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Question and Answer (Q&A)

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Test your knowledge

This set of questions, courtesy of online CII training package Insurance Assess, will test your knowledge of topics. The answers are at the bottom...

2nd January 2019
Open-access content

What was the earliest form of reinsurance?

A - Catastrophe excess of loss B - Facultative C - Quota share treaty D - Surplus treaty Answer: B: Facultative reinsurance. The market then developed

8th March 2018
Open-access content

What is the schedule in a policy document used for?

A - Confirming who has written the policy B - Outlining what is covered C - Personalising the contract D - Showing what risks are excluded Answer:

8th March 2018
Open-access content

What are meant by “days of grace” in insurance terms?

A - A specified ‘cooling-off’ period before the issue of cover during which the proposer can change their mind B - A specified number of days into the

8th March 2018
Open-access content

What is ‘money laundering’?

A - The act of investing money in a manner to avoid taxation B - The act of investing money overseas to avoid UK duty C - The process by which criminals

3rd January 2018
Open-access content

By whom is a “fiduciary duty” owed?

A - An employee to a fellow employee who might be harmed by their actions B - Any employee who has signed a contract of employment to their employer C -

3rd January 2018
Open-access content

A five-year endowment policy matured on 1 August 2017 with a maturity value of £40,000. The policy had been taken out with a single premium of £30,000. What is the amount of the top-sliced gain?

A - £10,000 B - £40,000 C - £8,000 D - £2,000 Answer: D: The chargeable gain is £10,000 being the maturity value of £40,000 less the single premium of

6th November 2017
Open-access content

A ‘spread bet’ is a form of which type of investment contract?

A - An option. B - A contract for difference. C - A warrant. D - A futures contract. Answer: B: A spread bet is a form of contract for

6th November 2017
Open-access content

Which of the following is a requirement for a client to be treated as a professional client?

A - It is essential that no advice is given.  It is essential that no advice is given. B - The client refuses to disclose information to you. C - The

6th November 2017
Open-access content

Where war risks cover is purchased as part of aircraft insurance, on what basis will liability coverage for war risks apply?

A - On an any one incident basis B - On an aggregate basis for all incidents within a defined war zone C - On an aggregate basis for all incidents within

5th July 2017
Open-access content

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