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CII Insurance Business and Finance (IBF) Sample Questions:
1. Where, if at all, in the annual report accounts, must a statement appear from the London based chairman of the retail group?
A) In the directors' report
B) It is not required
C) In the notes to the accounts
D) In the auditor's statement
2. The balanced scorecard approach to measuring organisation performance has four perspectives. What are the four perspectives recommended by this approach?
A) Regulatory; solvency; liquidity; profitability.
B) Planning; organising; leading; controlling.
C) Financial; internal business processes; learning & growth; customer.
D) Shareholder; policyholder; employee; supplier.
3. An insurer is establishing its claims reserving policy on a discounted claims basis. This confirms that...
A) the insurer is insolvent
B) the reserve will be larger than an undiscounted reserve
C) all claims will be paid more quickly
D) investment income is being taken into account
4. What are an individual's rights Under the Data Protection Act concerning the right to have a copy of all records held on computer and paper concerning his motor insurance policy and its associated claims files.
A) He has a right to a copy of computerised records only.
B) He has a right to a copy of all paper records only.
C) He has a right to a copy of all records on payment of a fee.
D) He has no right to have a copy of any of the records held on him.
5. A risk assessment rating framework assesses risks based on:
A) impact and probability.
B) market share and premium volume.
C) liquidity and solvency.
D) cost and benefit.
Solutions:
| Question # 1 Answer: B | Question # 2 Answer: C | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: A |


