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CII Insurance Business and Finance (IBF) - M92 Exam Practice Test

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Total 84 questions

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Question 1

It has been deemed essential that the Information Technology (IT) department have a broad role, working closely with the business. If the IT department are to fulfil its role within the company, it must

A. report directly to the internal audit function. B. operate entirely independently from day-to-day operations. C. make a proactive contribution to the development of business strategy. D. outsource all non-core functions.

Discussion 0

Correct Answer: C Vote an answer

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Question 2

Where, if at all, must a statement from the chairman of the London office appear, in the annual report and accounts?

A. It is not required. B. In the auditor's report. C. In the notes to the financial statements. D. In the directors' report.

Discussion 0

Correct Answer: A Vote an answer

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Question 3

If a company were to outsource specialist-claims handling services and extend the current 30 day period of credit given to brokers was extended to 90 days then what would be the consequence?

A. The solvency margin will immediately increase B. The combined operating ratio will improve C. Premium income will accelerate D. Financial resources will be impaired

Discussion 0

Correct Answer: D Vote an answer

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Question 4

Which UK companies are required to report whether they are compliant with the UK Corporate Governance Code?

A. All companies registered with Companies House. B. Only composite insurers. C. All financial services firms. D. Only those listed on the London Stock Exchange.

Discussion 0

Correct Answer: D Vote an answer

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Question 5

A public limited company which has a year end of 31 December must file their accounts by the following:

A. 30 September. B. 31 December. C. 30 June. D. 31 March.

Discussion 0

Correct Answer: C Vote an answer

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Question 6

How will a recent acquisition of the subsidiary be shown on the insurer's cash flow statement?

A. As a financing inflow. B. As a cash outflow from investment activities. C. It is not shown on the cash flow statement. D. As an operational income.

Discussion 0

Correct Answer: B Vote an answer

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Question 7

An insurer is establishing its claims reserving policy on a discounted claims basis. This confirms that...

A. investment income is being taken into account B. the insurer is insolvent C. all claims will be paid more quickly D. the reserve will be larger than an undiscounted reserve

Discussion 0

Correct Answer: A Vote an answer

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Question 8

Under which Act would it be a civil offence if Mark were to sell his shares following information obtained in May?

A. Data Protection Act 1998. B. The Criminal Justice Act 1993. C. Companies Act 2006. D. Financial Services and Markets Act 2000.

Discussion 0

Correct Answer: D Vote an answer

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Question 9

What is shown respectively on a company's income statement and balance sheet?

A. The income statement shows the financial position at a point in time and the balance sheet shows transaction results over the accounting period. B. Both statements show the company's cash flows and net income. C. The income statement records assets and liabilities, the balance sheet records revenue and expenses. D. The income statement shows the results of transactions during the accounting period and the balance sheet shows the financial position at a particular point in time.

Discussion 0

Correct Answer: D Vote an answer

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Page: 1 / 10
Total 84 questions

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