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CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. How do an insurer's subrogation rights differ, if at all, between a theft policy and a personal accident policy?
A) Subrogation rights apply under both policies.
B) Subrogation rights only apply under a personal accident policy.
C) Subrogation rights do not apply under either policy.
D) Subrogation rights only apply under a theft policy.
2. When a member of the Chartered Insurance Institute (CM) is dealing with a client, what specific guidance does the Code of Ethics give in relation to the member's knowledge and expertise?
A) The member's knowledge and expertise must be kept up to date and relevant.
B) The member must notify the Cll of any shortcomings in his knowledge.
C) The member must provide the client with a copy of appropriate qualifications.
D) The member must be qualified to a minimum of the CD's diploma qualification.
3. Who is represented by a loss assessor?
A) A claims handler.
B) A policyholder.
C) A broker.
D) An underwriter.
4. The Financial Services Compensation Scheme was established to help policyholders in the event of
A) fraud perpetrated by an insurance broker.
B) the repudiation of liability by an insurer.
C) unreasonable policy terms and conditions.
D) the financial failure of an insurance company.
5. How is Insurance Premium Tax collected within the UK?
A) By HM Revenue & Customs on individual insurance contracts.
B) By the insurer on individual insurance contracts.
C) By the insurer on the whole general and life accounts.
D) By HM Revenue & Customs on the whole general account.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: A | Question # 3 Answer: B | Question # 4 Answer: D | Question # 5 Answer: C |






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