100+ Free CII IF8 Practice Questions

Development of packaged commercial insurances

Learning Outcome 1 (5 of 75 questions): how packaged commercial policies developed, the small and medium business market, the difference between off-the-peg package policies and tailored commercial combined policies, and the distribution channels small firms use.

Features and scope of cover

Learning Outcome 2 (14 of 75 questions): the standard package sections - property (buildings, contents, stock), business interruption, employers' liability, public and products liability, money, goods in transit, glass, and legal expenses - plus their common extensions and exclusions.

How packaged commercial insurances are arranged

Learning Outcome 3 (11 of 75 questions): the roles of insurers, brokers and other intermediaries, the proposal form and statement of fact, fixing sums insured and indemnity periods, and the documents issued to the insured.

Underwriting procedures and policy wordings

Learning Outcome 4 (17 of 75 questions): underwriting and rating factors, conditions and warranties, the condition of average, excesses, policy structure, operative clauses and how the Insurance Act 2015 duty of fair presentation affects commercial wordings.

Mid-term amendments, renewals and cancellation

Learning Outcome 5 (6 of 75 questions): mid-term adjustments and the resulting additional or return premiums, renewal invitations and procedures, and how cancellation clauses and pro-rata returns operate.

Claims procedures

Learning Outcome 6 (22 of 75 questions): notification requirements, the insured's duties after a loss, claims investigation and documentation, reserving, FCA claims-handling rules, reasons a claim may be invalid, settlement methods, subrogation and salvage, fraud and complaints handling.