ICWIM Real Dumps & Exam Dumps ICWIM Free
ICWIM Real Dumps & Exam Dumps ICWIM Free
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CISI International Certificate in Wealth & Investment Management Sample Questions (Q44-Q49):
NEW QUESTION # 44
Personal accident policies will pay out:
- A. On the day of the accident
- B. Following a waiting period
- C. Once the insurance company has received the medical documentation
- D. Once the insured has been seen by a doctor
Answer: B
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 # 45
A stockbroking firm receives buy and sell orders for the same security from different clients. How can they best avoid a conflict of interest?
- A. Openly disclose all orders received to the clients
- B. Process the sell orders before the buy orders
- C. Place orders as they are received from the clients
- D. Withdraw their services for the transaction
Answer: C
Explanation:
When a stockbroking firm receives buy and sell orders for the same security, they must ensure fair execution to avoid conflicts of interest.
* Best Execution Principle:
* Orders should be executed in the order received (time priority).
* Brokers must act impartially and in the best interests of all clients.
* No preferential treatment is allowed, even for higher-value orders.
* Regulatory Compliance:
* Under MiFID II (Markets in Financial Instruments Directive) and FCA COBS rules, brokers must ensure:
* Transparency in order handling.
* Fair and prompt execution of trades.
* No manipulation or front-running (trading ahead of clients).
* Why Not Other Options?
* A (Withdraw their services) # This would disadvantage clients and is unnecessary.
* C (Openly disclose all orders) # Not required unless there is a material conflict of interest.
* D (Process sell orders before buy orders) # Would create an unfair trading practice.
# Reference: FCA Handbook (COBS 11 - Best Execution), MiFID II Regulations, CISI Wealth & Investment Management.
NEW QUESTION # 46
Which index tracking method requires a swap agreement?
- A. Optimisation
- B. Stratified Sampling
- C. Full replication
- D. Synthetic Replication
Answer: D
Explanation:
Synthetic replication uses derivative contracts (swaps) to track an index without directly holding the underlying assets.
* Why is Option C Correct?
* The fund manager enters into a swap agreement with an investment bank.
* The bank provides the return of the target index, while the fund pays a fixed rate or cash return.
* This is common for emerging markets or illiquid assets, where direct replication is difficult.
* Why Not Other Options?
* A (Full replication) # Buys all index components, no swaps used.
* B (Stratified sampling) # Buys representative index samples, no swaps.
* D (Optimisation) # Uses mathematical models to track an index, no swaps.
# Reference: CFA Institute (Index Replication Strategies), CISI Wealth & Investment Management.
NEW QUESTION # 47
Which of the following is a characteristic of a perfectly competitive industry?
- A. Firms face barriers to entry or exit from the industry
- B. There are a range of market prices at which all output produced by any one firm can be sold
- C. There is an infinite number of consumers who all face the same market price
- D. Numerous heterogeneous products are produced by all firms in the industry
Answer: C
Explanation:
* Perfectly Competitive Industry Characteristics:
* Perfect competition assumes identical (homogeneous) products, no barriers to entry or exit, and numerous buyers and sellers where all face a uniform market price.
* Firms are price takers, unable to influence prices individually.
* Elimination of Other Options:
* A: Homogeneous, not heterogeneous, products are a key characteristic.
* B: Perfect competition assumes free entry and exit.
* C: Prices are uniform, not variable.
References:
* ICWIM Module 3: Microeconomics and market structures
NEW QUESTION # 48
An investor deposits £1,000 into an account that pays interest at the rate of 3% per year. If the interest is credited to the account at the end of the year and the investor leaves the money in the account for 5 years, how much money will be in the account at the end of the fifth year?
- A. £1,159.27
- B. £1,157.63
- C. £1,150.00
- D. £1,276.28
Answer: B
Explanation:
* Compound Interest Formula:A=P×(1+r)nA = P times (1 + r)