited to effecting introductions and distributing what are termed 'non-real
time financial promotions'.
Distribution channels - correct answer ✔✔Direct and indirect
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