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CII Insurance Legal and Regulatory (IF1) Sample Questions:

1. A broker collects premiums on behalf of an insurer and subsequently goes into liquidation. Various premiums are outstanding to the insurer, despite policyholders having paid the broker What action is the insurer most likely to take?

A) Apply for a second payment from the policyholders.
B) Offer a discounted premium payment to the policyholders.
C) Cancel the policies from inception for non-payment.
D) Write to the liquidator to register the debt.

2. The principle of indemnity is the

A) placing of the insured, at expiry of a policy, in the same financial position as enjoyed at inception.
B) obligation of the insurer to pay all valid claims according to the terms and conditions of the policy.
C) placing of the insured, after a loss, in the same financial position as enjoyed immediately before the loss.
D) obligation of the insurer to provide a maximum sum insured or limit of liability.

3. A Terms of Business Agreement between an insurer and an intermediary sets out the

A) disaster recovery procedures to apply if there is a major disaster affecting the insurer.
B) agreed claims procedures as stated in the Insurance: Conduct of Business sourcebook (ICOBS).
C) framework for the commercial relationship, which defines and allocates the respective responsibilities and rights to each party.
D) criteria to apply when reporting suspicious incidents to the Money Laundering Reporting Officer.

4. Under the provisions of the Financial Services Act 2012. what action, if any, can the regulator take against a firm that has committed money laundering offences?

A) No action can be taken.
B) Civil proceedings.
C) Arbitration.
D) Criminal prosecution.

5. In the event of an insurer including an unclear clause in its household insurance policy, which statute could the policyholder rely upon if there was a contractual dispute?

A) The Contracts (Rights of Third Parties) Act 1999.
B) The Consumer Rights Act 2015.
C) The Data Protection Act 2018.
D) The Criminal Justice Act 1993.

Solutions: