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CII Insurance Business and Finance (IBF) Sample Questions:

1. What is the minimum period of notice which must be given by a company to its shareholders of the annual general meeting?

A) 30 days.
B) 60 days.
C) 14 days.
D) 21 days.

2. Which type of activity in the Standard and Poor's insurance ratings framework is most likely to be classified as a modifier?

A) Competitive position.
B) Enterprise risk management.
C) Operating performance.
D) Capital adequacy.

3. What would NOT typically be regarded as a part or component of all businesses?

A) Human resources.
B) Physical resources.
C) Intellectual resources.
D) Financial resources.

4. The chief actuary of an insurance company is usually responsible for what?

A) Financial accounting and tax reporting
B) Managing the sales and marketing team
C) Supervising the internal audit function
D) Technical pricing of new and existing products

5. An insurer's Articles of Association must include

A) the regulations for the running of the insurer's internal affairs.
B) the minutes of the last board meeting.
C) the premium rates for its top-selling products.
D) the audited financial statements.

Solutions: