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CISI International Certificate in Wealth & Investment Management Sample Questions (Q101-Q106):

NEW QUESTION # 101
A business may need key person protection because:

A. It is a very small business
B. The business relies on the input of an individual
C. It is to cover a very significant customer
D. Its profits are very seasonal

Answer: B

Explanation:
* Key Person Protection:
* This insurance protects a business against financial loss if a critical employee (e.g., founder, CEO) becomes incapacitated or dies.
* It is designed to mitigate reliance on essential individuals whose absence would disrupt operations.
* Elimination of Other Options:
* B: Size of the business is not the determining factor.
* C: Significant customers are protected under other insurance (e.g., credit insurance).
* D: Seasonal profits do not relate to key person risk.
References:
* ICWIM Module 5: Focus on business risk management and insurance needs.

NEW QUESTION # 102
Personal accident policies will pay out:

A. Following a waiting period
B. Once the insured has been seen by a doctor
C. On the day of the accident
D. Once the insurance company has received the medical documentation

Answer: A

Explanation:
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.
* Personal Accident Policies:
* These policies often include a waiting period before payouts, allowing insurers to verify claims and ensure eligibility.
* The waiting period varies depending on the policy terms.
* Elimination of Other Options:
* A: A doctor's visit is often necessary but not sufficient for payout.
* B: Payments are not instantaneous.
* D: Documentation is required, but it is part of the claim process, not the trigger for payout.
References:
* ICWIM Module 5: Details on insurance policy structures and claims processes.

NEW QUESTION # 103
When an investment manager manages and makes changes to a portfolio without referring to the client, this is known as:

A. Discretionary
B. Advisory dealing
C. Execution-only
D. Financial planning

Answer: A

Explanation:
A discretionary investment manager has full authority to buy and sell investments without seeking client approval for each transaction.
* Why is Option C Correct?
* The manager follows a pre-agreed investment mandate that aligns with the client's objectives and risk profile.
* Common in wealth management and private banking.
* Why Not Other Options?
* A (Execution-only) # The firm executes trades but does not provide investment advice or management.
* B (Advisory dealing) # The manager provides advice, but the client makes the final decision.
* D (Financial planning) # Financial planning involves long-term wealth strategies, not active portfolio management.
# Reference: FCA Conduct of Business Rules (COBS 9 - Discretionary Management), CISI Wealth & Investment Management.

NEW QUESTION # 104
What financial principle requires an adviser to gather extensive information from a client before making a recommendation?

A. Risk reduction
B. Transparency of trading
C. Know your customer
D. Disclosure

Answer: C

Explanation:
* Know Your Customer (KYC) Principle:
* Advisers must gather extensive client information (e.g., financial goals, risk tolerance, income) to provide tailored recommendations.
* KYC ensures compliance with regulatory frameworks and aligns investment strategies with client needs.
* Elimination of Other Options:
* A: Disclosure focuses on transparency of fees and risks, not information gathering.
* B: Transparency of trading pertains to market operations, not advisory practices.
* C: Risk reduction is a goal, not a principle requiring client data.
References:
* ICWIM Module 4: Ethical and Regulatory Practices: Focus on the KYC framework.

NEW QUESTION # 105
The Financial Action Task Force (FATF) was created to:

A. Support countries in developing their financial regulation
B. Support international efforts to end safe havens for corrupt funds
C. Improve financial regulation in G7 member states
D. Combat international money laundering and international terrorism

Answer: D

Explanation:
* Purpose of the FATF:
* Established in 1989, the FATF develops global policies to combat money laundering and terrorist financing.
* It promotes international standards to ensure financial systems are not misused for criminal purposes.
* Elimination of Other Options:
* A: The FATF's mandate is broader than G7 financial regulation.
* B: It provides guidance but does not solely focus on developing financial regulation.
* C: Ending safe havens for corrupt funds is part of its mission but secondary to its primary goal of combating money laundering and terrorism.
References:
* ICWIM Module 5: Focus on global financial regulation and anti-money laundering efforts.
* FATF Mandate (Official Publications): "Standards for combating money laundering, terrorist financing, and proliferation financing."

NEW QUESTION # 106
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Free PDF Quiz The Best CISI - Sample ICWIM Questions

Enhance Your Success Rate with Pass4training's CISI ICWIM Exam Questions

CISI International Certificate in Wealth & Investment Management Sample Questions (Q101-Q106):

CISI ICWIM Exam Practice Test Questions Available In Three User-Friendly Formats

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