Exam (elaborations)
IF1 - Chapter 2 questions with correct answers
- Course
- Institution
IF1 - Chapter 2 questions with correct answers
[Show more]
Content preview
IF1 - Chapter 2 questions with correctanswers
Structure of the insurance market - correct answer ✔✔- Buyers (policyholder/Insureds)
- Insurers (sellers)
- Intermediaries (those who bring buyer and sellers together)
- Comparison websites (aggregators)
- Reinsurers (A mean of spreading risks)
Buyers - correct answer ✔✔- Private individuals
- Partnerships
- Companies
- Public bodies
- Associations and clubs
Insurers - correct answer ✔✔- Proprietary companies
- Mutual companies
- Mutual indemnity associations
- Captive insurers
- Protected cell companies (PCCs)
- Societas Europaeas (SEs)
Types of insurer as a function - correct answer ✔✔- Composite companies
- Specialist insurers
Takaful insurance companies - correct answer ✔✔This is a type of insurance that is based around Islamic
financial services industry and is based on the ruling of Sharia law on financial and commercial
transactions.
, Takaful insurances embrace the Islamic principles - correct answer ✔✔- Mutuality and cooperation
- Shared responsibility
- Joint indemnity
- Common interest
- Solidarity
The state in the UK - correct answer ✔✔Provides as an insurer in social services and pensions. It also
acts as a reinsurer in relation to terrorism risks.
Lloyd's - correct answer ✔✔The organisation which provides the facilities for the placing of risks in its
own market.
Syndicates - correct answer ✔✔Groups of private individuals or corporate member who actually carry
the risks.
The London market - correct answer ✔✔Is a place where sizeable and complex industrial risks from all
over the world are placed.
Contract certainty - correct answer ✔✔To achieve the complete and final agreement of all terms
between insured and insurers before inception.
Authorised persons - correct answer ✔✔Someone who is authorised by the FCA to engage in regulated
activities.
Appointed representatives - correct answer ✔✔An individual or company appointed by an authorised
person under the terms of the contract.
Introducer appointed representative - correct answer ✔✔One whose scope of appointment by the
authorised person/firm is limited to effecting introductions and distributing what are termed 'non-real
time financial promotions'.
Distribution channels - correct answer ✔✔Direct and indirect
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller BravelRadon. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $11.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
79223 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now