Free IF1 Exam Questions - Easiest Way for Success

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Total 101 Questions | Updated On: Sep 11, 2024

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Question 1

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

A : Insurable interest.

B : Risk indemnity.

C : Vicarious liability.

D : Delegated authority.

Answer: A

Question 2

A policyholder achieves peace of mind when insuring his car by

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

Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?

A : Uncertainty.

B : Statutory requirements.

C : Frequency.

D : Certainty.

Answer: A

Question 4

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

Question 5

Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?

A : Uncertainty.

B : Statutory requirements.

C : Frequency.

D : Certainty.

Answer: A

Page: 1 / 21

Total 101 Questions | Updated On: Sep 11, 2024

Add To Cart