Foundation Insurance Test Assessment Test

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Foundation Insurance Test Assessment Test - Quiz

The Foundation Insurance Test (FIT) is considered for those starting insurance vocations and is normally taken before progressing to all the more requesting examinations. Take this assessment test to evaluate your knowledge of the FIT.


Questions and Answers
  • 1. 

    The Foundation Insurance Test equips applicants with the knowledge of...

    • A.

      Business market

    • B.

      Business analysis

    • C.

      Real estate

    • D.

      Insurance market

    Correct Answer
    D. Insurance market
    Explanation
    The Foundation Insurance Test equips applicants with the knowledge of the insurance market. This means that the test covers topics related to the insurance industry, including insurance products, policies, regulations, and market trends. It aims to test the applicants' understanding of how the insurance market operates, the different types of insurance available, and the factors that influence the insurance industry. By focusing on the insurance market, the test ensures that applicants have a comprehensive understanding of the specific industry they will be working in.

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  • 2. 

    A curriculum of the Foundation Insurance Test includes...

    • A.

      Thesis work

    • B.

      Essay work

    • C.

      Fundamental risk

    • D.

      Analysis

    Correct Answer
    C. Fundamental risk
    Explanation
    The curriculum of the Foundation Insurance Test includes fundamental risk. This suggests that the test covers topics related to the basic concepts and principles of risk in insurance. It may include understanding the different types of risks, their impact on insurance, and methods to assess and manage them effectively. By studying fundamental risk, test takers can gain a solid foundation in insurance risk management and demonstrate their knowledge in this area during the test.

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  • 3. 

    Which country makes use of the Foundation Insurance Test?

    • A.

      Paris

    • B.

      UK

    • C.

      US

    • D.

      Australia

    Correct Answer
    B. UK
    Explanation
    The correct answer is UK because the question asks which country makes use of the Foundation Insurance Test, and out of the given options, the UK is the only country mentioned. Therefore, it can be inferred that the UK is the country that utilizes the Foundation Insurance Test.

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  • 4. 

    What is the normal pass mark of the Foundation Insurance Test?

    • A.

      95%

    • B.

       70%

    • C.

      50%

    • D.

      85%

    Correct Answer
    B.  70%
    Explanation
    The normal pass mark for the Foundation Insurance Test is 70%. This means that in order to pass the test, a candidate must score at least 70% of the total marks.

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  • 5. 

    Which of the following includes a curriculum in Foundation Insurance Test?

    • A.

      Thesis writing

    • B.

      Research

    • C.

      Personal insurance

    • D.

      Operations

    Correct Answer
    C. Personal insurance
    Explanation
    The curriculum in Foundation Insurance Test includes personal insurance. This means that the course covers topics related to personal insurance such as policies, coverage options, claims, and risk management for individuals. The other options listed, thesis writing, research, and operations, are not directly related to insurance and therefore would not be included in the curriculum for this specific test.

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  • 6. 

    The Foundation Insurance Test is regarded as...

    • A.

      Senior level

    • B.

      Expert

    • C.

      Entry level

    • D.

      Junior level

    Correct Answer
    C. Entry level
    Explanation
    The Foundation Insurance Test is considered as an entry-level test because it is designed to assess the basic knowledge and understanding of insurance concepts. It is meant for individuals who are new to the insurance industry or have limited experience in the field. This test covers fundamental topics and serves as a starting point for further development and advancement in the insurance profession.

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  • 7. 

    What is the format of the Foundation Insurance Test?

    • A.

      Essay

    • B.

      Multiple choice

    • C.

      Essay writing

    • D.

      Graphical

    Correct Answer
    B. Multiple choice
    Explanation
    The format of the Foundation Insurance Test is multiple choice. This means that the test taker will be presented with a question and a set of possible answers, and they must choose the correct answer from the options provided. This format is commonly used in assessments as it allows for efficient and objective evaluation of knowledge and understanding.

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  • 8. 

    Which of these exams is related to a career in insurance?

    • A.

      GMAT

    • B.

      CII

    • C.

      OSS

    • D.

      MET

    Correct Answer
    B. CII
    Explanation
    The correct answer is CII. CII stands for the Chartered Insurance Institute, which is a professional organization that offers qualifications and certifications for individuals pursuing a career in insurance. The other options, GMAT, OSS, and MET, are not specifically related to the insurance industry.

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  • 9. 

    The test would cover segments in insurance such as...

    • A.

      Casualty law

    • B.

      Absolute laws

    • C.

      Legal principles

    • D.

      Techniques

    Correct Answer
    C. Legal principles
    Explanation
    The test would cover legal principles in insurance. This means that the exam will focus on the fundamental rules and concepts that govern insurance contracts and policies. It may include topics such as the formation of insurance contracts, the duty of utmost good faith, the principle of indemnity, subrogation, and other legal aspects related to insurance. Understanding these legal principles is crucial for insurance professionals to ensure compliance with the law and provide accurate advice to clients.

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  • 10. 

    Which of these would ensure success for an examination?

    • A.

      Rewriting

    • B.

      Description

    • C.

      Adequate preparation

    • D.

      Postponement

    Correct Answer
    C. Adequate preparation
    Explanation
    Adequate preparation would ensure success for an examination because it involves thorough studying and understanding of the subject matter. By adequately preparing, one can cover all the necessary topics, revise the material, and practice solving questions. This helps in building confidence, reducing anxiety, and increasing the chances of performing well in the examination. Rewriting and description may be helpful study techniques, but they do not guarantee success on their own. Postponement, on the other hand, would only lead to less time for preparation and increase the risk of inadequate readiness for the exam.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 21, 2018
    Quiz Created by
    Cripstwick
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