• IC Paper 1 (Set A)

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    6 Jan 2023

    IC Paper 1 Question

    Which of the following descriptions about a contract is false?

    a) A contract is an agreement enforceable by law.

    b) A contract is a legally binding agreement between two or more parties.

    c) A contract is an agreement involving a promise to perform one or more acts whereby the promise must be made by all parties of the contract.

    d) A contract is an agreement governing the obligations of the insurer and the rights of the insured.

  • IC Paper 1 (Set B)

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    6 Jan 2023

    IC Paper 1 Question

    Which of the following factors is NOT essential to insurable interest?

    a) There must be some property, rights, interest or potential liability capable of being insured.

    b) The property, rights, interest or potential liability must be the subject matter of the insurance.

    c) The insured must not stand in a relationship, recognised by law, with the subject matter of the insurance.

    d) The proposer must benefit from the continued existence of the subject matter of the contract or be prejudiced by its loss.

  • IC Paper 2 (Set A)

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    6 Jan 2023

    IC Paper 2 Question

    Conditions precedent to liability are conditions which must be fulfilled:

    a) before the contract can become valid.

    b) if the contract is to continue once it becomes binding.

    c) before the insured is legally entitled to recover under the contract.

    d) after the contract becomes valid.

  • IC Paper 2 (Set B)

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    6 Jan 2023

    IC Paper 2 Question

    Which of the following statements about a cover note is false?

    a) It is valid only for a certain period.

    b) It is subject to the usual terms and conditions of the insurance policy for that class of business.

    c) It is subject to any further special clauses if applicable.

    d) It is subject to the insurance policy being in force and issued.

  • IC Paper 3 (Set A)

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    6 Jan 2023

    IC Paper 3 Question

    Which of the following is a NOT a method of underwriting for sub-standard risk classifications?

    a) Increasing the premiums.

    b) Decreasing the excess.

    c) Offering pre-existing condition exclusions.

    d) Declining the application.

  • IC Paper 3 (Set B)

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    6 Jan 2023

    IC Paper 3 Question

    The duty of disclosure arises under all of the following circumstances except?

    a) Upon the application until the inception of the insurance policy.

    b) Upon a change in ownership of the insurance policy .

    c) Upon renewal of the insurance policy.

    d) Upon alteration of the insurance policy.

  • IC Paper 5 (Set A)

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    6 Jan 2023

    IC Paper 5 Question

    Which of the following statements regarding Investment-linked Policies is true?

    a) An Investment-linked Policy Owner bears full investment gains and losses.

    b) Investment-linked Policies can only be issued by investment companies.

    c) Bonus smoothing is applied to Investment-linked Policies.

    d) Investment-linked Policies are only available as a single premium policy.

  • IC Paper 5 (Set B)

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    6 Jan 2023

    IC Paper 5 Question

    Which of the following is NOT a method of investment diversification?

    a) Investing in multiple stocks in the same sector.

    b) Investing in stocks in different sectors.

    c) Investing in stocks in different countries.

    d) Investing in one company that has multiple businesses in different sectors.