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

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

4. 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

5. 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

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

7. 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.

8. 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.