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QUESTION 60
The capital requirements of insurers and intermediaries are set out by

QUESTION 61
The Principles for Business slate that all customers should be treated

QUESTION 62
Insurers and intermediaries are required to adhere to solvency requirements as stipulated by the

QUESTION 63
Sara searches on a comparison website for car insurance. She selects the cheapest quotation and pays by credit card for immediate cover. This is known as

QUESTION 64
If the amount to be paid in the event of a total loss of insured property is agreed between the proposer and the insurer at inception of the policy, this is a modification of the principle of

QUESTION 65
Which distribution channel for household insurance is typically characterised by high advertising and promotional costs, with no payment of commission?

QUESTION 66
A Terms of Business Agreement between an insurer and an intermediary sets out the

QUESTION 67
A claim has arisen which is fully covered under insurer A’s policy and insurer B’s policy. Insurer A’s policy has a sum insured of £30,000 and insurer B’s policy has a sum insured of £50,000. What proportion of the claim is insurer B liable for if the principle of contribution applies on a rateable proportion by sum insured basis?

QUESTION 68
The Financial Ombudsman Service will make a ruling on a dispute between

QUESTION 69
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?

QUESTION 70
When completing a proposal form, Tom declares that he has two spent speeding convictions. How, if at all, will the spent convictions affect an underwriter’s decision to write the risk?

QUESTION 71
Who cedes business to a reinsurer?

QUESTION 72
Which principle of insurance prevents a member of the public from taking out an insurance policy on the life of a celebrity in the hope of receiving a windfall on the celebrity’s death?

QUESTION 73
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?

QUESTION 74
The main purpose of the fair treatment of customers initiative is to

QUESTION 75
How is Insurance Premium Tax collected within the UK?

QUESTION 76
The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?

QUESTION 77
An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?

QUESTION 78
Bye-laws are passed at the Lloyd’s Market by the