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In this highly competitive modern society, everyone needs to improve their knowledge level or ability through various methods so as to obtain a higher social status. Under this circumstance passing IF1 exam becomes a necessary way to improve oneself. But as the old saying goes, Rome was not built in a day. For many people, it's no panic passing the exam in a short time. Luckily enough, as a professional company in the field of IF1 practice questions ,our products will revolutionize the issue. The study materials that I'm going to introduce to you next will effectively solve the problems you may encounter in preparing for the exam.
CII Insurance Legal and Regulatory (IF1) Sample Questions:
1. John wishes to insure his friend's house. Why would an insurer refuse to provide a quotation?
A) He does not have any subrogation rights.
B) His name is not on the mortgage.
C) He does not live in the house.
D) He does not have any insurable interest.
2. 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?
A) It is a civil offence.
B) It is a disciplinary offence dealt with by the Money Laundering Joint Steering Committee.
C) It is a criminal offence.
D) It is a disciplinary offence under the Banking Code.
3. The capital requirements of insurers and intermediaries are set out by
A) Data Protection legislation.
B) Money Laundering Regulations.
C) Prudential Regulation Authority rules.
D) Proceeds of Crime Act 2002.
4. Joe is a broker who has become a Fellow of the Chattered Insurance Institute. If he would like to use the title Chartered Insurance Broker, what must he do. if anything?
A) He must apply to the British Insurance Brokers' Association.
B) He must apply to the Prudential Regulation Authority.
C) He must apply to the Chartered Insurance Institute.
D) He cannot use the name as he would be in breach of the Insurance: Conduct of Business sourcebook (ICOBS).
5. The purpose of Insurance Premium Tax is to
A) pay for flood defences.
B) fund the Association of British Insurers.
C) raise revenue for the Government.
D) reimburse for claims of insolvent insurers
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: B | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: C |
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