Free Access CII.IF1.v2023-06-02.q33 Practice Test (Page 6)

Question 21

The purpose of Insurance Premium Tax is to

A.raise revenue for the Government.

B.fund the Association of British Insurers.

C.pay for flood defences.

D.reimburse for claims of insolvent insurers

Question 22

Harry owns a sports car valued at £1.000 and agrees to sell it to Ben for £500. Ben discusses this with his solicitor who states the contract is

A.unenforceable unless Harry signs a disclaimer acknowledging the consideration as acceptable.

B.unenforceable as the consideration is inadequate.

C.enforceable as consideration does not need to be adequate.

D.enforceable but only if Harry does not refute the contract within six months of the contract date.

Question 23

Lloyd's is known as a subscription market because

A.the underwriter assigns his signature individually to each risk.

B.a fee must be paid.

C.if an insurer writes a particular class, he is expected to subscribe to the majority of these risks.

D.a number of syndicates accept a share of the same risk.

Question 24

The capital requirements of insurers and intermediaries are set out by

A.Proceeds of Crime Act 2002.

B.Money Laundering Regulations.

C.Data Protection legislation.

D.Prudential Regulation Authority rules.

Question 25

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 must be qualified to a minimum of the CD's diploma qualification.

B.The member's knowledge and expertise must be kept up to date and relevant.

C.The member must provide the client with a copy of appropriate qualifications.

D.The member must notify the Cll of any shortcomings in his knowledge.

Other Version: 621CII.IF1.v2024-01-24.q35; 1458CII.IF1.v2022-05-30.q36; 1409CII.IF1.v2022-01-16.q34

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Question 21

Question 22

Question 23

Question 24

Question 25

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