All

Question 1

Period to cancel PPI.

Answer 1

30 days

Question 2

Cooling off period for general insurance policies

Answer 2

14 days

Question 3

Policyholders must report riot damage within how many days?

Answer 3

7 days

Question 4

FCA complaints reported by policyholder within how long?

Answer 4

6 months

Question 5

Compliants must be resolved in how long?

Answer 5

8 weeks

Question 6

Training records kept for how long?

Answer 6

3 years

Question 7

Complaint records kept for how long?

Answer 7

3 years

Question 8

Claims records kept for how long?

Answer 8

5 years

Question 9

IPT tax return must be submitted how frequently?

Answer 9

Quarterly

Question 10

IPT travel %?

Answer 10

20%

Question 11

Max FOS award

Answer 11

£350k

Question 12

Insurer minimum indemnity insurance

Answer 12

£1.85m / £1.25m single

Question 13

What is hold harmless?

Answer 13

Policyholder waives rights to pursue 3rd party.

Question 14

First loss

Answer 14

Sum insured less than full value

Question 15

Reinstatement memo

Answer 15

85%

Question 16

Day 1

Answer 16

Uplifted / accurate

Question 17

PRA

Answer 17

Lead Lloyds regulator.
Promote soundness
Insurers authorised by PRA

Question 18

FCA

Answer 18

Integrity / competition / consumer protection
ICOBS
Government
Conduct

Question 19

FSA

Answer 19

Treasury

Question 20

3 elements of risk assessment framework

Answer 20

Impact
Risk
Mitigation

Question 21

PLC’s who underwrite Lloyds business

Answer 21

Corporate members

Question 22

Privity

Answer 22

Only those party to contract can enforce.

Question 23

Arranging insurance on a single known risk

Answer 23

Facultative re-insurance

Question 24

Enterprise Act 2016 gives policyholders what right?

Answer 24

Claim damages for late payment

Question 25

PRIN (Principles for Business) Fair treatment of customers

Answer 25

FCA. 11 principles. C1 to C4. Enforcement

Question 26

SYSC

Answer 26

FCA

Question 27

PRIN No.6 covers what?

Answer 27

Fair treatment of customers.

Question 28

PRIN / SYSC / SMRC

Answer 28

FCA

Question 29

Monitoring done by PRA or FCA?

Answer 29

PRA

Question 30

Retail Mediation Activities Return (RMAR) submitted via which online system?

Answer 30

Gabriel to the FCA

Question 31

Insurance Distribution Directive (IDD)

Answer 31

Trade across borders Policyholder protection Level playing field

Question 32

The different elements of risk brought to the common pool by each insured are known as:

Answer 32

discimination factors

Question 33

In which main area do mutual indemnity associations operate today?

Answer 33

Marine

Question 34

Which of the following statements is true about the duty of disclosure under common law?

Answer 34

The duty of disclosure does not apply between inception and renewal negotiations unless it affects the policy cover.

Question 35

Which of the following is an example of physical hazard in relation to motor insurance?

Answer 35

Age of driver

Question 36

In relation to the proximate cause of a loss, an uninsured peril is a peril which:

Answer 36

is not named in the policy.

Question 37

The proximate cause of a loss is always the dominant cause and there MUST be:

Answer 37

a direct link between it and the resulting loss.

Question 38

Excepted peril

Answer 38

A risk that is expressly excluded from an insurance policy.

Question 39

NOT covered in standard fire policy

Answer 39

Explosion of an industrial boiler & Spontaneous fermentation.

Question 40

When applying the principle of contribution, the two ways in which each insurer's rateable proportion of a loss can be calculated are the:

Answer 40

sum insured method and independent liability method.

Question 41

Godfrey is walking home from town one day, dreaming about the holiday that he has just booked. Without looking he steps out into the road. Sam swerves to avoid Godfrey, causing his car to overturn. Sam's insurer pays for the repairs to Sam's car and then takes action to recover their payment from Godfrey. This is an example of subrogation rights arising under:

Answer 41

Tort

Question 42

The rewards culture within a firm is one of the key questions relating to which of the central principles in the CII's Code of Ethics?

Answer 42

Members must act in the best interests of each client.

Question 43

Eligible complainants who have a policy placed at Lloyd's USUALLY have their complaints handled independently by:

Answer 43

Lloyd's itself.