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Paper I - Principles and Practice of Insurance Set Two
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Last updated on:
13-March-23Time limit: 0
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- Question 1 of 10
1. Question
What is a Counter-offer?
I. An offer made by Highest Insurance Authority to the original offerer
II. An offer made by the insurance agent & proposing a contract on same terms from those originally offered by the latter
III. An offer made by the original offeree to the original offeror, proposing a contract on different terms from those originally
offered by the latter
IV. An offer made to counter financial claimsCorrectCounter-Offer: An offer made by the original offeree to the original offeror, proposing a contract on different terms from those originally offered by the latter (thus legally destroying the original offer).
IncorrectCounter-Offer: An offer made by the original offeree to the original offeror, proposing a contract on different terms from those originally offered by the latter (thus legally destroying the original offer).
- Question 2 of 10
2. Question
What are the three parties to a suretyship?
I. the offeree, the principal & the surety
II. the surety, the principal & the obligee
III. the agent, the broker & the principal
IV. the principal, the authority & the obligeeCorrectThere are three parties to a suretyship: the surety, the principal and the obligee. It is the obligee in whose favour the suretyship is issued. That is to say, when there is failure on the part of the principal to fulfil an obligation to the obligee, the surety will pay the obligee.
IncorrectThere are three parties to a suretyship: the surety, the principal and the obligee. It is the obligee in whose favour the suretyship is issued. That is to say, when there is failure on the part of the principal to fulfil an obligation to the obligee, the surety will pay the obligee.
- Question 3 of 10
3. Question
If RP makes a false declaration in reporting his CPD hours, he is required to:
I. make an apology letter at the time of re-registration
II. transfer all outstanding CPD hours to other RP at the time of re-registration
III. complete all outstanding CPD hours at the time of re-registration
IV. give up his salary for all outstanding CPD hoursCorrectIn circumstances where an RP makes a false declaration in reporting his CPD hours, his registration should be revoked for 12 months as a starting point by the IARB. Such RP should be required to complete all outstanding CPD hours at the time of re-registration
IncorrectIn circumstances where an RP makes a false declaration in reporting his CPD hours, his registration should be revoked for 12 months as a starting point by the IARB. Such RP should be required to complete all outstanding CPD hours at the time of re-registration
- Question 4 of 10
4. Question
How Shall insurance intermediaries be aware of insurance companies?
I. By getting information of their infrastructure
II. By getting information on statistics of company staff
III. By getting information of their various departments and personnel behind the marketing process
IV. By getting information of company’s personal dataCorrectWhilst an insurance intermediary is unlikely to have close contact with the internal organisation of insurance companies, it is good to understand something of their infrastructure and to be aware of the various departments and personnel behind the marketing process
IncorrectWhilst an insurance intermediary is unlikely to have close contact with the internal organisation of insurance companies, it is good to understand something of their infrastructure and to be aware of the various departments and personnel behind the marketing process
- Question 5 of 10
5. Question
What is a vital element for a marketing department?
I. continuous monitoring of the manufacturing process
II. Monitoring possible risks once in a year
III. continuous monitoring of one’s present and the potential market
IV. Monitoring staff’s performance on a monthly basisCorrectMarket research: obviously, continuous monitoring of one’s present and potential market is a vital element for a marketing department. This will seek to establish existing and perceived needs and demands in respect of insurance products.
IncorrectMarket research: obviously, continuous monitoring of one’s present and potential market is a vital element for a marketing department. This will seek to establish existing and perceived needs and demands in respect of insurance products.
- Question 6 of 10
6. Question
The insurance industry is vulnerable to which of the following:
I. Insurance Ordinance & Money making
II. Money laundering & terrorist financing
III. Compensation Only
IV. Frauds & DacoitCorrectThe insurance industry is vulnerable to money laundering (‘ML’) and terrorist financing (‘TF’).
IncorrectThe insurance industry is vulnerable to money laundering (‘ML’) and terrorist financing (‘TF’).
- Question 7 of 10
7. Question
Which TWO are included in General Business Categories:
I. Personal relationships
II. General Liability
III. Terrorist attacks
IV. Goods in transitCorrectGeneral liability – liability insurance exclusive of classes 10-12 above; employees’ compensation insurance is included here
Goods in transit – property insurance on goods in transit, including marine cargoIncorrectGeneral liability – liability insurance exclusive of classes 10-12 above; employees’ compensation insurance is included here
Goods in transit – property insurance on goods in transit, including marine cargo - Question 8 of 10
8. Question
The term COMPOSITE in authorized insurers implies to:
I. Pure long-term business
II. General Business
III. Small business
IV. Outward reinsuranceCorrect‘Composite’: the term implies carrying on both Long Term and General Business. 19 insurers were so authorised, comprising 10 Hong Kong incorporated companies and 9 others (none from the Mainland of China).
Incorrect‘Composite’: the term implies carrying on both Long Term and General Business. 19 insurers were so authorised, comprising 10 Hong Kong incorporated companies and 9 others (none from the Mainland of China).
- Question 9 of 10
9. Question
What is the main objective of Hong Kong Federation of Insurers HKFI?
I. To publicize the common interests of only insurers transacting business in Hong Kong
II. To promote and advance the common interests of insurers and reinsurers transacting business in Hong Kong
III. To promote welfare of human beings by organizing events
IV. To keep an eye on competitors in the marketplaceCorrectAn important objective of the HKFI is to promote and advance the common interests of insurers and reinsurers transacting business in Hong Kong. As a major influence in the self-regulatory process, the HKFI has numerous areas of activity
IncorrectAn important objective of the HKFI is to promote and advance the common interests of insurers and reinsurers transacting business in Hong Kong. As a major influence in the self-regulatory process, the HKFI has numerous areas of activity
- Question 10 of 10
10. Question
Which statement holds true for an Insurance Authority?
I. The Insurance Authority has no power to approve a body of insurance brokers under Section 70 of the Insurance Ordinance
II. The Insurance Authority has the power to approve a body of insurance brokers under Section 70 of the Insurance Ordinance
III. The Insurance Authority has partial power to approve a body of insurance brokers under Section 70 of the Insurance Ordinance
IV. The Insurance Authority has no direct link with insurance brokers under section 70 of the Insurance OrdinanceCorrectThe Insurance Authority has the power to approve a body of insurance brokers under Section 70 of the Insurance Ordinance, so that its members are deemed to be authorised insurance brokers, without the need to seek authorisation from the Insurance Authority direct.
IncorrectThe Insurance Authority has the power to approve a body of insurance brokers under Section 70 of the Insurance Ordinance, so that its members are deemed to be authorised insurance brokers, without the need to seek authorisation from the Insurance Authority direct.
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