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IF1 questions with 100% correct answers
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IF1 questions with 100% correct answers
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IF1 questions with 100% correctanswers
good faith - correct answer ✔✔absence of knowledge of any defects or problems
Misrepresentation - correct answer ✔✔A false statement or lie that can render the contract void.
Breach of Duty - correct answer ✔✔failure to use the degree of care required under the circumstances
Breach of Warranty - correct answer ✔✔the failure to uphold an express or implied promise to abide by
certain terms and conditions relevant to the sale or lease of goods
Rateable Proportion - correct answer ✔✔the share of any claim that an insurer pays when two or more
insurers cover the same risk, usually in proportion to the respective sums insured
subregation - correct answer ✔✔insured cannot claim an indemnity payment from an insurer and then
also acquire a further payment from a negligent third party. this would result in a profit to the insured
and would breach the principle of indemnity
ICOBS - correct answer ✔✔rule book that applies to the sales and administration process for general
insurance.
Insureds duty of disclosure - correct answer ✔✔the insured must make full and complete disclosure of
all material facts relating to the contract if they wish to ensure that in the event of a loss covered by the
terms of the policy their claim is paid.
CIDRA (consumer insurance disclosure & representations act) - correct answer ✔✔removes the common
law duty on consumers to disclose any facts that w prudent underwriter would consider material and
replaces this with a duty to take reasonable care not to make a misrepresentation
, Duty of disclosure - correct answer ✔✔every circumstance is material which would influence the
judgement of a prudent insurer in fixing the premium or determining whether he will take the risk.
agents duty - correct answer ✔✔under CIDRA an intermediary is to be considered to be the insurers
agent if intermediary is AR of insurer; collects info from consumer with authority from insurer to do so or
has auth to bind the insurer to cover and does so
At Inception - correct answer ✔✔under common law, the duty of disclosure starts when negotiations
begin and ends when contract is formed
On Renewal - correct answer ✔✔when is the insureds duty of disclosure revived for general insurance
(non life) policies
Estoppel - correct answer ✔✔A legal impediment to denying a fact or restoring a right that has been
previously waived.
FCA - correct answer ✔✔Financial Conduct Authority
PRA - correct answer ✔✔Prudential Regulation Authority
FOS - correct answer ✔✔Financial Ombudsman Service
proximate cause (dominant) - correct answer ✔✔the active, efficient cause that sets in motion a train of
events which brings about a result without the intervention of any force started and working actively
from a new and independent source
indemnity - correct answer ✔✔financial compensation sufficient to place the insured in the same
financial position after a loss as they enjoyed immediately before loss occurred
first loss policies - correct answer ✔✔when the insured believes that the full value of the insured
property is not really at risk, (total loss seems impossible) may request that policy has a sum insured less
than value.
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