Which types of funds should be included in the client money calculation?
A: Earned premium only
B: All banked funds plus any payments received awaiting banking
C: All banked funds
D: Cleared funds only
2D. Cleared funds only should be included in the client money calculation.
A: The insured B: The insurer C: The broker (acting on behalf of their client) D: The loss adjuster
D: A fiduciary is a person who occupies a position of trust and is required to act for the latter’s benefit.
Which of these sums represents the contribution to the UK’s gross domestic product made by the key classes of business written in the London market each year?
A: £29 bn B: £10 bn C: £15 bn D: £50 bn