Online Access Free IF1 Practice Test

A survey of a car repairers reveals a spray booth exists by an unguarded paraffin space beater. Also, a day's supply of paint is kept within the building and waste is removed daily from a metal bin. What will the underwriter perceive as the main physical hazard?

• A.The waste bin.
• B.The paint.
• C.The unguarded paraffin space heater.
• D.The spray booth.

Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

• A.Association of British Insurers.
• B.Financial Ombudsman Service.
• C.Financial Services Compensation Scheme.
• D.European Union.

The main purpose of the fair treatment of customers initiative is to

• A.make firms more competitive.
• B.build consumer confidence in the financial services industry.
• C.apply fixed times for responding to claims and complaints.
• D.ensure all firms have a similar service standard.

Lloyd's is known as a subscription market because

• A.if an insurer writes a particular class, he is expected to subscribe to the majority of these risks.
• B.the underwriter assigns his signature individually to each risk.
• C.a number of syndicates accept a share of the same risk.
• D.a fee must be paid.

Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?

• A.The Institute and Faculty of Actuaries.
• B.The Lloyd's Market Association.
• C.The International Underwriting Association of London.
• D.The Chartered Institute of Loss Adjusters.