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CII Insurance Legal and Regulatory (IF1) Sample Questions:

1. Self-insurance arises when a

A) company decides to set aside a fund to pay losses that may occur.
B) policyholder finds that he has inadvertently taken out more than one policy covering the same risk.
C) policyholder decides to insure proportions of his property with different insurers.
D) number of insurers agree to collectively insure a particular risk in agreed proportions.

2. If a firm is said to be risk averse, this means that it

A) arranges insurance protection wherever possible.
B) undertakes its own risk management research.
C) tenders its insurance needs to the market.
D) carries its own risk wherever possible.

3. Lloyd's is known as a subscription market because

A) if an insurer writes a particular class, he is expected to subscribe to the majority of these risks.
B) the underwriter assigns his signature individually to each risk.
C) a fee must be paid.
D) a number of syndicates accept a share of the same risk.

4. An agent, acting outside the terms of her agency agreement, binds her principal to a contract with a third party who has reason to believe that the agent can act in that capacity. On what basis, if al all, is the principal bound by the agent's actions?

A) Apparent authority.
B) Consent.
C) Necessity.
D) Not at all.

5. Under common law. when does the insured's duly of fair presentation cease with regard to declarations that do NOT affect policy cover?

A) When a claim is submitted.
B) When a claim is paid.
C) When the policy contract lakes effect.
D) At renewal.

Solutions: