Free Practice CII IF1 Exam Questions 2025

Stay ahead with 100% Free Insurance Legal and Regulatory (IF1) IF1 Dumps Practice Questions

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Total 101 Questions | Updated On: Apr 21, 2025

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Question 1

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

A : Advertising Standards Authority.

B : Competition and Markets Authority.

C : Prudential Regulation Authority.

D : Financial Ombudsman Service.

Answer: D

Question 2

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?

A : £1,000

B : £1,500

C : £2,000

D : £3,000

Answer: A

Question 3

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

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 4

Reinsurance is usually purchased by the

A : intermediary.

B : insurer.

C : regulator.

D : insured.

Answer: B

Question 5

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

A : disclosing details to a third party.

B : reinsuring the risk.

C : pursuing subrogation rights.

D : increasing the premium.

Answer: C

Page: 1 / 21

Total 101 Questions | Updated On: Apr 21, 2025

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