Chapter 2 The Insurance Market Exam style questions 19% of the exam

Which insurance professional decides whether a proposed risk is accepted by an insurer? Actuary Adjuster Risk manager D. Underwriter

What is the main function of an insurance broker? assess the risk before cover is provided decide on what terms a proposed risk should be accepted by an insurer determine the validity and value of a large insurance claim D. place insurance business on behalf of a client

Becoming a member of the Chartered Insurance Institute is dependent on … being employed full-time and exclusively in the insurance industry being engaged in work connected with insurance completion of the Institute’s examinations undertaking the Institute’s examinations

What type of organisation is the British Insurance Brokers’ Association? Government department Regulatory authority Trade association D. Training institute

Who has the overall responsibility for the control of self-regulation at Lloyd’s? Corporation of Lloyd’s Council of Lloyd’s Lloyd’s Managing Agents D. Lloyd’s Names.

How is the Motor Insurance Bureau financed? a levy on all authorised motor insurers a levy on all authorised insurers fees paid by the victims of uninsured and untraced drivers. fines collected from uninsured drivers.