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Question 1

If a surveyor is sent lo survey a risk, what does risk primarily refer to in this context?

Options :

A : The policyholder.

B : The premises.

C : The policy cover details.

D : The insured perils.

Answer: B

Question 2

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

Options :

A : create a standard format for the presentation of accounting data.

B : introduce monitoring procedures by the Prudential Regulation Authority.

C : provide authorisation to transact insurance business.

D : strengthen the financial security of the insurer or intermediary.

Answer: A

Question 3

If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder?

Options :

A : The full year-s premium less a fixed nominal charge.

B : The full year-s premium.

C : None of the premium.

D : A pro rata amount.

Answer: A

Question 4

What legally recognised financial relationship must exist, between a policyholder and the items being insured, to constitute a valid household contents insurance policy?

Options :

A : Insurable interest.

B : Risk indemnity.

C : Vicarious liability.

D : Delegated authority.

Answer: A

Question 5

A policyholder achieves peace of mind when insuring his car by

Options :

A : eliminating the risk of loss.

B : reducing the chance of a loss occurring.

C : preventing the chance of a loss occurring.

D : transferring the risk to the insurer.

Answer: D