I discovered these IF1 practice test a few days to my exam and I must confess that I found them in time. I got almost all the exam questions from the test and passed with a high score.
Exam Code: IF1
Exam Name: Insurance Legal and Regulatory (IF1) Exam
Updated: Jun 14, 2026
Q & A: 100 Questions and Answers
IF1 Free Demo download
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1. The accident record for a printworks show that for every one major injury, there have been 30 minor incidents and 900 non-injury events reported. How would major work injuries be classified in relation to frequency and severity?
A) High frequency, low severity.
B) Low frequency, low severity.
C) Low frequency, high severity.
D) High frequency, high severity.
2. Which distribution channel for household insurance is typically characterised by high advertising and promotional costs, with no payment of commission?
A) Appointed representatives.
B) Lloyd's.
C) Independent brokers.
D) Direct insurers.
3. The purpose of the EU solvency requirements for insurers and intermediaries is to
A) introduce monitoring procedures by the Prudential Regulation Authority.
B) strengthen the financial security of the insurer or intermediary.
C) provide authorisation to transact insurance business.
D) create a standard format for the presentation of accounting data.
4. A Terms of Business Agreement between an insurer and an intermediary will normally state that the insurer will deal with the policyholder
A) outside normal business hours,
B) only when collecting premiums.
C) on a direct basis,
D) via the intermediary.
5. A risk control survey shows that premises proposed for insurance are in close proximity to a river with a history of flooding. The underwriter will consider this fact to be a
A) moral hazard.
B) pure risk.
C) physical hazard.
D) fundamental risk.
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: D | Question # 3 Answer: D | Question # 4 Answer: D | Question # 5 Answer: C |
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