End of Element 6: Professional services Assessment Quiz

Which of the following is a primary role of an auditor?

• Advising on marketing strategies

• Reviewing financial accounts

• Managing employee relations

• Conducting sales meetings

Actuarial services primarily involve which of the following?

• Designing marketing campaigns

• Auditing financial statements

• Calculating and assessing financial risks

• Providing legal advice

What is the main purpose of Professional Indemnity Insurance (PII)?

• To protect against health risks

• To cover travel expenses

• To insure property

• To protect against professional negligence claims

Which professional advises businesses on completing tax returns?

• Actuary

• Tax advisor

• Auditor

• Insurance broker

Who is responsible for underwriting loans?

• Auditor

• Tax advisor

• Lender

• Risk manager

What is a primary concern when engaging third-party professionals?

• The design of their office

• Their professional conduct and ethical behaviour

• Their social media presence

• Their company logo

A claims analyst in the insurance sector primarily deals with what?

• Predicting future financial risks

• Advising on insurance claims

• Reviewing tax returns

• Conducting financial audits

Service Level Agreements (SLAs) typically include which of the following?

• Details of company parties

• Clear standards of service and delivery requirements

• Employee salary information

What is a potential risk associated with third-party professionals?

• Enhanced brand recognition

• Disclosure of sensitive information

• Increased market share

• Improved customer loyalty

The impact of a poor claims record on PII premiums is generally:

• No impact

• Lower premiums

• Higher premiums

• No change in premiums