IFI Chapter 7 Quiz

IFI Chapter 7 Quiz

Professional Development

16 Qs

quiz-placeholder

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IFI Chapter 7 Quiz

IFI Chapter 7 Quiz

Assessment

Quiz

Specialty

Professional Development

Hard

Created by

Deandra Strachan

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16 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the maximum liability claim allowed under a motor insurance policy for injury resulting from a crash?

An unlimited amount.

The maximum limit stated in the policy

The maximum statutory limit.

A set maximum amount agreed by insurance companies.

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If the stock of a wholesale shop was destroyed, what will the insured typically receive from the insurer?

The reinstatement value plus transport costs.

A fixed amount.

Replacement on a new for old basis.

The replacement cost plus transport and handling costs.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Insurers must settle all valid claims within a reasonable period under:

the Consumer Rights Act 2015.

PRA rules.

Financial Ombudsman guidance.

the Enterprise Act 2016.

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What will the policyholder typically receive when making a claim on a household contents policy?

The original cost for all items.

The original cost less a deduction for wear and tear for most items.

The replacement cost for most items.

The replacement cost less an amount for wear and tear for all items.

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Carlos has insured a classic car for an agreed value of £20,000. If he suffered a total loss and the car was worth £30,000 at the time and a replacement will cost £25,000, what amount will Carlos receive from the insurer?

£20,000

£16,667

£25,000

£30,000

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is an insurance policy known as where the amount of the potential total loss is agreed at the outset?

Total protection policy.

Stop-limit policy.

Maximum indemnity policy.

Agreed value policy.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The principle of indemnity aims to:

enhance the insured's financial position.

provide a pre-determined amount irrespective of financial value.

maintain the insured's financial position.

maintain the insured's financial position and provide an amount for material inconvenience.

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