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CII Insurance Business and Finance (IBF) Sample Questions:

1. Joe should advise the Board that the underwriting administration services information currently in use is most commonly known as a?

A) Codified Management System
B) Transaction Processing System
C) Management Information System
D) Accounting Information System

2. An item has been inserted in a company's balance sheet in respect of machinery. Under which heading will this normally appear?

A) Technical provisions.
B) Shareholder equity.
C) Non-current assets.
D) Current assets.

3. The plan to takeover NTU by ABC would need to be discussed and agreed by a majority of the ABC shareholders at

A) The next annual general meeting.
B) A board meeting without shareholder involvement.
C) A meeting of the Franchise Board.
D) An extraordinary meeting.

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

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

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

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

Solutions: