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CII Insurance Business and Finance (IBF) Sample Questions:

1. Which UK companies must have Articles of Association?

A) Only those operating in the London Market.
B) Only public limited companies.
C) All those which are registered with Companies House.
D) Only companies with over 50 shareholders.

2. A public limited company which has a year end of 31 December must file their accounts by the following:

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

3. Which management style would it be best to adopt during a period of radical change?

A) Autocratic.
B) Democratic.
C) Laissez-faire.
D) Paternalistic.

4. To whom is financial accounting most useful?

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

5. It has been deemed essential that the Information Technology (IT) department have a broad role, working closely with the business. If the IT department are to fulfil its role within the company, it must

A) make a proactive contribution to the development of business strategy.
B) report directly to the internal audit function.
C) operate entirely independently from day-to-day operations.
D) outsource all non-core functions.

Solutions: