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Last updated on: 01-December-19
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IIQE Paper 1 English Free Trial
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Question 1 of 10
1. 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 data
Correct
Whilst 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
Incorrect
Whilst 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 2 of 10
2. Question
What are the TWO offenses under UNTAMO? I. to make any property or financial services available for the benefit of Insurance Agent II. collect property or solicit financial (or related) services for the benefit of a terrorist III. to make any property or financial services available to or for the benefit of a terrorist IV. to kill insurance agent & broker without any cause
Correct
It is an offence under the UNATMO for any person to make any property or financial services available, by any means, directly or indirectly, to or for the benefit of a terrorist or terrorist associate except under the authority of a licence granted by S for S. It is also an offence for any person to collect property or solicit financial (or related) services, by any means, directly or indirectly, for the benefit of a terrorist or terrorist associate.
Incorrect
It is an offence under the UNATMO for any person to make any property or financial services available, by any means, directly or indirectly, to or for the benefit of a terrorist or terrorist associate except under the authority of a licence granted by S for S. It is also an offence for any person to collect property or solicit financial (or related) services, by any means, directly or indirectly, for the benefit of a terrorist or terrorist associate.
Question 3 of 10
3. Question
With the assignment of the insurance contract, both the assignor and the assignee need to have: I. identity verification documents II. insurable authority in the subject matter of insurance III.insurable interest in the subject matter of insurance IV. a legal document to verify possible risks
Correct
With assignment of the insurance contract, both the assignor and the assignee need to have insurable interest in the subject matter of insurance at the time of assignment; otherwise the purported assignment will not be valid.
Incorrect
With assignment of the insurance contract, both the assignor and the assignee need to have insurable interest in the subject matter of insurance at the time of assignment; otherwise the purported assignment will not be valid.
Question 4 of 10
4. Question
Select TWO important areas of advertising: I. Selection of international marketing agencies II. the extent to which TV or other media are to be involved III. co-ordination of advertising campaign IV. A Market survey
Correct
Advertising: closely interconnected with the above, this enormously important area includes:
(i) selection of external agencies (if used);
(ii) the extent to which TV or other media are to be involved;
(iii) co-ordination of advertising campaigns;
(iv) expenditure analysis and control.
Incorrect
Advertising: closely interconnected with the above, this enormously important area includes:
(i) selection of external agencies (if used);
(ii) the extent to which TV or other media are to be involved;
(iii) co-ordination of advertising campaigns;
(iv) expenditure analysis and control.
Question 5 of 10
5. Question
What is the accurate way to measure the attainment of the procedures? I. Increasing Complaints II. Regular audits III. Conducting surveys IV. Calculating registrations
Correct
Monitoring and Audit Monitoring and Audit ‧ Effective procedures should be set up to monitor complaints and to make regular reports for senior management’s review. ‧ To measure the attainment of the procedures, regular audits should be conducted by competent and independent staff. Based on the results of the audits, improvements to the procedures, where necessary, should be made by competent staff.
Incorrect
Monitoring and Audit Monitoring and Audit ‧ Effective procedures should be set up to monitor complaints and to make regular reports for senior management’s review. ‧ To measure the attainment of the procedures, regular audits should be conducted by competent and independent staff. Based on the results of the audits, improvements to the procedures, where necessary, should be made by competent staff.
Question 6 of 10
6. Question
What are the traits of an Actuary? I. He has a strong financial background II. He is an expert in predicting future trends based on available data III. He keeps himself healthy & fit IV. He is a highly skilled biologist
Correct
An actuary may be thought of as a highly skilled mathematician. His particular expertise is not only in the collation and presentation of numerical information, but also in projecting and predicting future trends, based on available data and assumptions. It will immediately be understood, therefore, that such an expert has a very important role to play in insurance.
Incorrect
An actuary may be thought of as a highly skilled mathematician. His particular expertise is not only in the collation and presentation of numerical information, but also in projecting and predicting future trends, based on available data and assumptions. It will immediately be understood, therefore, that such an expert has a very important role to play in insurance.
Question 7 of 10
7. Question
Identify TWO dishonest claims among them: I. a cheap watch stolen and saying that it was an expensive one II. a car met a serious accident & car was poorly damaged III. to elaborate swindles involving arson or faked death certificates IV. a building was on fire & everything was burnt
Correct
Insurance fraud may take any of a large number of forms. Usually, we tend to associate the term with dishonest claims, from relatively ‘small’ matters, such as having a cheap watch stolen and saying that it was an expensive one, to elaborate swindles involving arson or faked death certificates. There have even been examples of large life insurance being arranged and then having the person concerned murdered for the insurance money.
Incorrect
Insurance fraud may take any of a large number of forms. Usually, we tend to associate the term with dishonest claims, from relatively ‘small’ matters, such as having a cheap watch stolen and saying that it was an expensive one, to elaborate swindles involving arson or faked death certificates. There have even been examples of large life insurance being arranged and then having the person concerned murdered for the insurance money.
Question 8 of 10
8. Question
Select TWO types of defense for any person charged with any of the offenses according to Insurance Ordinance: I. The disclosure was not required but he still disclosed on any personal bias II. The disclosure was required or authorised by or under any enactment, by any rule of law or by an order of a court III. He disclosed the personal data for the purpose of affecting his personal relationships IV. He disclosed the personal data for the purposes of a prescribed news activity or a directly related activity
Correct
Defence: The Ordinance provides the following defence to any person charged with any of the offences:
(1) he reasonably believed that the disclosure was necessary for the purpose of preventing or detecting crime; (2) the disclosure was required or authorised by or under any enactment, by any rule of law or by an order of a court; (3) he reasonably believed that the data user had consented to the disclosure; or (4) he disclosed the personal data for the purposes of a prescribed news activity or a directly related activity; and had reasonable grounds to believe that the publishing or broadcasting of the personal data was in the interest of the public
Incorrect
Defence: The Ordinance provides the following defence to any person charged with any of the offences:
(1) he reasonably believed that the disclosure was necessary for the purpose of preventing or detecting crime; (2) the disclosure was required or authorised by or under any enactment, by any rule of law or by an order of a court; (3) he reasonably believed that the data user had consented to the disclosure; or (4) he disclosed the personal data for the purposes of a prescribed news activity or a directly related activity; and had reasonable grounds to believe that the publishing or broadcasting of the personal data was in the interest of the public
Question 9 of 10
9. Question
Select one restriction among them as highlighted under a rateable proportion clause? I. Insurance agent & broker liability to its rateable share of the loss II. insurer’s liability to its rateable share of the profit III. insurer’s liability to its rateable share of the loss IV. insurer’s liability to its rateable share of the rules & regulation of insurance
Correct
Rateable Proportion Clause (or Contribution Condition), restricting the insurer’s liability to its rateable share of the loss. The effect is that, where there is double insurance and each of the relevant policies contains such a clause, the insured could no longer claim all of his loss from one insurer alone.
Incorrect
Rateable Proportion Clause (or Contribution Condition), restricting the insurer’s liability to its rateable share of the loss. The effect is that, where there is double insurance and each of the relevant policies contains such a clause, the insured could no longer claim all of his loss from one insurer alone.
Question 10 of 10
10. Question
Select TWO important areas of advertising: I. Selection of international marketing agencies II. the extent to which TV or other media are to be involved III. co-ordination of advertising campaign IV. A Market survey
Correct
Advertising: closely interconnected with the above, this enormously important area includes:
(i) selection of external agencies (if used);
(ii) the extent to which TV or other media are to be involved;
(iii) co-ordination of advertising campaigns;
(iv) expenditure analysis and control.
Incorrect
Advertising: closely interconnected with the above, this enormously important area includes:
(i) selection of external agencies (if used);
(ii) the extent to which TV or other media are to be involved;