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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

The balanced scorecard approach to measuring organisation performance has four perspectives. What are the four perspectives recommended by this approach?

A. Planning; organising; leading; controlling. B. Regulatory; solvency; liquidity; profitability. C. Financial; internal business processes; learning & growth; customer. D. Shareholder; policyholder; employee; supplier.

Correct Answer: C

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Question 2

The term 'unearned premium' in UK's accounts will be shown as

A. shareholder equity. B. a note to the accounts only. C. an asset. D. a liability.

Correct Answer: D

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Question 3

In what principal way has the UK's legal system influenced the growth of the international insurance market?

A. Through the mandatory use of the London Market Group. B. By requiring all international claims to be settled in London courts. C. By providing tax incentives for foreign insurers. D. Many international insurance case precedents have been developed under English law.

Correct Answer: D

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Question 4

To whom is financial accounting most useful?

A. The internal audit team. B. The underwriting department for technical pricing. C. Regulators only. D. Stakeholders.

Correct Answer: D

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

Correct Answer: C

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Question 6

For what transactions are debit notes raised?

A. All amounts owed to the business by other parties. B. When transactions are settled in a foreign currency. C. For all incoming cash payments from policyholders. D. Only for claims payments to third parties.

Correct Answer: A

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Question 7

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

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

Correct Answer: B

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Question 8

An insurance company uses the double-entry accounting principle for recording insurance transactions to reflect that it has what?

A. Earned an amount of income which is balanced by an increase in cash. B. Increased its liabilities without a change in assets. C. Received a payment for a claim. D. Reduced its equity by paying a dividend.

Correct Answer: A

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Question 9

An insurer intends to assess its position via a use test, to comply with proposed changes in regulations. This forms part of the rules relating to

A. anti-money laundering. B. financial accounting standards. C. capital adequacy. D. claims reserving.

Correct Answer: C

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Total 84 questions

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