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2CEXAM Mock Question

IIQE Paper 3

17-Nov-16
13:49:00
1 Which of the following descriptions is correct? Hot

A As women live longer, therefore they cannot purchase annuity Topic

B Premium of annuity for men is higher than women Chapter

C Annuity benefit payment for women is lower than men of the similar condition Section 1(d)

D Annuity benefit payment for women is higher than men of the similar condition QID 185

Answer C

2 The earliest format of life insurance contract Hot

A Were for short periods of time to cover premature death Topic 1

B Were for long periods of time until death Chapter 1

C Were related to property mortgage loan Section

D Were unit-linked arrangements QID 2

Answer A

3 The original intention of life insurance policy is to provide insured a Hot

A Lump sum benefit upon the survival on a certain age Topic 1

B Lump sum benefit for the death at a young age Chapter 1

C Saving scheme to the insured personal benefit Section

D Benefit for one's family in the event of one's premature death QID 3

Answer D

4 The original and basic intention of life insurance is also available as insurance cover in modern society Hot
(term insurance). What is this?
A Death (particularly premature) Topic 1

B Provide annual income to the insured when he is living Chapter 1

C Savings Section

D Provide protection for the rest of life QID 4

Answer A

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5 The original intention of life insurance is: Hot

A Provide a sum of money when one retires Topic 1

B Provide for one's family and perhaps others in the event of death Chapter 1

C Provide a sum of money when a seaman dies at sea voyage Section

D When it expires at a specified year QID 5

Answer B

6 Life insurance provides a sum of money if the person who is insured dies whilst the policy is in effect.' Hot
Defined in the Life Insurance , Which one or more of the following is correct:
A There is limited, but true as far as its goes Topic 1

B Rationale historical starting point Chapter 1

C Not adequate describe modern life insurance Section

D All of the above are correct QID 6

Answer D

7 The earliest format of life insurance contract: Hot

A Were for short periods of time to cover premature death Topic 1

B Were for long periods of time until death Chapter 1

C Were related to property mortgage loan Section

D Were unit-linked arrangements QID 7

Answer A

8 Which of the following intentions of life insurance represents the original purpose of cover? Hot

A savings provision Topic 1

B investment Chapter 1

C retirement provision Section

D temporary need/threats QID 8

Answer D

9 The original intention of life insurance policy is to provide insured a: Hot

A Lump sum benefit upon the survival on a certain age Topic 1

B Lump sum benefit for the death at a young age Chapter 1

C Saving scheme to the insured personal benefit Section

D Benefit for one's family in the event of one's premature death QID 9

Answer D

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10 The earliest format of life insurance contract: Hot

A Were for short periods of time to cover premature death Topic 1

B Were for long periods of time until death Chapter 1

C Were related to property mortgage loan Section

D Were unit-linked arrangements QID 1

Answer A

11 When considering the needs of life insurance, which of the following is a business need but not personal Hot
need?
A Key persons Topic 1

B Dependants' living expenses Chapter 1

C Educational funds Section 1(b)

D Mortgage repayment fund QID 11

Answer A

12 From a contemporary point of view, life insurance satisfies which needs? Hot

A Business and personal Topic 1

B Sales location Chapter 1

C Sales currency Section 1

D Bonus and dividend QID 10

Answer A

13 The basis for life insurance claims must base on which principle of life insurance? Hot

A Indemnity Topic 1

B Subrogation Chapter 2

C Proximate cause Section

D Insurable interest QID 12

Answer C

14 According to section 64A of the 'Insurance Companies Ordinance', which of the following can constitute Hot
insurable interest?
A Parents and their children under 18 years old Topic 1

B Guardians and their minors Chapter 2

C Husband and wife Section 1(f)

D All of the above QID 27

Answer D

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15 Which one of the following statements is not true? Hot

A A life insurance policy may assigned to a person who has not an insurable interest in the life insured Topic 1

B A life insurance policy may assigned to a person who is a close friend of the life insured Chapter 2

C A life insurance policy may assigned to a creditor of the life insured only where the sum insured does not Section 1(d)
excessed the amount of the indebtedness
D A life insurance policy may assigned to an assignee whether or not it has an insrable interest QID 24

Answer B

16 Which of the follow statement is not true? Hot

A A life insurance policy may be assigned the someone who has not an insurable interest in the life insured. Topic 1

B A life insurance policy may be assigned to someone who has not an insurable interest in the life insured Chapter 2
only where the latter is not bankrupt.
C A life insurance policy may be assigned whether or not the assignee has an insurable interest. Section 1(h)(iii)

D A life insurance policy may be assigned to someone who is not a family member of the life insured. QID 34

Answer B

17 Three years after Mr. Au purchased a life insurance policy for his wife Mrs. Au, he transferred the policy Hot
to his daughter. Two years later, Mrs. Au passed away. And at that time, they are divorced. Which of the
following is not main issue when processing the claim?
A Does Mr. Au have insurable interest in Ms. Au? Topic 1

B When does Mr. Au need insurable interest with Ms. Au? Chapter 2

C How much insurable interest does Ms. Au has? Section 1(h)

D All of the above are not related issued QID 33

Answer D

18 Three years after Mr.Au purchased a life insurance policy for his wife Mrs.Au, he transfered the policy to Hot
his daughter. Two years later, Mrs. Au passed away. And at that time, they are divorced. Which of the
following is not main issue when processing the claim?
A Does Mr. Au has insurable interest in Ms. Au? Topic 1

B When does Mr. Au need insurable interest with Ms. Au? Chapter 2

C How much insurable interest does Ms. Au has? Section 1(h)

D All of the above are not related issued QID 32

Answer D

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19 Three years after Mr.Au purchased a life insurance policy for his wife Mrs.Au, he transfered the policy to Hot
his daughter. Two years later, Mrs. Au passed away. And at that time, they are divorced. Which of the
following is not main issue when processing the claim?
A Does Mr. Au has insurable interest in Ms. Au? Topic 1

B When does Mr. Au need insurable interest with Ms. Au? Chapter 2

C How much insurable interest does Ms. Au has? Section 1(h)

D All of the above are not related issued QID 31

Answer D

20 In the context of when an insurable interest is needed, which of the following policy statement complies Hot
an legal requirements?
A Dealth of ex-husband, policy arranged before divorce Topic 1

B Policy arranged on one¡¦s child, on child¡¦s 20th birthday Chapter 2

C Policy arranged for ex-husband after the divorce was finalized Section 1(h)

D Policy arranged subsequent of debtor before a loan was made QID 30

Answer A

21 According to section 64A of the 'Insurance Companies Ordinance', which of the following can constitute Hot
insurable interest?
A Parents and their children under 18 years old Topic 1

B Guardians and their minors Chapter 2

C Husband and wife Section 1(f)

D All of the above QID 28

Answer D

22 According to the law in Hong Kong, anyone has insurable interest of the following, except: Hot

A Himself Topic 1

B He and his 17-year old spouse Chapter 2

C He and his 17-year old children Section 1(e)

D He and his 17-year old brother QID 26

Answer D

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23 In most of jurisdictions of United States, family members such as brothers and sisters constitute an Hot
insurable interest. Under Hong Kong law:
A The position is exactly the same Topic 1

B The only family member one can insure is one??s spouse Chapter 2

C No family relationship whatever can constitute an insurable interest Section 1(e)

D Insurable interest from family relationship is very much more restricted QID 25

Answer D

24 Which of the following is correct in describing insurable interest? Hot

A It is not a common law Topic 1

B It has been extended in Hong Kong's statutory regulation Chapter 2

C In life insurance policy assignee must have insurable interest Section 1

D It can arise only in family or marriage relationship QID 16

Answer B

25 In the context of when an insurable interest is needed, which of the following policy statement complies Hot
an legal requirements?
A Dealth of ex-husband, policy arranged before divorce Topic 1

B Policy arranged on one¡¦s child, on child¡¦s 20th birthday Chapter 2

C Policy arranged for ex-husband after the divorce was finalized Section 1(h)

D Policy arranged subsequent of debtor before a loan was made QID 29

Answer A

26 Which of the following relationships will constitute insurable interest? Hot

A Debt relationships Topic 1

B Contractual relationships Chapter 2

C Employment relationships Section 1(d)

D All of the above QID 23

Answer D

27 Which of the following is correct in describing insurable interest? Hot

A Every woman has unlimited insurable interest of her life Topic 1

B Everyone has insurable interest of his life limited to his asset value Chapter 2

C Everyone has insurable interest of his life limited to his income Section 1

D Everyone has insurable interest of his life equal to his to the insurable interest of other's life QID 15

Answer A

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28 A creditor has an insurance interest in the life of his debtor to the extend of: Hot

A The amount of loan, plus the accrued and expected interest Topic 1

B The amount of loan, exclusive in interest Chapter 2

C The amount of loan, plus the accrued interest Section 1(d)(i)

D The amount of loan, plus the estimated interest to be earned QID 17

Answer C

29 According to section 64B of the 'Insurance Companies Ordinance', any policy effected without insurable Hot
interest in the life insured:
A Voidable Topic 1

B Void Chapter 2

C Not covered Section 1(b)

D Normal QID 18

Answer B

30 According to section 64B of the 'Insurance Companies Ordinance', any policy effected without insurable Hot
interest in the life insured:
A Voidable Topic 1

B Void Chapter 2

C Not covered Section 1(b)

D Normal QID 19

Answer B

31 Insurable interest means what relationship between someone and the 'subject matter'? Hot

A Utmost good faith Topic 1

B Legally recognised Chapter 2

C Contract Section 1

D Blood relationship QID 14

Answer B

32 A person purchases life insurance for himself, the maximum sum insured is: Hot

A HK$10 million Topic 1

B No limit Chapter 2

C Depends on his total asset value Section 1(c)

D His living expenses QID 20

Answer B

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33 Insurable interest means what relationship between someone and the 'subject matter'? Hot

A Utmost good faith Topic 1

B Legally recognised Chapter 2

C Contract Section 1

D Blood relationship QID 13

Answer B

34 A person purchases life insurance for himself, the maximum sum insured is: Hot

A HK$10 million Topic 1

B No limit Chapter 2

C Depends on his total asset value Section 1(c)

D His living expenses QID 21

Answer B

35 Which of the following statement in describing the request of Insurable interest of life insurance is Hot
correct?
A A female has an insurable interest in her own lives for an unlimited amount Topic 1

B A person has an insurable interest in their own lives limited to the value of his/her net assets Chapter 2

C A person has an insurable interest in their own lives limited to the value of his/her income Section 1(c)

D Same as the insurable interest in other people QID 22

Answer A

36 According to the principle of utmost good faith, which of the following statement is correct in describing Hot
disclosure of material facts:
A Facts about actual physical property Topic 1

B Facts required to disclose the non-material facts to insurer Chapter 2

C Facts which would influence the judgment of a prudent underwriter in determining whether he will accept Section 2
the risk or in fixing the premium
D Facts which may properly affected the judgment of a prudent underwriter whether he will accept the risk QID 36
and in fixing the premium
Answer C

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37 In which of the following, the policyholder has not informed the insurer but still is not in breach of Hot
'utmost good faith'?
A The fact he has tumor Topic 1

B He receives death threat as he owes money from a loan shark Chapter 2

C A cancer already known Section 2(a)

D Serious body injury before QID 37

Answer B

38 If a breach in utmost good faith is committed in life insurance contract, the contract will become Hot
voidable. To the life insurance policies in Hong Kong:
A This is applicable in anytime Topic 1

B The principle of utmost good faith does not apply Chapter 2

C A breach in utmost good faith makes the contract voidable automatically Section 2€

D The incontestability provision in policy may change the situation QID 38

Answer D

39 All types of insurance are subjected to the principle of utmost good faith, which of the following Hot
statement is correct in describing disclosure of material facts:
A A material fact in legal definition almost always modified Topic 1

B The definition of material fact is completely different of Life and Non-Life policy Chapter 2

C The material fact would influence the judgment of a prudent insurer in fixing the premium, or Section 2
determining whether he will accept the risk which in every circumstance
D Incontestability Provision or Incontestable Clause contains comprehensive definition QID 35

Answer C

40 In life insurance, insurer has provided an indemnity to take over any remedies the policyholder possesses Hot
against third parties to seek to recover his payment to the policyholder. Which of the following principles
is similar to this:
A Indemnity Topic 1

B Subrogation Chapter 2

C Contribution Section 3

D Insurable interest QID 39

Answer B

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41 Proximate cause is not very important to which of the following? Hot

A Double indemnity Topic 1

B Accident Chapter 2

C Fire insurance Section 3(a)

D Term insurance to be expired soon QID 45

Answer D

42 Suborgation can be obtained under which of the following life insurance settlement: Hot

A Policyowner-insured was murdered Topic 1

B Death caused by a careless motor cycle driver Chapter 2

C Accident occurs when traveling on a commercial airplane Section 3(c)(ii)

D All of the above are incorrect QID 47

Answer D

43 A compensation method will not apply to life insurances but non-life insurances, which is: Hot

A Proximate cause Topic 1

B Contribution Chapter 2

C Utmost good faith Section 3(b)(i)

D Anti-selection QID 46

Answer B

44 Proximate cause is not very important to which of the following? Hot

A Double indemnity Topic 1

B Accident Chapter 2

C Fire insurance Section 3(a)

D Term insurance to be expired soon QID 44

Answer D

45 In life insurance the principle of proximate cause: Hot

A Is applicable Topic 1

B Is not applicable Chapter 2

C Can be important (if commits suicide after suicide exclusion period) Section 3(a)

D Is important only in incontestable period QID 43

Answer A

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