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Question 1

John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of £20,000. Both policies have identical terms and conditions. What is insurer A's liability if a valid claim of £3,000 is subsequently made?

Options :

A : £1,000

B : £1,500

C : £2,000

D : £3,000

Answer: A

Question 2

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

Question 3

The website of an insurer must include the company's registered name, trading address, contact details and regulator. This is in accordance with rules enforced by the

Options :

A : Advertising Standards Authority.

B : Competition and Markets Authority.

C : Prudential Regulation Authority.

D : Financial Ombudsman Service.

Answer: D

Question 4

Who cedes business to a reinsurer?

Options :

A : The insurer.

B : The assessor.

C : The agent.

D : The insured.

Answer: A

Question 5

If an insured signs an agreement with a hold harmless clause, this may prevent the insurer from

Options :

A : disclosing details to a third party.

B : reinsuring the risk.

C : pursuing subrogation rights.

D : increasing the premium.

Answer: C