Sbsonly

19 Questions | Total Attempts: 42

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Questions and Answers
  • 1. 
    Where does an insurers responsibility end in relation to a claim?
    • A. 

      When the insured has received full payment for the claim

    • B. 

      When the insurer has agreed upon a sum and submitted the funds to the Xservices Claims

    • C. 

      When the broker has agreed a claim amount with the insured

  • 2. 
    What is the next step in the insurance cycle when insurers record increased profits?
    • A. 

      Increased capacity in the market

    • B. 

      Increased premiums

    • C. 

      Decreased premiums

    • D. 

      Lower profits

  • 3. 
    Sue and Labour charges can be described as what?
    • A. 

      Charges paid to the fire brigades and local council services in relation to accidents

    • B. 

      Charges relating to marine insurance where a local assessor is called to survay an accident

    • C. 

      Costs incurred when a shipment of machine parts is lost

    • D. 

      Costs incurred in the interest to saving a marine insurance interest

  • 4. 
    What class of insurance does the FSA require of companies wishing to trade in the london insurance market?
    • A. 

      Managers and directors

    • B. 

      Public Liability

    • C. 

      Contractors all risk insurance

    • D. 

      Something else...

  • 5. 
    What is the length of time must have elapsed before a Financial Ombudsman Service can be engaged?
    • A. 

      2 weeks

    • B. 

      4 weeks

    • C. 

      8 weeks

    • D. 

      12 weeks

  • 6. 
    Following the outcome of an Financial Ombudsman Service (FOS), which of the following is true?
    • A. 

      The customer must accept the outcome

    • B. 

      The customer does not have to accept the outcome

    • C. 

      The customer may not proceed with a courtcase

  • 7. 
    What is true regarding the introduction of the Lloyds Market Reform?
    • A. 

      All claims must be settled within 90 days

    • B. 

      All documentation is delivered faster to all parties involved

    • C. 

      Standardises the manor in which companies do business with each other

  • 8. 
    Which of the following is not cover legal insurance?
    • A. 

      Livestock

    • B. 

      Household

    • C. 

      Contractors 'all risk'

    • D. 

      ... directors and managers?

  • 9. 
    Which of the following is an example of particular average?
    • A. 

      A household which has been under insured

    • B. 

      When a total loss has been recorded on a ship

    • C. 

      When a race horse has been insured for a specific amout

    • D. 

      Partial loss of property resulting from an Ocean Marine Exposure for which the owner of that property must bear the entire loss

  • 10. 
    Who is ultimately responsible for passing on premiums to the insurer?
    • A. 

      The Broker

    • B. 

      Xchanging Ins-sure Services

    • C. 

      The reinsurer

    • D. 

      The customer

  • 11. 
    Which of the following best describes a stop loss?
    • A. 

      An percentage of the premium over which the insured pays for losses incurred.

    • B. 

      An amount above and beyond which a insurer does not pay claims beyond his maximum retained lines

    • C. 

      Used generally for catastrophies

    • D. 

      Used to insure large risks, by spreading it out over many underwriters

  • 12. 
    If a policy has signed by 3 underwriters, and has then been changed subsequently, which is the following is true under the GUA?
    • A. 

      Only the leader must inital the change

    • B. 

      All underwriters must initial the change

    • C. 

      The policy is disgarded and a new one drafted

    • D. 

      ...

  • 13. 
    Who sanctions the addition of a new underwriter into a sydnacate?
    • A. 

      The FSA

    • B. 

      The Managing Agent

    • C. 

      The council of Lloyds

    • D. 

      All member of the Syndacate

  • 14. 
    Following the FSA market reform in 2004, which of the following best describes the principle change?
    • A. 

      Submission of monthly reports

    • B. 

      A standardised format of the way in which contracts are written

    • C. 

      ...

  • 15. 
    Which of the following is true about a Closed Year
    • A. 

      A year where no premiums or claims may be taken in

    • B. 

      A year where premiums can no longer be acecpted, but where claims may still arise.

    • C. 

      A year of account that has been closed into another year of account by means of a reinsurance to close contract

    • D. 

      A year that has occurred 2 years in the past.

  • 16. 
    Which of the following best describes terms of business agreement (TOBA)?
    • A. 

      Terms under which the customer and the broker agree to do business

    • B. 

      Terms under which the insurer and the broker agree to do business

    • C. 

      Terms under which the customer, insurer and the broker agree to do business

  • 17. 
    What insurance does the EU require of insurers wishing to trade in the London Market?
    • A. 

      Directors and Managers

    • B. 

      Public liability

    • C. 

      Contractors 'all risks'

    • D. 

      Professional Indemnity

  • 18. 
    I can't remember how the question was worded exactly, but something like: If a insurer cannot calculate their insurance to close, which of the following is true? 
    • A. 

      Insurers can calculate liabilities based upon the previous year

    • B. 

      It is impossible for insures to calculate their solvency for the year

    • C. 

      ...

  • 19. 
    Which of the following is not true regarding contract certainty?
    • A. 

      Documentation must be provided to commerical customers within 7 days

    • B. 

      Documentation must be provided to all customers within 7 days