Pass Guaranteed Quiz 2023 Realistic Verified Free IF1 Exam Dumps [Q28-Q50]

Q28. Barbara owns a factory employing 20 people. What insurance is she required to hold by law?

Q29. A storm blew down the wall of a limber building. The failing wall broke electrical wiring, which short-circuited and the resultant sparks caused a fire. The lire brigade used water to put out the fire and the water caused damage to the unburnt contents. What is the proximate cause of the damage to the unburnt contents?

Q30. Who cedes business to a reinsurer?

Q31. A retail customer CANNOT buy insurance directly from which type of insurer?

Q32. It is important to ensure the fair treatment of customers in order to comply with rules set by the

Q33. Reinsurance is usually purchased by the

Q34. A policyholder achieves peace of mind when insuring his car by

Q35. A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder

Q36. John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of
£20,000. Both policies have identical terms and conditions. What is insurer A’s liability if a valid claim of
£3,000 is subsequently made?

Q37. Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity’s death?

Q38. The purpose of the EU solvency requirements for insurers and intermediaries is to

Q39. What is the current rate of Insurance Premium Tax for a motor insurance policy?

Q40. A risk that is always insurable is a

Q41. In accordance with the principle of good faith, which facts must a potential policyholder disclose to the insurer when applying for insurance?

Q42. Self-insurance arises when a

Q43. Under a coinsurance arrangement, who is ultimately responsible for payment of an agreed claim?

Q44. An owner of a building reduces its sum insured from £1,000.000 lo £500.000 to save premiums. A Tire causes
£300,000 damage to the building. If the building has a reinstatement value of £750,000 and average is applied, how much will the insured receive in settlement?

Q45. If a firm is said to be risk averse, this means that it

Q46. To whom, if anyone, can an agent normally delegate the responsibility imposed on net under an agency agreement?

Q47. When an insurer is aware that the total value of stock is more than the sum insured and issues a policy on this basis, this is known as

Q48. Who is represented by a loss assessor?

Q49. Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as

Q50. In a chain of events, the proximate cause of a loss is always the