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CII M92 real answers - Insurance Business and Finance (IBF)

M92
  • Exam Code: M92
  • Exam Name: Insurance Business and Finance (IBF)
  • Updated: Oct 04, 2026
  • Q & A: 84 Questions and Answers
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CII M92 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Underwriting and Pricing20-25- Claims handling overview
- Underwriting principles and process
- Risk assessment and classification
- Pricing factors and methods
Topic 2: Financial Management of Insurers25-30- Capital management and solvency
- Solvency II framework
- Financial statements and accounts
- Investment management
- Premium reserves and claims reserves
Topic 3: The Insurance Market and Business Environment20-25- Regulatory and legal framework
- Market competition and segmentation
- Insurance intermediaries and distribution channels
- Structure of the insurance market
Topic 4: Business Strategy and Operations10-15- Technology and digital transformation
- Product development and management
- Strategic planning for insurers
- Customer service and relationship management
Topic 5: Legal and Regulatory Requirements15-20- Consumer protection requirements
- Prudential regulation
- Data protection and compliance
- Conduct of business regulation

CII Insurance Business and Finance (IBF) Sample Questions:

Question #1

Which body exists to ensure that the London Market as a whole maintains and improves its position as a major worldwide insurance market?

  • A. The International Underwriting Association (IUA).
  • B. The Franchise Board.
  • C. London Market Group.
  • D. The Prudential Regulation Authority.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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Question #2

Which UK companies must have Articles of Association?

  • A. Only companies with over 50 shareholders.
  • B. All those which are registered with Companies House.
  • C. Only those operating in the London Market.
  • D. Only public limited companies.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #3

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

  • A. Democratic.
  • B. Autocratic.
  • C. Paternalistic.
  • D. Laissez-faire.
Reveal Solution  Discussion  0

Correct Answer: B  🗳️

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Question #4

Who would be responsible for compliance of the claims function if the activity was outsourced to a specialist claims-handling company?

  • A. The insurer would be solely responsible.
  • B. The broker who placed the business.
  • C. The specialist claims-handling company solely.
  • D. The policyholder.
Reveal Solution  Discussion  0

Correct Answer: A  🗳️

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Question #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. report directly to the internal audit function.
  • B. outsource all non-core functions.
  • C. make a proactive contribution to the development of business strategy.
  • D. operate entirely independently from day-to-day operations.
Reveal Solution  Discussion  0

Correct Answer: C  🗳️

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