NEW QUESTION 41
The Financial Services Compensation Scheme was established to help policyholders in the event of

NEW QUESTION 42
If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?

NEW QUESTION 43
Under the Insurance: Conduct of Business sourcebook (ICOBS) on product disclosure, what information about the claims-handling process must an intermediary provide to a consumer?

NEW QUESTION 44
A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

NEW QUESTION 45
An insured is temporarily disabled due to illness and unable to work. During this period, what type of insurance policy will typically pay a weekly benefit for up to two years?

NEW QUESTION 46
What is the current rate of Insurance Premium Tax for a motor insurance policy?

NEW QUESTION 47
Which general rule does the Contracts (Rights of Third Parties) Act 1999 seek to modify?

NEW QUESTION 48
How would an insurer’s portfolio of motor claims be shown in terms of frequency and severity?

NEW QUESTION 49
Michael, an insurance company employee, strongly suspects that a recent transaction involved money laundering but decides NOT to report his suspicions to anyone. How is this treated under the current Money Laundering Regulations?

NEW QUESTION 50
Sunita suffers a loss and makes a claim under her household contents insurance policy. When must insurable interest exist for her claim to be valid?

NEW QUESTION 51
The main function of an insurance broker is to

NEW QUESTION 52
An intermediary needs to place a large properly risk, however the insurance company can only write 25% of the risk. What type of insurance arrangement would the intermediary require to complete the risk?

NEW QUESTION 53
A risk that is always insurable is a

NEW QUESTION 54
If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?

NEW QUESTION 55
John wishes to insure his friend’s house. Why would an insurer refuse to provide a quotation?

NEW QUESTION 56
How would an employee benefit directly from her employer’s business interruption insurance if its factory was forced to close temporarily due to flood damage?

NEW QUESTION 57
What type of reduction is sometimes applied to the replacement cost of an item under an insurance policy claim in order to reflect the application of indemnity?

NEW QUESTION 58
Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?

NEW QUESTION 59
If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from

NEW QUESTION 60
If a proposer has failed to fully answer a question on a proposal form, the insurer is deemed to have waived its rights to this information because it

NEW QUESTION 61
Julie has cancelled her trip to tlaly as she has broken her leg. Which type of insurance policy is specifically designed to compensate Julie for any cancellation charges she has incurred?

NEW QUESTION 62
An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?

NEW QUESTION 63
What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?