When should a direct insurer advise a policyholder in writing of its complaints-handling procedure, to comply with regulatory requirements?

• A.At the time of the sale or immediately afterwards.
• B.Within 30 days of cover being incepted.
• C.Within 7 days of a complaint being made.
• D.At the lime of a claim.

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Joel buys a house in a flood plain, but it has NOT flooded for 10 years. In purchasing insurance, Joel is managing what element of risk?

• A.Statutory requirements.
• B.Frequency.
• C.Uncertainty.
• D.Certainty.

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The main purpose of the fair treatment of customers initiative is to

• A.ensure all firms have a similar service standard.
• B.apply fixed times for responding to claims and complaints.
• C.make firms more competitive.
• D.build consumer confidence in the financial services industry.

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Which professional body specialises in giving its members advice on the long-term management of assets and liabilities?

• A.The International Underwriting Association of London.
• B.The Chartered Institute of Loss Adjusters.
• C.The Institute and Faculty of Actuaries.
• D.The Lloyd's Market Association.

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An insurance company has employed an individual from a rival firm to carry out a similar job. At which stage would the regulatory requirements for retaining training and competence records first apply to the new employee, if at all?

• A.Within 18 months of employment.
• B.It would not apply, as the employee is already fully competent.
• C.From the initial interview.
• D.When the employee first has contact with members of the public.

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