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IF1 Past Paper 1 correctly answered to pass
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IF1 Past Paper 1 correctly answered to pass
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IF1 Past Paper 1 correctly answered topass
A vase which has been in Daisy's family for years can be insured for its:
A potential future financial value
B Current financial value & sentimental value
C Sentimental value
D Current financial value - correct answer ✔✔D
In the Lloyd's market the process whereby a broker approaches an underwriter to obtain their signature
in return for a share in a risk they are willing to accept is known as:
A Scratching a slip
B Writing a line
C Brokerage
D Xchanging - correct answer ✔✔A
An example of an indirect marketing channel when used by an insurer is:
A Leaflet
B Broker
C A home Service agent
D in-house sales staff - correct answer ✔✔B
Electrical Engineering suffer a large fire at their factory. The factory's insurance company appoints a
specialist to process the claim from start to finish. What kind of specialist is this likely to be?
A Loss adjustor
B Loss assessor
C Underwriter
D Surveyor - correct answer ✔✔A
, When is an independent intermediary acting as an agent for the insurer?
A Advising on claims
B Collecting premiums
C When arranging the policy
D When recommending which policy to take out - correct answer ✔✔B
The material section of a TOBA deals with the broker's responsibility for:
A ensuring that information is clear, fair and not misleading
B the credit risk in relation to premiums paid/refunded
C the prompt passing of info to the insurer
D releasing statutory documentation such as motor certificates - correct answer ✔✔C
Kat is storing a piano at her house for her friend Helen. Can she add the piano to her household
insurance?
A No because she doesn't legally own the piano so she has no insurable interest
B Yes, if Helen temporarily transfers ownership to Kat so she has insurable interest
C Yes, because the piano is in her safekeeping so she has an insurable interest
D No, Helen has to take out insurance in her own name to keep the piano at Kat's house - correct answer
✔✔C
When an insurer places the risk of suffering a loss with a reinsurer, what is their financial interest in the
original insurance called?
A The subject-matter of the contract
B The subject-matter of the insurance
C The subject-matter of the reinsurance
D The subject-matter of the contract & the insurance - correct answer ✔✔A
Which of the following insurance principles was summarised in Rozanes v Bowen (1928)?
A Insurable interest
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