Free CII IF1 Exam Questions

If an insurer invokes the cancellation clause to cancel a policy mid-year due to a change in the risk, how much of the premium, if anything, is normally returned to the policyholder? 

Reinsurance is usually purchased by the 

A policyholder achieves peace of mind when insuring his car by 

Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?

John and his wife arrange a household contents insurance policy in joint names with insurer A for a sum insured of £10,000. His wife arranges a second policy on the same basis with insurer B for a sum insured of £20,000. Both policies have identical terms and conditions. What is insurer A's liability if a valid claim of £3,000 is subsequently made?