IF3.

Insurance Underwriting Process

Mock Exam Questions.
[Taster Set]
Examinable year: 2021

Valid for Examination Dates from: 1 January – 31 December 2021

Document last updated: 11 December 2020
Filename: IF3MockTaster
https://brandft.co.uk/
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Important Information

This Mock Exam paper is designed as a ‘taster’ version, to give you an example of what
you can expect if you go on to purchase the other available Mock papers.

Although it follows the format of the full version, the questions may not be as in-depth as
those given in the full exam and therefore will not score as many marks or take the same
amount of time to answer. Nevertheless, the questions are in the same style / format as
those in the actual exam and other Mock papers and are accompanied by full answers.

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IF3 Examination Information

The examination consists of 75 multiple-choice questions (MCQs).

2 hours are allowed for this examination.

Unless otherwise stated, candidates will be examined on the basis of English law and
practice.

A multiple-choice question consists of a problem followed by four options, labelled A, B,

C and D. Each question will contain only one correct or best response to the problem.
A correct response is awarded one mark.
No marks are deducted for an incorrect response.

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1. When a consumer is taking out insurance, what does the law now consider to be
‘material facts’?
A. Any fact which may influence the insurer’s opinion of the risk
B. Those for which questions are asked by the insurer
C. Facts which are required to be disclosed by law
D. Any fact which is material to the policy

2. Another name for insurance terms and conditions is:

A. subjectivities
B. objectives
C. reflexives
D. incentives

3. Which of these policies is subject to IPT?

A. Travel insurance
B. Risks based in the Isle of Man
C. Reinsurance contracts
D. Marine policies

4. Whereabouts in the policy document would you find an outline of the actual cover
provided?
A. The operative clause
B. The declaration
C. The recital clause
D. The preamble

5. What does the arbitration clause deal with?

A. Cancellation
B. Quantum
C. Average
D. Blame

6. How must an insurer provide renewal information to consumers, according to

ICOBS?
A. In good time and in a comprehensible form
B. 30 days prior to expiry of the current policy
C. In writing
D. In an open and timely manner

7. What is the minimum number of vehicles the majority of insurers usually consider for
motor fleet insurance?
A. 5 or more
B. 10 or more
C. 15 or more
D. 20 or more

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8. Furs, jewellery and photographic equipment usually attract special terms on a
household policy because:
A. their individual value may exceed the unspecified single article limit
B. they should be insured elsewhere
C. they are otherwise uninsurable
D. they all attract ‘betterment’ rather than ‘depreciation’ in terms of value

9. Employers’ liability insurance usually excludes cover for:

A. disease
B. pure accidents
C. pain and suffering
D. working off-site

10. What is the upside of risk?

A. Failure to maximise opportunities
B. Discovery of threats that exist
C. Discovery of future threats
D. Failure to identify threats

11. Use of which of the following materials in the construction of a building is a particular
cause for concern in the food industry?
A. Timber
B. Brick
C. Polystyrene
D. Steel frame

12. The General Data Protection Regulation (GDPR) states that personal data must be
processed in a way that is:
A. lawful
B. efficient
C. expedient
D. vital

13. The control of downside risk is typically the concern of which level of management in
an organisation?
A. Operational
B. Board
C. Underwriting
D. Claims

14. IBNR claims are claims that are:

A. incurred but not reserved
B. incurred but not "run off"
C. incurred but not rated
D. incurred but not reported

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15. Excess of loss reinsurance is often arranged in:
A. levels
B. layers
C. lines
D. loops

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Answers

Alongside each answer, you will find a cross-reference to the relevant Chapter and
Section in the most up-to-date version of the CII study text.
Q. Answer Chapter Section
1. B 1 B
2. A 2 A
3. A 2 F3
4. A 3 A4
5. B 3 C9
6. A 4 A
7. B 5 A3
8. A 5 C3A
9. B 6 C1
10. A 7 C
11. C 8 B4A
12. A 8 E
13. B 9 A
14. D 10 A6
15. B 11 C1B

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 Your Essential Resources for the CII IF3 Exam
For IF3 there are m o c k e x a m p a p e rs t o help you in your revision.

IF3 Mock Exam Questions

F re e t a s t e r set plus 3 f u l l s e t s o f 7 5 q u e s t i o n s e a c h.
Answers include cross references to the CII study text. Our
mock papers are not duplicates of the CII's specimen
papers, and can be used for additional exam practice.
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