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PCE TriaI Exam 2 - Part A

1 The Insurance industry in MaIaysia is reguIated by Insurance Act _____ .
A. 1962
B. 1965
C. 1996
D. 1997

2 The secondary functions of Insurance incIude
Ì. cost stabilization
ÌÌ. reduction of losses
ÌÌÌ. provision of employment for many
ÌV. provision of sources of capital for Ìnvestment
A. Ì,ÌÌ,ÌÌÌ only
B. ÌÌ,ÌÌÌ,ÌV only
C. Ì,ÌÌÌ,ÌV only
D. Ì,ÌÌ,ÌÌÌ,ÌV

3 Which of the foIIowing is NOT a function of insurance?
A. reduction of losses-$econdary functions
B. Ìt is a source of capital for investment-Other functions
C. Ìt acts as a mind of gambling- Covering larger risks with small capital ÷ Ìnsurance assuages
the businessmen from security investments. This is done by paying small amount of premium
against larger risks and dubiety.
D. Ìt provides employment opportunities

4 Insurance business can be cIassified into
A. Life insurance and $peculative Ìnsurance
B. Life insurance and General Ìnsurance
C. General Ìnsurance and $peculative Ìnsurance
D. Guaranteed Ìnsurance and $peculative Ìnsurance

5 Which of the foIIowing is NOT a method of handIing risks?
A. risk retention
B. risk avoidance
C. loss control
D. identifying loss exposures

6 What is a risk?
A. it is a cause of loss
B. the possibility of danger
C. it is an uncertainty regarding loss.
D. it is a condition that increases the chance of loss

BeIow are the steps of risk management, EXCEPT
A. identification
B. evaluation
C. avoidance
D. implementation








Which of the foIIowing is an insurabIe risk?
InsurabIe risk wouId refer to the risks for which an insurance poIicy can be purchased. For
aII types of insurance other than Iife insurance, insurabIe risks must be financiaI,
measurabIe and predictabIe. An insurabIe risk in generaI is a Ioss that is not intentionaIIy
caused by the insured.
A. business venture risk
B. investment venture loss
C. loss in gambling
D. fire damage

9 Which of the foIIowing is not a pure risk?
A category of risk in which Ioss is the onIy possibIe outcome; there is no beneficiaI resuIt.
A. protecting one's house from fire
B. protecting one' car from being stolen
C. protecting one's investment from economic depression
D. protecting one's loss of income risk and disability in an accident

10 Which of the foIIowing act is used to govern the operation of the TakafuI companies?
A. Contract Act 1950
B. Company Act 1965
C. Takaful Act 1984
D. Ìnsurance Act 1996

11 PeriIs covered in insurance poIicy are aIso known as
A. insured perils
B. excluded perils
C. excepted perils
D. uninsured perils

12 In common Iaw, when is the proposer (The person who proposes to enter into a
contract of insurance with a Iife insurance company to insure himseIf or another Iife on
whose Iife he has insurabIe interest. ) required to discIose materiaI facts?
A. during negotiation
B. during claim
C. after the enforcement of the policy
D. before the policy lapse

13 Assignment is
Transfer by the hoIder of a Iife insurance poIicy (the assignor) of the benefits or proceeds
of the poIicy to a Iender (the assignee), as a coIIateraI for a Ioan. In the event of the death
of the assignor, the assignee is paid first and the baIance (if any) is paid to the poIicy's
beneficiary. Other types of insurance poIicies may not be used for this purpose.
A. a transfer of property to another person
B. a transfer of rights to another person
C. a transfer of rights to own self
D. a transfer of risk to another party

14 Lack of insurabIe interest wiII
A. render the contract void
B. have no effect on the insurance contract
C. render the insurance contract partly unenforceable
D. render the contract voidable




15 Which of the foIIowing are methods of indemnifying?
Ì. replacement
ÌÌ. reinstatement
ÌÌÌ. cash
A. Ì , ÌÌ only C. ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ only D. Ì , ÌÌ , ÌÌÌ

16 The IegaI term 'caveat emptor" means
A Latin phrase for "Iet the buyer beware." The term is primariIy used in reaI property
transactions. EssentiaIIy it procIaims that the buyer must perform their due diIigence when
purchasing an item or service.
A. utmost good faith
B. insurable interest
C. consensus ad idem
D. letting the buyer beware

1 When an insured faiIs to discIose a materiaI, the breach of utmost good faith (in the
insurance market, the doctrine of utmost good faith requires that the party seeking
insurance discIoses aII reIevant personaI information) is termed as:
A. twisting
B. ratification
C. concealment
D. misrepresentation

1 Which of the foIIowing are insurance professionaIs?
Ì. Underwriter
insurance underwriters evaluate the risk and exposures of potential clients. They decide how
much coverage the client should receive, how much they should pay for it, or whether even to
accept the risk and insure them
ÌÌ. Loss Adjuster
ÌÌÌ. Actuary
A. Ì and ÌÌ only
B. Ì and ÌÌÌ only
C. ÌÌ and ÌÌÌ only
D. Ì, ÌÌ and ÌÌÌ

19 Insurers who carry out both Iife and generaI business are
A. the reinsurers
B. the composite insurers
C. the proprietary insurers
D. mutual insurers

20 This department generaIIy concentrates its efforts on identification of fieId officers,
recruiting, motivating and supervising the saIes force. This department refers to
A. the marketing department
B. the underwriting department
C. the agency or sales department
D. the customer service department

21 What is the basic advantage of centraIization?
A. teamwork is more effective
B. uniformity in practice and standards
C. easy access to all departmental functions
D. control and maintenance of manpower


22 Which of the foIIowing insurance institution's vision is to be the preferred insurance
institute for human capitaI deveIopment and professionaI standards in insurance in
MaIaysia?
A. Persatuan Ìnsurans Am Malaysia (PÌAM)
B. The Actuarial $ociety of Malaysia ( A$M )
C. The Malaysian Ìnsurance Ìnstitute ( MÌÌ )
D. National Association Of Malaysian Life Ìnsurance and Financial Advisors ( NAMLÌFA)

23 The main objective of this institution is to heIp settIe disputes between poIicyhoIders
and the financiaI service providers. This institution refers to:
A. Financial Mediation Bureau ( FMB )
B. Unplaced Motor Pool
C. Motor Ìnsurers' Bureau ( MÌB )
D. Persatuan Ìnsurans Am Malaysia (PÌAM)

24 Which of the foIIowing are the advantages of seIf-reguIation?
Ì. Ìt avoids the need to introduce legislation to regulate the industry
ÌÌ. Ìt helps to instill discipline among insurance companies
ÌÌÌ. Ìt is a bureaucratic backup to enforce laws that are passed
ÌV. Ìts measures can respond to the changing needs faster than legislation
A. Ì, ÌÌ, ÌÌÌ only C. Ì, ÌÌÌ, ÌV only
B. Ì, ÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

25 Under the provision of insurance act 1996, IocaI Iife insurers are required to have a
minimum paid up capitaI of
A. 30 million
B. 50 million
C. 100 million
D. 150 million

26 Which of the foIIowing are the basic rights of consumers?
Ì. right to choose
ÌÌ. right to consumer education
ÌÌÌ. right to basic goods and services
ÌV. right to a safe and clean environment
A. Ì, ÌÌ, ÌÌÌ only C. Ì, ÌÌÌ, ÌV only
B. Ì, ÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

2 The principIe requirements of the Companies Act affecting insurance companies are
Ì. the method of valuing liabilities
ÌÌ. the method of valuing assets and the provision for the depreciation
ÌÌÌ. preparation and submission of annual accounts and the accompanying statements
A. Ì, ÌÌ only
B. Ì, ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì, ÌÌ, ÌÌÌ

2 In insurance, for the appIicant to have IegaI capacity to contract, he must be of age at
Ieast
A. 16
B. 18
C. 20
D. 21



29 Which of the foIIowing are the essentiaIs of an insurance contract?
Ì. consideration
ÌÌ. consent
ÌÌÌ. offer and acceptance
ÌV. intention to create a legal relationship
A. Ì, ÌÌ only
B. ÌÌ, ÌÌÌÌ only
C. Ì, ÌÌ, ÌÌÌ only
D. Ì, ÌÌ, ÌÌÌ, ÌV

30 If a proposer submits a compIeted and signed proposaI form to an insurer, he is making
A. an offer
B. an acceptance
C. a counter-offer
D. an invitation to offer

31 An agent is a person who acts on behaIf of another person. The person whom he
represents is caIIed
A. the broker
B. the principal
C. the second party
D. the third party

32 An impIied authority is authority that impIies to the agent from the circumstances
concerning the reIationship between
A. the principal and the agent
B. the principal and the third party
C. the third party and the agent
D. the recruiter and the agent

33 When an agent performs an act which is not within his actuaI authority, but which Iater
becomes binding on the principaI because the principaI agrees to accept the act as having
been done on his behaIf. This is:
A. ratification
B. usual authority
C. implied authority
D. apparent authority

34 Every agent is cIassified in accordance with the authority provided to them. A UniversaI
Agent
A. has unlimited authority, appointed to do a specific act or transaction.
B. has unlimited authority, may do anything for himself which himself is competent to do
C. has unlimited authority, may do anything for his principle which the principal himself is
competent to do
D. has unlimited authority, may do anything for third party which the third party himself is
competent to do

35 What is the agent's most important right?
A. receives commission or payment for the services
B. receives premium and dividend for the services
C. receives more policies for the services
D. receives more customers or payment for the services




36 The reIationship of the principaI and agent may be terminated
Ì. by notice of revocation given to the principal to the agent
ÌÌ. by notice of renunciation given to the principal by the agent
ÌÌÌ. by the completion of the transaction.
ÌV. by expiration of the period stipulated.
A. Ì, ÌÌ, ÌÌÌ only
B. Ì, ÌÌÌ, ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì, ÌÌ, ÌÌÌ, ÌV

3 A saIes pIan must incIude which of the foIIowing?
Ì. sales goal
ÌÌ. objectives
ÌÌÌ. sales strategy
ÌV. implementing and controlling the sales plan
A. Ì, ÌÌ, ÌÌÌ only C. Ì, ÌÌÌ, ÌV only
B. ÌÌ, ÌÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

3 The customer buying decision process incIudes which of the foIIowing stages?
Ì. information search
ÌÌ. problem recognition
ÌÌÌ. post -purchase evaluation
ÌV. sales interview
A. Ì, ÌÌ, ÌÌÌ only C. Ì, ÌÌÌ, ÌV only
B. ÌÌ, ÌÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

39 The correct sequence of the seIIing process that invoIves 5 basic steps is:
A. locating the prospective customer, closing the sales, creating a sales presentation, conducting
the sales interview, handling objections
B. creating a sales presentation, locating the prospective customer, conducting the sales
interview, handling objections, closing the sales
C. locating the prospective customer, handling objections, creating a sales presentation,
conducting the sales interview, closing the sales
D. locating the prospective customer, creating a sales presentation, conducting the sales
interview, handling objections, closing the sales

40 The after saIes service is important to an agent because
Ì. the reputation of the insurer is enhanced
ÌÌ. it can minimize the chance of lapse
ÌÌÌ. the client's new needs for insurance coverage could be recognized and a sale quickly made
A. Ì, ÌÌ only
B. Ì, ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì, ÌÌ, ÌÌÌ

41 Through which department of an insurance company is medicaI and heaIth insurance
usuaIIy administered?
A. Claim and Benefit Department
B. Human Resource and Training Development Department
C. Ìnformation Technology or Data Processing Department
D. Accident and health Department or Group Ìnsurance Department





42 Which of the foIIowing are exampIes of benefit poIicies?
Ì. critical illness insurance
ÌÌ. disability income insurance.
ÌÌÌ. hospitalization cash benefit plans
ÌV. hospitalisation and surgical insurance (known as medical card or health card)
A. Ì, ÌÌ and ÌÌÌ C. Ì, ÌÌÌ and ÌV
B. Ì, ÌÌ and ÌV D. ÌÌ, ÌÌÌ and ÌV

43 A suppIementaI major medicaI insurance cover is usuaIIy an extension to what type of
poIicy?
A. a term insurance policy
B. a critical illness insurance policy
C. a hospitalization cash benefit insurance policy
D. a basis hospitalisation and surgical insurance policy

44 Who can be covered under a group medicaI and heaIth insurance?
A. all members, regardless of sex or physical condition.
B. all members, regardless of sex or mental condition.
C. all eligible members, regardless of age or physical condition.
D. all eligible members, regardless of age or mental condition.

45 In medicaI and heaIth insurance risk, the underwriters consider the foIIowing in risk
seIection
Ì. medical factors
ÌÌ. financial factors
ÌÌÌ. occupational factors
ÌV. age and sex
A. Ì, ÌÌ, ÌÌÌ only C. Ì, ÌÌ, ÌV only
B. ÌÌ, ÌÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ & ÌV

46 The tendency of extending the period of disabiIity for the purpose receiving more
insurance compensation is known as
A. twisting
B. rebating
C. anti-selection
D. malingering

4 The financiaI status of the appIicant is a prime consideration in underwriting what type
of medicaI and heaIth insurance?
A. Medical Expenses Ìnsurance
B. Critical Ìllness Ìnsurance
C. Disability Ìncome Ìnsurance
D. Hospital Cash Benefit Ìnsurance

4 Which of the foIIowing groups are in the Ieast hazardous occupation cIass?
A. second hand car dealers or restaurant owners
B. electricians, plumbers and mechanics
C. construction workers and agricultural labourers
D. persons with primarily executive or clerical duties

49 Which section of the scheduIed poIicy form introduces or recites the parties in the
contract: the insurer and the insured?
A. Preamble
B. The Operative
C. Attestation or $ignature Clause
D. Exclusions
50 When a dispute arises, it may be resoIved through which of the foIIowing channeIs?
Ì. mediation
ÌÌ. arbitration
ÌÌÌ. litigation
ÌV. negotiation and compromise settlement
A. Ì, ÌÌ, ÌÌÌ only
B. Ì, ÌÌ, ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì, ÌÌ, ÌÌÌ , ÌV

PCE TriaI Exam 2 - Part C
101. The first known cases of Iife insurance poIicy on the Iife of WiIIiam Gybbon dated
back to
A. 1583
B. 1660
C. 1700
D. 1810

102. Which of the foIIowing are the risks covered by Iife insurance poIicies?
Ì. premature death
ÌÌ. total permanent disability
ÌÌÌ. old age
A. Ì, ÌÌ only
B. Ì, ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì, ÌÌ, ÌÌÌ

103. What is the disadvantage of a whoIe Iife assurance?
A. Ìt is the most expensive form of permanent protection
B. Protection is only provided for the certain duration of life
C. Premiums continue even in old age when the ability to pay may be reduced by a reduction of
income
D. The sum assured including any accrued bonuses, becomes payable only upon the death of
the life insured

104. WhoIe Iife insurance is suitabIe for a person with
A. maximum death protection, minimum saving
B. maximum saving, minimum death protection
C. reasonable death protection and saving element
D. reasonable death protection with lump sum money payable in interval years

105. Which of the foIIowing are the uses of endowment Insurance?
Ì. Ìt is an incentive to save in a systematic manner
ÌÌ. Ìt is a means of hedging against the possibility of untimely death
ÌÌÌ. Ìt is a means of accumulating a fund for specific purpose
ÌV. Ìt is a convenient and easy means of providing for old age
A. Ì , ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ , Ì V only
C. ÌÌ , ÌÌÌ , ÌV only
D. Ì , ÌÌ , ÌÌÌ , ÌV





106. The poIicy is generaIIy affected by the parent on the Iife of a chiId. The premiums are
generaIIy paid by the parent tiII the chiId attains the specified vesting age and can earn an
income of his own. This is referred to
A. Children's term insurance
B. Children's joint life insurance
C. Children's deferred insurance
D. Protected educational policies

10. This annuity provides annuity payments as Iong as either of 2 or more persons Iives.
The annuity provides for payment untiI the Iast death among the covered Iives. This
annuity is caIIed:
A. guaranteed immediate annuity
B. joint life annuity
C. last survivor annuity
D. single life immediate annuity

10. Most term insurance poIicies aIso incIude a convertibIe feature, that is, the priviIege
on the part of the insured to opt to convert the poIicy into a whoIe Iife or endowment
insurance. Under the attained age method, the premium rate
A. is according to the adjusted premium rate
B. is according to the original age
C. is according to the current age upon the conversion
D. is according to the average premium upon the conversion

109. What are the benefits of an ordinary whoIe Iife insurance?
Ì. loan value
ÌÌ. paid up value
ÌÌÌ. cash surrender value
ÌV. non-forfeiture regulations
A. Ì , ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ , ÌV only
C. ÌÌ , ÌÌÌ , ÌV only
D. Ì , ÌÌ , ÌÌÌ , ÌV

110. What is the main function of the PSA?
A. risk premium
B. saving only
C. investment only
D. saving and investment

111. This poIicy provides maximum protection and the sum insured of the poIicy is
payabIe onIy on the event of death of the Iife insured within a stipuIated term of the poIicy.
This is a/an
A. whole life plan
B. term plan
C. endowment ($avings and Ìnsurance)
D. participating plan

112. Which of the foIIowing statements regarding group insurance is TRUE?
A. group insurance is a whole life policy
B. if one of the insured member dies, the sum assured will be paid to the other members
C. it is a contract between the insurance company and a group of people
D. it provides coverage for a group of people under a master policy



113. A Iife insurance contract, which is written on two or more Iives, is caIIed
A. a group life insurance policy
B. a twin life insurance policy
C. a joint life insurance policy
D. a co-life insurance policy

114. Which of the foIIowing are some of the common excIusions under PersonaI Accident
Benefit Cover?
Ì. war
ÌÌ. riot
ÌÌÌ. drugs and alcoholism
ÌV. air travel as a fare paying passenger
A. Ì , ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ, ÌV only
C. ÌÌ , ÌÌÌ , ÌV only
D. Ì , ÌÌ , ÌÌÌ , ÌV

115. This is an ordinary term insurance with the sum assured decreases in amount at
periodicaI intervaIs. It is generaIIy utiIized to cover Ioans which are graduaIIy being repaid.
What type of insurance is this?
A. increasing term insurance
B. level term insurance
C. decreasing term insurance
D. family income protection

116. The Iimited payment whoIe Iife poIicy may not be convenient to which of the foIIowing
persons?
A. Those who have the ability to pay a high premium
B. Those whose income is small and who are in need of a high insurance protection
C. Those whose income is high and who are in need of a high insurance protection
D. Those who want to pay up the premium during their working lifetime

11. A Iapsed poIicy can be reinstated by providing which of the foIIowing information?
A. evidence of health
B. evidence of trust
C. evidence of liable
D. ability to pay the premium

11. How many days after the premium due date does the insurer aIIow the poIicyhoIder to
pay the premium?
A. 15
B. 30
C. 45
D. 60
119. Most Iife insurance contents incIude provision which states if a person whose Iife
insured dies by suicide within specified period,
A. the insurer will pay the claim 2 years later
B. the insurer will not pay the claim and premium paid will be refunded
C. the insurer will just ignore the matter and just pay the claim
D. the insurer will not pay the claim and premium will not be refunded

120. Which of the foIIowing has no non-forfeiture provision?
A. term insurance
B. whole life insurance
C. endowment insurance
D. anticipated endowment
121. After the days of grace, a poIicy without cash vaIue wiII be considered
A. lapse
B. testing
C. an extension
D. temporary stopped

122. The assured can exchange the acquired cash vaIue for a paid-up term insurance for
the fuII sum assured. This is caIIed
A. paid-up policy
B. automatic premium loan
C. extended term assurance
D. extended whole life assurance

123. An insured has overweight probIem. This may Iead to extra risk that may cause
A. extra level of mortality
B. the increase level of mortality
C. the decrease level of mortality
D. level of extra morbidity

124. Upon compIeting and signing of the whoIe Iife insurance appIication form, your
prospect asks when the coverage wiII be commencing. You respond to the prospect shaII
be
A. when the life insurer issues the policy
B. when the life insurer issues the letter of acceptance
C. when the insurer receives the first payment of premium
D. when the life insurer receives the duly completed application form

125. When the proposaI is approved, _____ is issued by the insurer to the proposer
requesting him to make the necessary payment of premium within a certain number of
days.
A. a letter of acceptance
B. a proposal form
C. an inform letter
D. a surrender letter

126. Commencement of the poIicy may be back dated to an earIier date, usuaIIy up to
A. 30 days
B. 3 months
C. 6 months
D. 12 months

12. Which of the foIIowing are exampIes of physicaI hazard?
Ì. age
ÌÌ. build
ÌÌÌ. occupation
ÌV. intention to defraud
A. Ì, ÌÌ, ÌÌÌ
B. Ì, ÌÌÌ, ÌV
C. ÌÌ, ÌÌÌ, ÌV
D. Ì ÌÌ, ÌÌÌ, ÌV






12. Which of the foIIowing documents are used to gather underwriting information?
Ì. application form
ÌÌ. medical report
ÌÌÌ. credit card statement
A. Ì ,ÌÌ only
B. Ì, ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì, ÌÌ, ÌÌÌ

129. What does the insurer use for premiums caIcuIation purpose?
A. premium table
B. mortality table
C. future value table
D. current value table

130. What are the factors that an insurer considers before pricing the premium?
Ì. expenses
ÌÌ. taxes
ÌÌÌ. mortality
ÌV. investment returns
A. Ì , ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ , ÌV only
C. ÌÌ , ÌÌÌ , ÌV only
D. Ì , ÌÌ , ÌÌÌ , ÌV

131. BasicaIIy, the baIance of premium received, after deducting aII expenses incurred, is
used for what purpose?
A. for investment purpose
B. for charities purpose
C. for paid-up capital purpose
D. for reserve fund purpose

132. The expenses that a Iife insurance company incurs faII into which of the foIIowing
categories?
Ì. initial expenses
ÌÌ. renewal expenses
ÌÌÌ. termination expenses
A. Ì , ÌÌ ,only
B. Ì , ÌÌÌ only
C. ÌÌ , ÌÌÌ only
D. Ì , ÌÌ , ÌÌÌ

133. Which of the foIIowing statements regarding risk premium is TRUE?
A. the risk premium increases with the age of the insured.
B. the risk premium decreases with the age of the insured.
C. the risk premium increases with the increases of taxes
D. the risk premium decreases with the growth of profit

134. The charge for covering the cost of mortaIity aIone is caIIed
A. the net premium
B. the gross premium
C. the risk premium
D. extra premium



135. DivisibIe surpIus wiII be shared by
A. all policyholders only
B. share holders only
C. participating policyholders and shareholders
D. policyholders and preferred shareholders

136. Which of the foIIowing are the main sources of surpIus?
Ì. expense
ÌÌ. surrenders
ÌÌÌ. interest
ÌV. mortality
A. Ì, ÌÌ, ÌÌÌ only C. ÌÌ, ÌÌÌ, ÌV only
B. Ì, ÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

13. LiabiIities =
A. the present value of the benefits payable + the present value of expenses + The present value
of the future premiums receivable.
B. the present value of the benefits payable - the present value of expenses - The present value
of the future premiums receivable.
C. the present value of the benefits payable + the present value of expenses - The present value
of the future premiums receivable.
D. the present value of the benefits payable - the present value of expenses + The present value
of the future premiums receivable.

13. What is book vaIue?
A. price at which the asset is acquired.
B. value for which the assets can be sold in the open-market.
C. depreciated value after the valuation
D. value placed on the assets in the company's account books

139. Bonuses are normaIIy decIared at the vaIuation date for the poIicy year preceding that
date i.e. in arrears. This type of surpIus distribution is:
A. terminal bonus
B. interim bonus
C. simple reversionary bonus
D. compound reversionary bonus

140. What information is provided in the agent's report?
A. the agent's impression about the applicant's habits, appearance, character and health
condition
B. the agent's impression about the applicant's habits, appearance, findings and health condition
C. the agent's impression about the applicant's habits, conduct, character and financial status
D. the agent's impression about the applicant's habits, appearance, character and financial status

141. What is the information in the heading?
A. the name and nature of business of the company
B. the name and address of the company
C. the assets and nature of business of the company
D. the assets and address of the company

142. The standard poIicy documents are often endorsed to take into account the differing
aspects of
A. individual circumstances and needs change
B. policy condition and clauses change
C. insurer circumstances and needs change
D. product features and benefits change
143. Information necessary for the proper assessment of risk is generaIIy obtained from
the proposaI form, the medicaI report, attending physician's statement, agent's report and
A. coroner's report
B. premium receipt
C. previous records
D. loss adjuster's report

144. The foIIowing can serve as proof of death, EXCEPT
A. certificate showing that death has occurred at sea
B. an order pronouncing a statutory presumption of death
C. verbal confirmation that death by last medical attendant
D. certificate evidencing the death of service personal and war death

145. What can be exercised with the maturity benefits of endowment poIicy?
Ì. cash maturity proceeds
ÌÌ. convert benefits to annuity options
ÌÌÌ. withdraw in installment based on an agreed interest
ÌV. keep as a deposit with the insurer on agreed terms
A. Ì, ÌÌ ,ÌÌÌ only C. Ì, ÌÌÌ, ÌV only
B. Ì, ÌÌ, ÌV only D. Ì, ÌÌ, ÌÌÌ, ÌV

146. When the poIicyhoIder is not the Iife insured, the document required in settIing
maturity cIaims is
A. a simple statement that the insured is death
B. a deed of assignment or any other title document
C. identity card of the life insured
D. identity card of the policy owner

14. Your prospect is an accountant of a trading company. He intends to purchase a whoIe
Iife poIicy. You were informed that he is non-smoker and he has just ceIebrated his 3
th

birthday months ago. Under age next birthday caIcuIation the premium for him is
A. 38 year old male rate
B. 39 year old male rate
C. 38 year old male rate with non-smoker discount
D. 39 year old male rate with non-smoker discount

14. Mr. Lee was born on January 22, 1966 and he appIies for a Iife insurance on JuIy 2,
2006. Based on age nearest birthday, what is his age?
A. 38
B. 39
C. 40
D. 41

149. An agent Ieaves Company A and joins Company B. He advises a customer to
surrender or canceI existing poIicies and purchase a new poIicy from Company B. This is
caIIed
A. twisting
B. pinching
C. punching
D. rebating






150. When expIaining the contract, the intermediary shaII
Ì. draw attention to any restrictions applying to the policy;
ÌÌ. draw attention to the long term nature of the policy and the consequent effects of early
discontinuance and surrender.
ÌÌÌ. explain all the essential provisions of the contract, which he is recommending to ensure the
prospect understands what he is committing himself to
A. Ì , ÌÌ only
B. Ì , ÌÌÌ only
C. ÌÌ , ÌÌÌ only
D. Ì , ÌÌ ,ÌÌÌ





























PCE TriaI Exam 3 - Part A
1 The objective of insurance is achieved by having the Iosses experienced by the
unfortunate few compensated by the contributions of the many who are exposed to
A. the same risk
B. the lower risk
C. the higher risk
D. the different risk
2 Which of the foIIowing is NOT the secondary function of Insurance?
A. cost stabilization
B. capital guarantee
C. reduction of losses
D. to provide employment opportunities
3 The earIiest form of Iife insurance was
A. group insurance
B. whole life insurance
C. endowment insurance
D. short term insurance
4 Which of the foIIowing is NOT the roIe of an insurance agent?
A. bring financial relief in the event of property loss
B. provide other forms of insurance related services to public
C. bring financial relief to aggrieved dependants of insured people
D. inculcate the discipline of investment amongst the working population
5 Hazard is
A. a cause of loss
B. a condition that increases the chance of loss
C. a reduction/disappearance of economic value
D. a character defect in an individual that increases the chance of loss
6 Pure risk exists when
A. there is the possibility of loss
B. there is the possibility of profit
C. there is the possibility of either loss or no loss
D. there is the possibility of profit, loss or no loss
Which of the foIIowing is NOT a method of handIing risks?
A. risk avoidance
B. loss control
C. risk sharing
D. risk transfer
Which of the foIIowing is NOT a characteristic of insurabIe risk?
A. Ìt must have financial value
B. Ìt must be pure risks only
C. Ìt must be catastrophic losses
D. Ìt must be a large number of similar risks
9 Which of the foIIowing is NOT principIe of insurance?
A. insurable interest
B. utmost good faith
C. indemnity
D. caveat emptor
10 What makes insurance different from wagering?
A. subrogation
B. contribution
C. insurable interest
D. proximate cause




11 The transfer of rights and IiabiIities by one person to another is caIIed
A. twisting
B. reinstatement
C. an assignment
D. a risk transfer
12 At common Iaw, the proposer is required to discIose materiaI facts during
A. claim
B. negotiation
C. grace period
D. cooling off period
13 Subrogation may arise in the foIIowing ways. EXCEPT
A. arising out of tort
B. arising out of contract
C. arising out of statute
D. arising out of the condition
14 The underIying concepts that drive the acceptance of the takafuI system incIudes
Ì. Piety or individual purification
ÌÌ. Brotherhood via ta'awun or mutual assistance
ÌÌÌ. Charity through tabarru' or donation
ÌV. $elf-sustaining operations
A. Ì , ÌÌ. ÌÌÌ only
B. ÌÌ. ÌÌÌ, ÌV only
C. Ì ÌÌÌ, ÌV only
D. Ì , ÌÌ , ÌÌÌ, ÌV
15 MusIim jurists generaIIy view that conventionaI insurance, which is based on exchange
transaction, does not conform to the ruIes and requirements of Syariah because of the
invoIvement in which of the foIIowing eIements?
Ì. Al-Gharar ÷ uncertainty in the contract of insurance
ÌÌ. Al-Maisir ÷ gambling as the consequence of the presence of uncertainty
ÌÌÌ. Al-Riba ÷ the existence of interest or usury in its investment activities
A. Ì , ÌÌ only C. ÌÌ , ÌÌÌ only
B. Ì , ÌÌÌ only D. Ì , ÌÌ , ÌÌÌ
16 A famiIy takafuI pIan is a combination of
A. short-term investment and a risk transfer scheme
B. short-term investment and a mutual financial assistance scheme
C. long-term investment and a risk transfer scheme
D. long-term investment and a mutual financial assistance scheme
1 Intermediaries or middIemen in the insurance market are
A. brokers and reinsurer
B. loss adjusters and brokers
C. insurance agents and brokers
D. insurance agents and reinsurer
1 PenaIty for breach of Section 16 is
A. RM 0.5 million
B. RM 1 million
C. RM 2 million
D. RM 3 million
19 Brokers are remunerated through payment of
A. salary
B. dividend
C. brokerage
D. commission




20 An insurer or an individuaI skiIIed in the process of seIecting risks for an insurance
company is caIIed
A. an actuary
B. an underwriter
C. a loss assessor
D. a loss adjusters
21 The responsibiIity of the Chief Executive Officer is
A. to develop new insurance product
B. to formulate the overall plan of operation of the company
C. to implement the decisions which are made by the board of directors
D. to ensure that the company complies with company and insurance company law
22 Which of the foIIowing is NOT the objective of LIAM?
A. to promote public understanding and appreciation of life insurance
B. to improve the image of the life insurance industry through self regulation
C. to give support to the regulatory authorities in developing a strong and healthy industry
D. to enhance the professionalism of staff and agents through continuous selling high premium
insurance product
23 This organization is concerned with safeguarding the interests of those are engaged in
Iife insurance seIIing and saIes management. This organization is
A. The Malaysian Ìnsurance Ìnstitute (MÌÌ)
B. The Malaysian Financial Planning Council (MFPC)
C. The Malaysian Ìnsurance and Takaful Brokers (MÌTBA)
D. The National Association of Malaysian Life Ìnsurance and Financial Advisors (NAMLÌFA)
24 Which of the foIIowing is NOT the core vaIue of The MaIaysian Insurance Institute (MII)?
A. Resourceful
B. Ìnnovative
C. Customer
D. Ìntegrity
25 The basic rights of consumers incIude
Ì. right to choose
ÌÌ. right to consumer education
ÌÌÌ. right to basic goods and services
ÌV. right to a safe and clean environment
A. Ì, ÌÌ , ÌÌÌ only
B. Ì, ÌÌÌ , ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì, ÌÌ, ÌÌÌ, ÌV
26 The objectives of seIf reguIation incIude
Ì. to instill discipline and promote healthy competition
ÌÌ. to provide protection to the insurance consumer
ÌÌÌ. to increase the profit of the insurance industry
A. Ì only
B. ÌÌ only
C. Ì ,ÌÌ only
D. Ì ,ÌÌ , ÌÌÌ
2 The code of ethics and conducts of LIAM deaIs with
A. life insurance selling and life insurance practice
B. life insurance profit sharing and life insurance practice
C. life insurance selling and life insurance profit sharing
D. life insurance practice and life insurance twisting
2 Which of the foIIowing is NOT the purpose of government reguIation on insurance
industry?
A. foster competence
B. play a developmental role
C. promote fairness and equity
D. protect the insurer's interest
29 Which of the foIIowing is NOT the essentiaI of an insurance contract?
A. consent
B. express authority
C. offer and acceptance
D. intention to create a legal relationship
30 If a proposer submits a compIeted and signed proposaI form to an insurer, he is making
A. an offer
B. a ratification
C. an counter-offer
D. an acceptance
31 Section 153 of the Insurance Act 1996 provides that a minor can affect a Iife poIicy on
his own Iife if he/she has attained the age of
A. 15
B. 16
C. 17
D. 18
32 A contract which has no consideration is a
A. valid contract
B. void contract
C. voidable contract
D. unenforceable contract
33 When an agent carries on a particuIar trade on profession, his express and impIied
authority carry with them
A. a ratification
B. apparent authority
C. an usual authority
D. unlimited authority
34 The reIationship of the principaI and agent may be terminated by the foIIowing actions,
except
A. expiration of the period stipulated.
B. the completion of the transaction.
C. notice of revocation given to the principal to the agent
D. notice of renunciation given to the principal by the policyholders
35 Which of the foIIowing is/are the obIigations of the principaI?
Ì. to pay remuneration and expenses as agreed
ÌÌ. to indemnify the agent against consequences of any act lawfully done
ÌÌÌ. to protect the agent against any legal action
A. Ì only
B. ÌÌ only
C. Ì , ÌÌ only
D. Ì ,ÌÌ, ÌÌÌ
36 No Iicensed generaI insurer shaII assume any risk in respect of such description of
generaI poIicy as may be prescribed unIess and untiI the premium payabIe is received by
the generaI insurer in such manner and within such time as may be prescribed. This is
known as
A. Cash Before Cover Regulations
B. Cash After Cover Regulations
C. Premium Waived Clause
D. Premium Warranty Clause
3 The functions of the marketing department incIude
Ì. pricing
ÌÌ. promotion
ÌÌÌ. market identification
ÌV. product development
A. Ì, ÌÌ only
B. Ì, ÌÌ, ÌÌÌ only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì, ÌÌ. ÌÌÌ. ÌV
3 Which of the foIIowing is NOT the customer buying decision process?
A. servicing
B. problem recognition
C. information search
D. evaluation of alternative policies
39 This technique is used when the customer is unaware of his/her needs. This seIIing
technique is referred to as
A. creative selling
B. missionary selling
C. order processing
D. objection handling selling
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40 The vast majority of non-Iife poIicies renewaI process wiII be for periods of
A. 3 months
B. 6 months
C. 9 months
D. 12 months
41 The duty of discIosure does not require the discIosure of a matter that
Ì. is of common knowledge
ÌÌ. diminishes the risk to the licensed insurer
ÌÌÌ. the licensed insurer knows or in the ordinary course of his business ought to know
ÌV. in respect of which the licensed insurer has waived any requirement for disclosure
A. Ì , ÌÌ, ÌÌÌ only
B. Ì, ÌÌ, ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì, ÌÌ , ÌÌÌ, ÌV
42 Which of the foIIowing is NOT an exampIe of benefit poIicies?
A. critical illness insurance
B. disability income insurance
C. hospitalisation and surgical insurance
D. hospitalization cash benefit plans
43 The two common expense participation methods in major medicaI expenses insurance
are
A. cashless and deductible
B. cashless and co-payment
C. deductible and co-payment
D. cashless and top-up
44 Contributory group medicaI and heaIth insurance usuaIIy requires __________
participation of the eIigibIe members of the group.
A. 50%
B. 60%
C. 75%
D. 100%
45 Morbidity rates vary considerabIy according to
A. a person's education
B. a person's occupation
C. a person's income level
D. a person's hobby
46 The additionaI premium of premium Ioading usuaIIy ranges from
A. 25 to 100 percent of the standard premium
B. 50 to 100 percent of the standard premium
C. 75 to 150 percent of the standard premium
D. 100 to 150 percent of the standard premium
4 A proposaI form generaIIy contains the foIIowing items, EXCEPT
A. signature
B. declaration
C. previous and present insurance
D. specific questions relating to general insurance
4 Which section of the scheduIed poIicy form specifies the periIs insured under the
poIicy
and the circumstances in which the insurer wiII become responsibIe to make payment or
its equivaIent to the insured?
A. Heading
B. Exclusions
C. The Preamble
D. The Operative
49 Insurance poIicies require the poIicyhoIder to inform the insurer in writing of any cIaim
within a reasonabIe period. Such period, which is stipuIated in the poIicy, is usuaIIy
A. 14 days to 30 days
B. 30 days to 45 days
C. 45 days to 60 days
D. 60 days to 75 days
50 Which of the foIIowing is NOT the condition for a vaIid cIaim?
A. is the policy in force?
B. has premium been paid?
C. is the servicing agent still active?
D. is the subject matter affected by the loss the same as that insured under the policy?
PCE TriaI Exam 3 - Part C
101 In 162 , the EquitabIe Society issued Iife insurance poIicies based on the foIIowing
principIes, EXCEPT
A. cover was available to anyone who satisfied the initial health requirements
B. once accepted for insurance, further proof of continuing good health was not needed
C. increasing premiums were to be payable throughout the term of the contract
D. extra premiums were chargeable for special occupational risks and sub-standard health risks
102 Life insurance contracts are Iong- term contracts with
A. variable premium
B. increasing premiums
C. decreasing premiums
D. usually level premiums
103 The prerequisite for a Iife insurance contract is the existence of
A. insurable interest
B. monetary interest
C. utmost good faith
D. subrogation
104 Which poIicy incorporate the savings eIement as an essentiaI feature and provide for
the
payment of the sum assured and other additionaI benefits, if any, if the poIicyhoIders
survive to the end of the term of the poIicies?
A. Annuities
B. Endowment policies
C. Ìnvestment-Linked policies
D. Accident or sickness policies
105 Which of the foIIowing is NOT the basic Iife insurance contracts?
A. annuities
B. whole life
C. unit trust
D. term insurance
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106 Under a renewabIe term insurance, the poIicyhoIder is aIIowed an option, before the
expiry of the term to renew the poIicy
A. with evidence of continued good health
B. with evidence of continued good health plus exclusions
C. without evidence of continued good health
D. without evidence of continued good health but with exclusions
10 This is an ordinary term insurance with the sum assured decreases in amount at
periodicaI intervaIs. It is generaIIy utiIized to cover Ioans which are graduaIIy being
repaid. This is
A. level annuities
B. level term insurance
C. decreasing annuities
D. decreasing term insurance
10 The foIIowing statements regarding whoIe Iife assurance are correct, EXCEPT
A. Protection is provided for the whole duration of life
B. $um assured including any accrued bonuses, becoming payable only upon the death of the
life assured
C. Ìs the purest form of a permanent contract
D. Can only be issued with participating
109 Which of the foIIowing is NOT the benefit of an ordinary whoIe Iife insurance?
A. Loan value
B. Paid up value
C. Convertible feature
D. Non-forfeiture regulations
110 A whoIe-Iife endowment poIicy is a combination of
A. a whole life and an annuity contract
B. a whole life and an endowment contract
C. an investment contract and an term contract
D. a whole life and an investment contract
111 The endowment insurance can be viewed as a combination of
A. a decreasing term insurance and a decreasing investment component
B. a decreasing term insurance and an increasing investment component
C. a increasing term insurance and a decreasing investment component
D. a increasing term insurance and an increasing investment component
112 The annuitant pays a Iump sum at entry, or a periodicaI premium for a defined period.
On
the attainment of a specified age, or on the survivaI by the annuitant of a defined period,
the insurer pays an annuity of a specified amount untiI death. This annuity is caIIed:
A. joint life annuity
B. deferred annuity
C. last survivor annuity
D. guaranteed immediate annuity
113 It is not a Iife annuity. In return for the payment of a certain sum, known as the
purchase
money, the insurer makes a series of yearIy, haIf-yearIy or quarterIy payments for a
specified number of years. This annuity is caIIed:
A. joint life annuity
B. deferred annuity
C. annuity certain
D. guaranteed immediate annuity
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114 Permanent HeaIth Insurance is usuaIIy arranged with a deferred period. A deferred
period is during this period of disabiIity
A. future premiums are waived
B. no benefits are payable
C. the benefits are payable
D. only 50% of the benefits are payable
115 A basic criticaI iIIness pIan provides a Iump sum payment upon:
Ì. loss of life
ÌÌ. total permanent disability
ÌÌÌ. diagnosis of suffering from any one of the 36 types of dread diseases
A. ÌÌÌ only
B. Ì , ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì , ÌÌ , ÌÌÌ
116 "Contracts of insurance on human Iife or annuities where the benefits are, whoIIy or
partIy, to be determined by reference to the vaIue of, or the income from, property of any
description or by reference to fIuctuations in, or in an index of, the vaIue of property of
any description." This is the description of
A. annuities
B. endowment insurance policies
C. investment-linked insurance policies
D. whole life endowment insurance policies
11 Permanent disabiIity benefit is provided for, shouId the Iife insured becomes disabIed,
that at any future date, he wiII not be abIe to engage in any occupation or perform any
work for remuneration or profit before attainment of age
A. 60
B. 65
C. 70
D. 75
11 If the participant dies before the term of a takafuI pIan, the benefits payabIe wiII be
equaI
to the amount of
A. death benefit defined by the plan only
B. accumulated value of the participant's PA only
C. death benefit defined by the plan + accumulated value of the participant's PA
D. death benefit defined by the plan + accumulated value of the participant's P$A
119 The conditions in the poIicy can be broadIy cIassified under the foIIowings, EXCEPT
A. privileges
B. those limiting the scope of assurance
C. those expanding the scope of assurance
D. those explaining the nature of the contract
120 PoIicy Ioan generaIIy grants up to _________ of cash vaIue
A. 75%
B. 85%
C. 92%
D. 100%
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121 Which of the foIIowing is NOT a non-forfeiture condition?
A. paid-up policy
B. premium waived
C. automatic premium loan
D. extended term assurance
122 Reinstatement is normaIIy NOT aIIowed for which the foIIowing situations?
Ì. A policy which has lapsed for more than three years for whole life and endowment policies,
and six months for term policies
ÌÌ. A female life assured who is pregnant 8 months and above.
ÌÌÌ. A life assured who has attained age 60 age and above next birthday
A. Ì only
B. Ì , ÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì , ÌÌ , ÌÌÌ
123 The process of assignment can be carried out by the foIIowing procedures Iisted
beIow,
EXCEPT
A. the assignment shall be in writing
B. the assignment may be effected by an endorsement or a separate deed
C. a written notice of the assignment must be served to the servicing agent
D. upon receipt of an assignment notice, the insurer should register it
124 Which of the foIIowing is NOT the major factor which infIuence mortaIity?
A. geographical location
B. marital status
C. personal habits
D. education
125 The purpose of seIection is
A. to avoid twisting
B. to avoid anti-selection
C. to increase the insured rate
D. to increase the sales
126 The insurer usuaIIy empIoys which of the foIIowing methods to deaI with sub-standard
Iives?
Ì. charge an extra premium
ÌÌ. charge a debt or a lien. e.g. reduce the amount payable in the event of death
ÌÌÌ. offer an alternate form of contract
ÌV. decline or postpone coverage
A. Ì , ÌÌ, ÌÌÌ only
B. Ì, ÌÌ, ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì , ÌÌ , ÌÌÌ, ÌV
12 Extra risks are cIassified into the foIIowings, EXCEPT
A. level extra mortality
B. unusual extra mortality
C. increasing extra mortality
D. decreasing extra mortality
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12 The aIIowabIe deduction for savings under the NationaI Education Saving Scheme
(SSPN)
is
A. RM 3,000
B. RM 4,000
C. RM 5,000
D. RM 6,000
129 Which of the foIIowing is NOT one of the expenses of a Iife insurance company?
A. initial expenses
B. investment expenses
C. renewal expenses
D. termination expenses
130 When the charge is computed after taking into account the eIements of mortaIity and
interest is caIIed
A. the initial premium
B. the net premium
C. the risk premium
D. the total premium
131 The disadvantages of a reguIar premium are
Ì. more administrative work
ÌÌ. loss of interest to the policy holders
ÌÌÌ. loss of interest to the insurance company
A. Ì , ÌÌ only
B. Ì, ÌÌÌ only
C. ÌÌ, ÌÌÌ only
D. Ì , ÌÌ , ÌÌÌ
132 Insurance companies impose premium Ioading to the foIIowing persons, EXCEPT
A. persons with impaired health
B. persons involved in hazardous occupations
C. persons with extra risk
D. persons in good health
133 The Risk-Based CapitaI (RBC) Framework requires each insurer to
A. maintain a capital adequacy level commensurate with its risk profiles
B. maintain a capital adequacy level commensurate with its operation cost
C. maintain a investment fund adequacy level commensurate with its risk profiles
D. maintain a investment fund adequacy level commensurate with its operation cost
134 Which of the foIIowing is NOT the asset of a Iife assurance company?
A. shares
B. loan to policyholders
C. bank loan
D. government securities
135 The portion of the surpIus that may be passed to the sharehoIders in the form of
A. shares
B. interest
C. bonuses
D. dividends
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136 Under this method, the bonus aIIotted is in proportion to the sum assured and the
bonuses accumuIated under the poIicy. This type of surpIus distribution method is:
A. interim bonus
B. maturity bonus
C. simple reversionary bonus
D. compound reversionary bonus
13 Information necessary for the proper assessment of risk is generaIIy obtained from
the
foIIowings, EXCEPT
A. the proposal form
B. the medical report
C. loss adjuster's report
D. attending physician's statement
13 Two main forms of poIicy are
A. report type and listing type
B. narrative type and schedule type
C. narrative type and listing type
D. report type and narrative type
139 Which of the foIIowing is NOT the main section found in most poIicies?
A. the heading
B. the preamble
C. endorsement
D. the proviso
140 Days of grace, non-forfeiture condition is under
A. conditions limiting the scope of contract
B. conditions enlarging the scope of contract
C. conditions explaining the scope of contract
D. conditions changing the scope of contract
141 Which of the foIIowing is not the detaiI that must be provided to the insurer upon a
death
cIaim?
A. policy number
B. date and cause of death
C. policyholder's name and identity card number
D. nominee's name and identity card number
142 The most commonIy used document for proof of age is
A. school leaving certificate
B. identify card
C. international passport
D. certified extract from baptism register
143 Section 161 of the Insurance Act 1996 provides that where a Iife poIicy cIaim upon the
death of the poIicyowner is not paid within 60 days of receipt of intimation of the cIaim,
the insurer shaII pay a minimum compound of _________ percent of interest per annum?
A. 3%
B. 4
C. 5%
D. 6
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144 Documents required for totaI permanent disabiIity cIaim due to accident are:
Ì. completed claim form
ÌÌ. certified true copy of the life assured's identification card
ÌÌÌ. medical certification to be completed by the attending doctor after the life assured's disability
ÌV. certified true copy of the police report
A. Ì , ÌÌ , ÌÌÌ only
B. Ì, ÌÌ, ÌV only
C. ÌÌ, ÌÌÌ, ÌV only
D. Ì , ÌÌ , ÌÌÌ , ÌV
145 Which of the foIIowing is NOT the method of caIcuIation of age used by insurance
companies?
A. age last birthday
B. age next birthday
C. age nearest birthday
D. age possible birthday
146 Interest charge caIcuIations usuaIIy arise under the foIIowing conditions, EXCEPT
A. policy revival
B. policy under grace period
C. policy loan repayments
D. outstanding premium charges
14 The document on the code of Ethics and Conduct, dweIIs at Iength on the foIIowing
principIes, EXCEPT
A. to avoid conflict of interest
B. to avoid misuse of information
C. to avoid misuse of position
D. to conduct business with highest return
14 The Code appIies to aII intermediaries, the intermediaries refers to
A. persons selling life insurance and registered insurance brokers
B. employees of a life insurance company and registered insurance brokers
C. persons selling life insurance an employees of a life insurance company
D. registered insurance brokers and registered financial planners
149 To discontinue a poIicy or to have a poIicy paid-up and then to affect a new one in
another company or the same company is caIIed
A. rebate
B. twisting
C. ratification
D. reinstatement
150 The aim of statement of Iife insurance practice is
A. to reduce the formalities involved in the reinstatement and assignment of policies
B. to reduce the formalities involved in the issue of new policies and assignment of policies
C. to reduce the formalities involved in the issue of new policies and payment of a claim
D. to reduce the formalities involved in the assignment of policies and payment of a claim
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PCE TriaI Exam 4
Note: You are strongly urged to purchase and read MII's Textbooks for a complete
understanding of the syllabus in preparation for the examination. This revision material is
purely a revision tool and it is to be used only after you have read MII's Textbooks. Since
this
revision material is purely a revision tool, it does not guarantee your passing of the
respective
examinations.
PCE TriaI Exam 04 - Parts A & C
1. The foIIowing are essentiaI features of insurance EXCEPT
A. Ìt is an economic institution based on the principle of mutuality or cooperation
B. Ìt accumulates funds and pays claims for all risks
C. Ìt accumulates funds to pay for claims arising as a result of specified risks
D. Only certain risks can be insured, the occurrence which can be confidently estimated with a
certain degree of accuracy
2. The foIIowing are methods of handIing risk
Ì. Avoid the person who produces the risk
ÌÌ. Reduce the total amount of loss
ÌÌÌ. Plan to retain risks
ÌV. Transfer the risk to a third party
A. Ì,ÌÌ and ÌÌÌ
B. Ì, ÌÌ and ÌV
C. Ì and ÌÌ
D. All the above
3. Life insurance can be defined as a contract which
A. Pays donations
B. Pays an agreed sum of money on the happening of a contingency/event dependent on a
human life.
C. Pays an agreed sum of money when someone is struck by accident only
D. Helps accumulate savings to purchase an annuity
4. An agent performs an act not within his scope of authority. This authority exercised
Iater
becomes binding on the principaI. This is known as
A. Express authority-an authority given to the agent orally or in writing
B. Ìmplied authority
C. Ratification
D. Apparent Authority
5. An appIicant knows he has a high probabiIity of Ioss and submits a proposaI for
insurance. This Ieads to sub-standard risks being accepted for insurance resuIting in a
Iess favourabIe underwriting resuIt. This is known as
A. Moral obligation
B. Anti-$election
C. Physical hazard
D. Hazardous Ìnsurance
6. PeriI is the ....of Ioss whereas Hazard ... the outcome of a Ioss.
A. Object, decreases
B. Cause, increases
C. Chance, accelerates
D. $ource, causes
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. An accidentaI and unintentionaI Ioss is known as
A. Pure loss
B. Predictable loss
C. Fortuitous loss
D. Catastrophic loss
. What type of bonus is onIy paid on in-force poIicies, which resuIt in cIaims either in
maturity or death?
A. Ìnterim bonus
B. Terminal bonus
C. Cash bonus
D. Guaranteed bonus
9. Which of the foIIowing is NOT true about the categories of risk?
A. Particular risks are the responsibility of the individuals themselves
B. Pure risks exists when there is the possibility of either loss or no loss
C. Ìnvestment in the stock market is considered as speculative risk
D. $peculative risk can easily be insured.
10. The termination of a Iife insurance contract is usuaIIy through the settIement of a cIaim.
A
cIaim arises out of the foIIowing situations EXCEPT
A. Maturity of the policy
B. Death of the insured
C. $ickness or disability claims
D. Property damage claims
11. Which of the foIIowing is NOT true about the appIication of the Iaw of Iarge numbers?
A. As the number of the loss exposure increases, the predicted loss tends to approach the
actual loss.
B. Ìt operates when a large number of claims arises
C. Ìt is used to estimate adequate premium to be charged
D. Ìt operates when insurers are able to underwrite a large number of similar risks
12. MedicaI and HeaIth insurance comprises which of the foIIowing types of insurance
products?
Ì. Medical expenses insurance
ÌÌ. Critical illness insurance
ÌÌÌ. Disability income insurance
ÌV. Hospitalization cash benefit insurance
A. Ì, ÌÌ & ÌÌÌ C. Ì, ÌÌ & ÌV
B. Ì, ÌÌÌ & ÌV D. All of the above
13. An insured's car was damaged by a negIigent third party. The cost of repairs amounted
to
RM 1200. In the presence of subrogation, which of the foIIowing is NOT true?
A. The insured can claim RM1200 from the insurer and RM1200 from the negligent party
B. Ìn the absence of subrogation, the insured can claim from the insurer and the negligent party
C. Ìn the presence of subrogation, the insured can only claim either from the insurer or the
negligent party
D. The principle of subrogation applies to prevent the insured from making profit out of his loss
14. The foIIowing are among the few stages in the consumer buying decision process,
EXCEPT
A. Pre-purchase evaluation
B. Ìnformation search
C. Problem recognition
D. Evaluation of alternative choices
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15. Which is the Ieast effective approach to risk management?
A. Avoiding the risk
B. Retaining the risk
C. Transferring the risk
D. Ìgnoring the risk
16. Listed beIow are the IegaI requirements of insurance contracts EXCEPT
A. Ìntention to create legal relationship
B. Consideration
C. No offer and no acceptance
D. Legal capacity to contract
1. An insurance poIicy is a IegaIIy binding contract between
A. The insurer and the nominee
B. The insurer and the trustee
C. The insurer and the insured or policyholder
D. The policy owner and the nominee
1. An agent is not aIIowed to
Ì. Let his own interest conflict with his obligation to the principal
ÌÌ. Take any secret motive or bribe from any party with whom he deals on behalf of the
principal
ÌÌÌ. Disclose confidential information obtained in the course of his duties as an agent to other
parties except the principal insurance company
ÌV. Delegate his duties to a sub-agent without authority expressed or implied
A. Ì and ÌÌ only
B. ÌÌ and ÌV only
C. Ì, ÌÌ and ÌV only
D. All of the above
19. List out the sequence of the risk management process
A. $election, Evaluation, Ìdentification, Ìmplementation, Control
B. Evaluation, Ìdentification, $election, Ìmplementation, Control
C. Ìdentification, Evaluation, $election, Ìmplementation, Control
D. Ìdentification, $election, Ìmplementation, Evaluation, Control
20. The term "grace period" in a Iife/famiIy takafuI poIicy means
A. The period where you can cancel your policy without any penalty
B. Additional period of time to make premium payment after the premium due date without
penalty
C. Period of time required by the life insurer to underwrite your proposal
D. Period of time required to pay your loan installment
21. The principIe of Utmost Good Faith is breached when
A. The proposer for insurance discloses irrelevant information
B. The proposer for insurance fails to disclose material facts or misrepresents material facts
C. Non material facts are not disclosed to the insurer
D. The agent voids the insurance contract
22. For Iife insurance, insurabIe interest needs to exist onIy at
A. At the time of policy surrender
B. The time of the claim
C. The time of inception of the insurance
D. The time of changing the beneficiary
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23. The risks covered by Iife insurance incIude the foIIowing EXCEPT
A. Premature death
B. Financial loss
C. Total permanent disability
D. Old age or retirement
24. Information necessary for the proper assessment of risk can be obtained from
Ì. proposal form
ÌÌ. attending physician's statement
ÌÌÌ. agent's report
ÌV. adjustor's report
A. Ì, ÌÌ and ÌÌÌ only
B. Ì, ÌÌ and ÌV only
C. Ì, ÌÌÌ and ÌV only
D. Ì,ÌÌ,ÌÌÌ and ÌV
25. The foIIowing information is contained in the proposaI form
A. Applicant's personal particulars
B. Details of insurance such as sum assured, type of insurance, frequency and method of
payment
C. Applicant's occupation and family history
D. All of the above
26. BeIow are the various categories of poIicy conditions and its exampIes. Which one is
NOT
true?
A. Conditions limiting scope of contract-incontestability clause
B. Conditions adding benefits to the scope of contract- e.g. grace period
C. Conditions limiting scope of contract- non forfeiture conditions
D. None of the above
2. The foIIowing are expenses incurred by Iife insurers in running business EXCEPT
A. Ìnitial expenses
B. Renewal expenses
C. Termination expenses
D. Profit share expenses
2. If no insurabIe interest existed at the time a Iife poIicy was taken out, the poIicy
becomes
A. Voidable; depending on the judgment of the High Court
B. Null and void; the contract is not enforceable in a court of law
C. Voidable; the company may or may not be obliged to pay a claim under the policy
depending on the discretion of the manager.
D. Unenforceable; the policy is still recognized by the courts as still subsisting but no claim can
be made.
29. In times of death cIaims, the foIIowing documents are acceptabIe to the insurer as
proof
of titIe and ownership, EXCEPT
A. A deed of assignment
B. A probate of the will
C. Ìnsured's identity card
D. Proof as trustee under section 23 of the Civil Law Act
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30. The main function of Insurance Mediation Bureau is to
A. Provide compensation to victims of motor accidents
B. Provide an alternative procedure to resolve disputes arising out of personal insurance
policies.
C. Provide insurance coverage at a reasonable cost to certain classes of vehicles as a kind of
social service
D. Manage the Unplaced Motor Pool
31. RepIacement of PoIicies (R.O.P) is considered detrimentaI to the poIicyowner's interest
EXCEPT
A. The qualifying period (2-3 years) to accumulate cash value will commence again from the
new policy
B. The amount of annual premium under an existing policy may be lower than the new policy
based on the insured's then attained age
C. The initial costs of life insurance policies in the earlier policy years results in the policyowner
bearing the costs only once
D. The suicide and incontestability clause begin anew in a new policy being denied by the
insurer which would be paid under the policy replaced.
32. The foIIowing statements describe the characteristics of an agency reIationship. Which
of
them is/are true?
Ì. A contract completed by an agent on behalf of the principal is considered to be the contract
of the principal
ÌÌ. Ìf it is within an agent's authority to accept premiums, payment to the agent is deemed as
payment as made to the principal
ÌÌÌ. The act of an agent within the scope of his or her authority is deemed to be an act of the
principal
ÌV. An agent has fiduciary relationship with his principal
A. ÌÌ, ÌÌÌ & ÌV
B. Ì, ÌÌ & ÌV
C. All of the above
D. Ì, ÌÌ and ÌÌÌ
33. Which of the foIIowings are the principIes underIying the guideIines of the Code of
Ethics
and Conduct?
Ì. to avoid misuse of position
ÌÌ. to avoid conflict of interest
ÌÌÌ. to conduct business with the utmost good faith and integrity
ÌV. to ensure completeness and accuracy of relevant records
A. Ì, ÌÌ and ÌÌÌ only
B. Ì, ÌÌÌ and ÌV only
C. ÌÌ,ÌÌÌ and ÌV only
D. Ì, ÌÌ, ÌÌÌ and ÌV
34. The insurance intermediaries shaII not
Ì. make inaccurate or unfair criticisms of any insurers
ÌÌ. ensure the policy proposed is suitable to the needs of the prospective policyholder
ÌÌÌ. attempt to persuade a client to terminate his existing policies
ÌV. conduct business with the highest degree of integrity and ethics
A. Ì and ÌÌ only
B. Ì and ÌÌÌ only
C. ÌÌ and ÌV only
D. ÌÌÌ and ÌV only
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35. An insurance pIan based on Shariah principIes is caIIed
A. Takaful
B. Wakalah
C. Mudharabah
D. Aqad
36. Which of the foIIowing is NOT true about the coverage under suppIementary benefits?
A. Permanent disability benefit include payment of sum insured and waiver of premium
B. Personal accident benefit does not cover bodily injury caused by some hazardous pursuits
and sports
C. Double Accident benefit pays out when there is a continuous event of accidents incurred to
the life assured.
D. $urgical and Nursing Fees benefit does not include the hospitalization expenses
3. The amount of group insurance that can be appIied for without medicaI evidence is
referred to as
A. Free Cover
B. Non- Medical Limit
C. Non- evidence Cover
D. Medical Free Cover
3. To have the existence of _____________, the purchaser of a Iife insurance poIicy must
stand to suffer a financiaI Ioss on the death of the insured.
A. Uberrimae fides
B. Ìnsurable interest
C. Utmost good faith
D. Proximate cause
39. What principIes appIy as a consequence of indemnity?
A. $ubrogation
B. Contribution
C. Proximate cause
D. $ubrogation and contribution
40. Which of the foIIowing does not satisfy conditions for an education poIicy?
A. The beneficiary should be the child
B. Ìf the insured is the parent, the child must be the nominee
C. Ìf the insured is the child, the life of the payor is not covered
D. Maturity benefits must be payable when the child is between the ages 13 to 25 years
41. The earIiest Iife insurance contract was found in EngIand in 153 on the Iife of
A. Edmund Halley
B. William Gybbon
C. William Cybban
D. William Halley
42. LeveI Term insurance is aIso known as
A. Renewable Term Ìnsurance
B. Limited Ìnsurance
C. Temporary Ìnsurance
D. Life Ìnsurance
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43. The methods of indemnity incIude
Ì. Payments by cash
ÌÌ. Replacement
ÌÌÌ. Reinstatement
ÌV. Repair
A. Ì,ÌÌ and ÌÌÌ only
B. Ì,ÌÌ and ÌV only
C. Ì,ÌÌÌ and ÌV only
D. Ì, ÌÌ, ÌÌÌ and ÌV
44. In MaIaysia, the main purpose of reguIation incIude
A. To maximize the profit of insurers
B. To ensure consumers are informed and competent
C. The promotion of public interest and promote fairness and equity
D. To protect the interest of insurance companies
45. For personaI accident poIicies, the most important cause is caIIed
A. Proximate cause
B. Mortality cause
C. Crucial cause
D. Deciding cause
46. The principIe of "utmost good faith" means that the parties must discIose
A. All material facts of which they are aware
B. All material facts of which they ought to be aware
C. Only those facts which have been specifically asked for by the company
D. Both A & B
4. In determining the tabuIar (gross) premium for _____________ poIicies, the
corresponding
eIements are mortaIity, interest, expenses and bonus Ioading.
A. Endowment
B. Term
C. Non-participating
D. Participating
4. The foIIowing benefits are covered under a medicaI and heaIth poIicy EXCEPT
A. Cosmetic or plastic surgery
B. Hospital accommodation and nursing expenses
C. $urgical expenses
D. Physicians' expenses
49. What are the documents important for poIicy administration?
A. Proposal form, policy document, gratuity statement
B. Proposal form, policy, endorsement, renewal notice, proof of medical and health insurance
premium payment for tax relief
C. Policy form, pay slip, income tax B1 form
D. Reinstatement form, pay slip and income tax form
50. When a Ioss is the resuIt of many causes _______________________, that is the
dominant
or effective cause, must be identified and attributed as the cause of Ioss.
A. The proximate cause
B. The probability of loss
C. The damaging cause
D. The concurrent cause
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51. What is Underwriting from an insurer's perspective?
A. Ìt is assessing and preventing the risk from taking place
B. Ìt is assessing moral hazard and prevent it from taking place
C. Ìt is the assessment and selection of risks and determining the premium, terms and
conditions of the insurance application
D. Ìt is avoiding under-table applications
52. In determining a premium rate for Iife insurance, it is assumed that the deaths among a
group of insured peopIe of the same age, wiII in future,
A. Follow a pattern similar to that of an identical known group in the past
B. Change according to the pattern of an identical known group
C. Follow a pattern of an identical known group
D. Change according to the pattern of identical known group in the past
53. What are the factors taken into consideration for Iife insurance premium caIcuIation
purposes?
Ì. Ìnvestment returns
ÌÌ. Expenses
ÌÌÌ. Tax
ÌV. Bonus Loading
A. Ì, ÌÌ and ÌÌÌ only
B. Ì, ÌÌ and ÌV only
C. ÌÌ,ÌÌÌ and ÌV only
D. Ì, ÌÌ, ÌÌÌ and ÌV
54. Parties must give consideration before an agreement can be IegaIIy binding. In generaI
and Iife contracts, the consideration to be paid by the insured is termed as
A. Cash value
B. Money consideration
C. Premium
D. Cash payment
55. In settIing a maturity cIaim, the foIIowing is NOT required when the poIicyhoIder is the
Iife
insured
A. Proof of survival
B. Proof of age
C. Policy document
D. Death certificate
56. BeIow are the exampIes of initiaI expenses incurred in the first year of the poIicy,
EXCEPT
A. Advertising costs
B. Medical examination expenses
C. First year commission
D. Litigation Expenses
5. Its membership is compuIsory for aII generaI insurers in MaIaysia. One of it's main
objective is to manage the MaIaysian Motor Insurance PooI
A. Unplaced Motor Pool
B. High Risks Motor Ìnsurance Pool
C. Motor Ìnsurers' Bureau
D. Persatuan Ìnsurans Am Malaysia
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5. For GeneraI Insurance business, seIf-reguIation with respect to the transaction of
insurance business has been achieved through insurance associations such as:
Ì Association of Malaysian Loss Adjustors (AMLA)
ÌÌ General Ìnsurance Association of Malaysia (PÌAM)
ÌÌÌ Ìnsurance Brokers Association of Malaysia (ÌBAM)
ÌV Malaysian Ìnsurance Ìnstitute (MÌÌ)
A. Ì, ÌÌ and ÌÌÌ only
B. ÌÌ, ÌÌÌ and ÌV only
C. Ì, ÌÌÌ and ÌV only
D. Ì, ÌÌ ÌÌÌ and ÌV
59. TakafuI concept is
A. To establish confidence and enables forward planning of economic activities
B. A method of joint guarantee among a group of people in a scheme to share the burden of
unexpected financial losses that may fall upon any of them. Ìt upholds the principles of
shared responsibility, mutual help and cooperation.
C. A pooling of resources by a group of people to benefit one another
D. A method of joint venture among a group of people to realize business ventures
60. The use of fire resistant materiaI in the construction of buiIding is the method of
handIing
risks through
A. Risk avoidance
B. Loss control
C. Risk retention
D. Risk transfer
61. Ms A has cancer, which is known by herseIf. In fiIIing the proposaI form to appIy for a
Iife
insurance poIicy, she is not aware of the principIe of utmost good faith and her agent did
not task her to state the above heaIth condition. The principIe of utmost good faith is
breached under_________.
A. Ìnnocent misrepresentation
B. Fraudulent misrepresentation
C. Non-disclosure / Concealment
D. Disclosure
62. The term "indemnity" represents which one of the foIIowing
A. Promise to Pay
B. Ìnsurability
C. Ìnsurance for sales
D. Ìnsurance risk
63. Such schemes are based on an agreement between the insurer and the empIoyer
whereby
the empIoyer deducts the premium from the empIoyee's saIary.
A. Banker's Order Deduction
B. Payroll Deduction
C. Employee Premium Deduction
D. Employee Fund Deduction
64. The arrangement where a group of members agree to jointIy guarantee against Ioss or
damage that may faII upon any of them, but without a contractuaI transfer of risk is caIIed
A. Ìnsurance
B. $yura
C. Takaful
D. Mudharabah
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65. Endorsements on a Iife insurance poIicy can be done at
Ì time of issue of policy
ÌÌ after issue of policy
ÌÌÌ before issue of the policy
ÌV the time of claims
A. ÌÌ only
B. Ì and ÌÌ only
C. Ì and ÌÌÌ only
D. ÌÌ and ÌV only
66. On maturity on an endowment poIicy, what are the settIement options which can be
exercised?
Ì cash
ÌÌ convert to annuity
ÌÌÌ leave with the insurer on agreed terms
ÌV installments
A. Ì, ÌÌ and ÌÌÌ only
B. Ì, ÌÌ and ÌV only
C. ÌÌ, ÌÌÌ and ÌV only
D. Ì, ÌÌ, ÌÌÌ and ÌV
6. The premium charge for Iife insurance poIicies usuaIIy vary in reIation to the foIIowing
factors
A. The age and sex of the proposer
B. The type of policy required
C. The sum assured
D. All of the above
6. What is key-man insurance?
A. Ìt is insurance purchased by a firm to protect itself against financial losses caused by death
or disability of a key employee.
B. Ìt is insurance purchased by an important employee in an organization to protect himself
against any loss of employment.
C. Ìt is an insurance plan which provides for the payment of annual income to a key employee
after retirement
D. Ìt is an insurance plan which provides benefits for a large group of key employees
69. In order to ensure that the chiId wiII have Iife insurance even if he or she Iater becomes
uninsurabIe, the parents can issue this type of Iife insurance on the Iife of the chiId
during his or her earIy years
A. Protected Educational Policies
B. Children's Deferred Assurance
C. Child's Education Plan
D. Juvenile Policy
0. TakafuI contribution is credited into two separate accounts nameIy
A. Participant's Account and Participant's Personal Account
B. Mudharabah and Tabaruk
C. Participant's Account and Participant's $pecial Account
D. Tabaruk and Participant's Account
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1. Which of the foIIowing is not true about the priviIeges of a Iife poIicy?
A. The cover under the policy continues during the 30 days of grace for half of the sum
assured.
B. A home service life policy is entitled for a surrender value after the policy has been in force
for six years or more
C. Cash value of a life policy can be used as a single premium to provide for an insurance on
the original terms but with a reduced sum assured.
D. Policy loans are generally granted up to 85 or 90 percent of the acquired cash value of a
policy
2. What is the Risk-Based CapitaI (RBC) framework?
A. Ìt's an underwriting framework for insurers to implement to ensure uniformity of underwriting
practices
B. Ìt's a capital adequacy framework for all insurers licensed under the Ìnsurance Act 1996 to
maintain a capital adequacy level commensurate with its risk profiles
C. Ìt's a risk assessment framework to ensure risks are correctly classified
D. Ìt's a human resource framework to ensure insurers recruit technically qualified personnel
3. ConventionaI insurance does not conform to some Shariah requirements. What are
some
of these requirements?
Ì. Al Taruk
ÌÌ. Al Maisir
ÌÌÌ. Al Gharar
ÌV. Al Riba
V. Al $hira
A. Ì & ÌÌ
B. ÌÌ & ÌV
C. ÌÌ, ÌÌÌ & ÌV
D. All of the above
4. The intermediaries or middIemen in the insurance market are composed of
______________ and ______________.
A. Ìnsurance agents and sellers
B. Buyers and sellers
C. Brokers and buyers
D. Brokers and insurance agents
5. Agency can be defined as the reIationship where
A. The person called the broker is engaged by another person called employer ÷ the broker
has the power to effect the employer's relationship with third parties.
B. The person called the agent is engaged by another person called the principal ÷ the agent is
given power to effect the principal's relationship with third parties
C. The intermediary is engaged by the other party known as creditor to recover debts
D. None of the above
6. Studies have shown that the important factors that infIuence the consumer buying
decision in seIecting an insurer are
A. The reputation of the insurer and its policy benefits only
B. The reputation of the insurer, quality of coverage and services provided, policy benefits,
agent's professional capability and personality
C. The quality of the insurer's staff
D. The insurer's extensive branch network
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. It is a IegaI requirement in terms of Section 4 of the Insurance Act 1996, that every
insurer shouId estabIish and maintain an up-to date_____________________.
A. Record Book
B. Note book
C. Policy Register
D Register of Ìnsurance Agents
. The term permanent disabiIity is aIso often referred to as ________________ since the
affected Iife ceases to be a productive force.
A. Economic death
B. Death
C. Temporary disability
D. $ituational death
9. What is the MAJOR difference between participating and non-participating contracts?
A. Participating contracts are mainly for protection purposes and non-participating contracts
are mainly for savings
B. Participating contracts' major benefit is generally guaranteed and non-participating contracts
are made of guaranteed benefit, regular bonuses and final bonus
C. Non-participating contracts are mainly for protection purposes and participating contracts
are mainly for savings.
D. Non-participating contracts and participating contracts have no difference at all
0. Endowment insurance can be usefuI in these 3 main ways EXCEPT
A. As a means of hedging against the possibility of untimely death.
B. As a means of accumulating a fund for specific purposes.
C. As an incentive to save in a systematic manner.
D. As an inconvenient and difficult way of providing for old age.
1. MedicaI and heaIth insurance poIicies can be divided into two categories which are
______________ and ___________.
A. Ìndemnity Policies and Benefit Policies
B. Benefit Policies and $urrender Policies
C. Ìndemnity Policies and $ubrogation Policies
D. $urrender and $ubrogation Policies
2. BeIow are the categories of underwriting decisions EXCEPT
A. $tandard (issued exactly as applied for) ;
B. $ub-substandard/modified (issued on other-than-applied- for basis)
C. Non-standard
D. Declined
3. The foIIowing are cIassified as breach of "utmost good faith" EXCEPT
A. Non-disclosure
B. Concealment
C. Fraudulent misrepresentation
D. Ìnnocent non-disclosure
4. MedicaI underwriting of an appIicant for medicaI and heaIth insurance requires
considerations of both _____________and ________________ to determine on what basis
insurance can be offered or if it shouId be refused.
A. Medical history and current physical condition
B. Medical insurance history and mental condition
C. Medical history and current emotional state
D. Medical insurance history and current physical condition
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5. Section of the Insurance Act 1996 describes
A. Endowment Policies
B. Ìnvestment Link Ìnsurance Policies
C. Last $urvivor Annuity
D. Group Ìnsurance
6. The principIe of utmost good faith appIies to medicaI and heaIth insurance under
_____________ of the Insurance Act 1996.
A. $ection 152
B. $ection 168
C. $ection 160
D. $ection 150
. In Major MedicaI Expenses insurance, two common expense participation methods are
A. Experience refunds and contributions
B. Deductibles and co-payments
C. Replacement fees and deductions
D. Rating fees and refunds
. DisabiIity income insurance is aIso known as
A. Temporary health insurance
B. Permanent health insurance
C. Non permanent health insurance
D. $emi permanent health insurance
9. In practice, insurance company uses this technique to predict future Iosses through
historicaI data
A. Priori Probability
B. Empirical Probability
C. Judgmental Probability
D. $econdary Probability
90. Specific questions reIating to MedicaI and HeaIth Insurance. This wouId incIude the
foIIowing
Ì Family and Medical History
ÌÌ $moking & drinking habits
ÌÌÌ Hazardous pursuits / avocation
ÌV AÌD$ related questions
A. Ì, ÌÌ and ÌÌÌ
B. Ì, ÌÌÌ and ÌV
C. ÌÌ, ÌÌÌ and ÌV
D. All of the above
91. What is the difference between contributory and non contributory group medicaI and
heaIth insurance pIans?
A. Non- contributory group medical and health insurance must cover all eligible members of
the group and contributory group medical and health insurance requires the participation of
at least 75% of the eligible members group.
B. Non- contributory group medical and health insurance must cover half of the eligible
members of the group and contributory group medical and health insurance requires the
participation of at least 70% of the eligible members group
C. Non- contributory group medical and health insurance covers none of the eligible members
of the group and contributory group medical and health insurance requires the participation
of at least 85% of the eligible members group.
D. Non- contributory group medical and health insurance covers all of the eligible members of
the group and contributory group medical and health insurance requires the participation of
none of the eligible members group.
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92. "uestions 92, 93 and 94 are based on the following table:
TabIe: Premium Rates for WhoIe Life PoIicy on MaIe Lives. Treat FemaIe Lives as 3 Years
Younger
MaIe Age Last Birthday Premium Per RM 1,000 Sum Assured
21 1.02
22 1.25
23 1.50
24 1.4
Proposer's particuIars and PoIicy DetaiIs:
Sex : FemaIe
Date of Birth : 22/0/191
Cover to Commence : 0/09/1996
PoIicy Type : WhoIe Life PoIicy
Sum Assured : RM 10,000
Based on the data above what is the insured's age LAST birthday?
A. 22 C. 26
B. 25 D. 30
93. How much is the premium payabIe based on age NEXT birthday?
A. RM 180.20 C. RM 185.00
B. RM 179.20 D. RM 182.50
94. Which of the foIIowing is TRUE about the information shown above?
A. The premium rate for male and female is the same
B. This policy is entitled to a basic cash value
C. The monthly premium is RM 14.93
D. Ìf the insured surrender the policy after five years, she will get nothing
95. MedicaI and HeaIth insurance poIicies usuaIIy provide for payment of cIaims up to
Iimits
stipuIated in the poIicy. These Iimits couId be one or a combination of
A. One time limit and annual limit
B. Maximum limit, one time limit and annual limit
C. Per disability limit, overall annual limit and lifetime limit
D. Per disability limit, one time limit and annual limit
96. In generaI, the Ioans are granted up to ______________ of the acquired cash vaIue of a
Iife
poIicy.
A. 85 %
B. 90 %
C. 92 %
D. 95 %
9. In medicaI and heaIth insurance cIaims, insurers use the foIIowing cost containment
measures EXCEPT
A. Ìnner limits and maximum period of compensation
B. $chedule of surgical procedures
C. Flexible limits
D. Deductibles and panel hospitals
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9. The principIe of Indemnity requires that the insurer
A. Restore the insured to a better financial position as he enjoyed after the loss
B. Restore the insured to the same financial position as he enjoyed immediately before the loss
C. Restore the insured to a reasonable financial position as he enjoyed before the loss
D. To compensate the insured for mutually agreed sum of money before the loss
99. MortaIity and morbidity rates generaIIy increase with
A. the age of the population
B. the increase in income of the population.
C. the length of period required to recuperate from any injury.
D. economic downturn
100. What is the difference between Iife insurance and annuity?
A. Life insurance is to liquidate the estate and annuity is to create the estate of the deceased
B. Life insurance aims to create an estate or accumulate a lump sum fund whereas the annuity
is to liquidate the asset that has been created
C. Life insurance is to accumulate a lump sum whereas annuity is to distribute the lump sum
when the insured dies
D. No difference between the two
Answers for PCE TriaI Exam 4 - Parts A & C
Q = Question; A = Answer
Q A Q A Q A Q A Q A
1 B 21 B 41 B 61 C 1 A
2 D 22 C 42 C 62 A 2 C
3 B 23 B 43 D 63 B 3 D
4 C 24 A 44 C 64 C 4 A
5 B 25 D 45 A 65 B 5 B
6 B 26 C 46 D 66 D 6 D
C 2 D 4 D 6 D B
B 2 B 4 A 6 A B
9 D 29 C 49 B 69 B 9 B
10 D 30 B 50 A 0 C 90 D
11 B 31 C 51 C 1 A 91 A
12 D 32 C 52 A 2 B 92 B
13 A 33 D 53 D 3 C 93 C
14 A 34 B 54 C 4 D 94 B
15 D 35 A 55 D 5 B 95 C
16 C 36 C 56 D 6 B 96 C
1 C 3 A 5 D C 9 C
1 D 3 B 5 A A 9 B
19 C 39 D 59 B 9 C 99 A
20 B 40 C 60 B 0 D 100 B
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PCE TriaI Exam 5
Note: You are strongly urged to purchase and read MII's Textbooks for a complete
understanding of the syllabus in preparation for the examination. This revision material is
purely a revision tool and it is to be used only after you have read MII's Textbooks. Since
this
revision material is purely a revision tool, it does not guarantee your passing of the
respective
examinations.
PCE TriaI Exam 05 - Parts A & C
1.
2.
3.
4.
5.
6.
Which of the foIIowing is one of the risk handIing methods?
A. Risk manipulation
B. Risk protection
C. Risk modification
D. Risk retention
In contrast to Iife insurance, ________________ is not a very significant factor in
underwriting medicaI and heaIth insurance.
A. Physical condition
B. Ìnsurable interest
C. Family history
D. Medical history
A voidabIe contract wiII remain vaIid untiI
A. Ìt fails to comply with legal formalities
B. The aggrieved party exercises the option to treat it void
C. Ìt is proven there is no consideration
D. Ìt is used for illegal purposes
Insurance is
A. A loss sharing arrangement
B. A pooling of risk
C. An economic institution
D. All of the above
The functions of insurance incIude the foIIowing
Ì. $timulates business enterprise
ÌÌ. Reduction of losses
ÌÌÌ. Provides employment for many
ÌV. $ources of capital for investment
A. ÌÌ & ÌV
B. ÌÌ, ÌÌÌ & ÌV
C. Ì & ÌÌ
D. Ì, ÌÌ, ÌÌÌ & ÌV
Which of the foIIowing is NOT a characteristic of an insurabIe risk?
A. Ìt should not be against public policy
B. Ìt must be accidental in nature
C. Ìt must be a speculative risk
D. Ìt must be a pure risk
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.
.
9.
10.
11.
12.
13.
14.
Risk of property damage from earth quake, fIood and typhoon is cIassified under
A. Fundamental risk
B. $peculative risk
C. Particular risk
D. Pure risk
Which of the foIIowing describes the definition of risks?
A. An uncertainty regarding loss
B. A condition that increases the chance of loss
C. A reduction of economic value
D. All of the above
The essentiaI eIements of a contract are offer and acceptance and
A. Consideration
B. Legality of object
C. Capacity to contract
D. All of the above
In marine cargo insurance, insurabIe interest must exist
A. At the time of loss
B. Before the ship sails
C. At the time of effecting the insurance contract
D. At the inception of the contract and at the time of loss
The transfers of IegaI rights and obIigations under a Iife insurance poIicy to another
person
is caIIed
A. A conversion
B. An endorsement
C. A rectification
D. An assignment
What is the main statute Iaw governing the Iife insurance business?
A. The Civil Law 1972
B. The Ìnsurance Act 1996
C. The Ìnsurance Act 1965
D. The Companies Act 1983
The reIationship of principaI and agent may be terminated by
Ì. Notice of renunciation given to the principal by the agent
ÌÌ. Notice of revocation given by the principal to the agent
ÌÌÌ. Mutual agreement
ÌV. Death, lunacy or bankruptcy of the principal or agent
A. Ì, ÌÌ and ÌÌÌ
B. ÌÌ, ÌÌÌ and ÌV
C. Ì, ÌÌ and ÌV
D. Ì, ÌÌ, ÌÌÌ & ÌV
Which of the foIIowing statements is NOT true about void contracts?
A. Void contracts are not enforceable in a court of law
B. Void contracts are simply those which the law holds to be no contracts at all, a nullity from the
beginning
C. They are totally invalid and are nothing more than mere agreements
D. Void contracts will remain valid until the aggrieved party exercises the option to treat them
void
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15.
16.
1.
1.
19.
20.
21.
22.
An unenforceabIe contract usuaIIy arises because
A. There was non-disclosure
B. Of the failure to comply with legal formalities
C. The agent failed to disclose material facts
D. There was a breach of the principle of utmost good faith
The IegisIation in MaIaysia that reguIates IsIamic insurance is the
A. Takaful Act 1984
B. Ìnsurance Act 1996
C. Central Back of Malaysia Ordinance 1958
D. Muslim (Titles and Construction) Ordinance 1952
The TakafuI Act 194 is the source of TakafuI IegisIation in MaIaysia. The Act is divided
into
four parts, incIuding the foIIowing:
Ì. Provides for interpretation, classification references to takaful business
ÌÌ. Provides the mode and conduct of takaful business
ÌÌÌ. Provides for the administration and enforcement of matters such as indemnity, submission of
annual reports and statistical returns etc
ÌV. $pecifies powers vested in the Director General of Ìnsurance (DGÌ)
A. Ì & ÌÌ
B. Ì, ÌÌ & ÌV
C. Ì, ÌÌ & ÌÌÌ
D. Ì, ÌÌ, ÌÌÌ & ÌV
The person to whom the rights are transferred is caIIed __________________; whiIe the
person who transfers the rights is caIIed _________________.
A. Assignee; assignor
B. Assignor; assignee
C. Transferor; transferee
D. Transferee; transferor
Agents can be cIassified into three categories:
A. Life agent, group agent and personal agent
B. $pecial agent, specific agent and universal agent
C. $pecial agent, general agent and universal agent
D. Ìndividual agent, group agent and special agent
The principIe of indemnity states that
A. The insurer should restore the insured to the same financial position as before the loss
B. The insurer should restore the insures to a better financial position as before the loss
C. The insurer should restore the insured to a lesser financial position as before the loss
D. The insured should enjoy indemnity which is less than his loss as a result of policy limitations
Which of the foIIowing is NOT true about a cIaim under the principIe of subrogation?
A. This type of subrogation is considered as arising out of tort
B. Ìn the absence of subrogation, the insured cannot get his claim
C. Ìn the presence of subrogation, the insured can either claim from the insurer or the negligent
party
D. The principle of subrogation applies to prevent the insured from making profit out of his loss
Which of the foIIowing is NOT true about the insurance market?
A. An insurance market refers to the facilities of buying and selling insurance
B. A propriety company is owned by shareholders and profits earned belong to them
C. A co-operative society is owned by shareholders and policyholders which may be termed as a
mutual insurer
D. The intermediaries in the insurance market are agents and brokers
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23.
24.
25.
26.
2.
2.
29.
30.
What do you understand when the organization of a company is said to be decentraIized?
A. When the preparation of all policies and renewal, etc. is carried out in the head office
B. When only the preparation of policies and renewal of the policies are carried out in the
branches concerned
C. When there are no branches
D. When underwriting, claims and servicing of the branch business are handled at the branches
up to a pre-arranged limit
The MaIaysia Insurance Institute was formed to
A. Promote insurance product of Malaysia
B. Encourage people to buy insurance
C. Promote insurance professionalism and to conduct professional insurance examination
D. Both A & B
The principIe of 'utmost good faith' expect the parties
A. To disclose only those material facts which are asked
B. To answer truthfully only the questions in proposal forms
C. To disclose only those which they consider material
D. To disclose all material facts of which they are aware of, even if no question is specifically
asked
Assignment of poIicy can be effected without prior consent of the insurer under the
foIIowing circumstances except
A. Marine Cargo Policies
B. Life policies
C. Transfer of will
D. Aviation
A Iife officer does not accept aII appIications for insurance automaticaIIy. They examine aII
risks carefuIIy. The process of examining the risks is caIIed
A. Ascertaining standard
B. Adverse selection
C. $election
D. Letter of acceptance
An iIIegaI contract is one which
A. Ìs created for a specific purpose
B. Ìs created for illegal purposes or is against public policy
C. Ìs legally binding
D. None of the above
A materiaI fact is
A. A fact which will influence an underwriter in deciding the acceptance of the risk or the premium
to be charged
B. Any information given by the insurance company
C. A Warranty
D. Representation of any kind
PeriIs covered in the poIicy are known as
A. insured perils
B. excluded perils
C. uninsured perils
D. exception perils
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31.
32.
33.
34.
35.
36.
3.
The reIationship between the insurer and the agent is normaIIy that of
A. Master and servant
B. Buyer and seller
C. Principal and agent
D. Employer and employee
What is the main purpose of the Inter-Company Agreements on GeneraI Insurance
Business
(ICAGIB)?
A. To regulate and control the conduct and activities of every person engaged in general
insurance business
B. To regulate and control the conduct and activities of every insurer engaged in general
insurance business
C. To regulate and control the conduct and activities of every insurer engaged in life insurance
business
D. To regulate and control the conduct and activities of all PÌAM members
This invoIves the seIection of segments of the market which have needs that can be met
by
the poIicies deveIoped by the company. This function is known as
A. Planning and controlling
B. Market identification
C. Product development
D. $election of distribution channel
_______________ is/are part of the insurance market components.
Ì. Hospitals
ÌÌ. Agents
ÌÌÌ. Loss adjusters
ÌV. Reinsurers
A. ÌÌ & ÌÌÌ
B. Ì, ÌÌ & ÌÌÌ
C. ÌÌ, ÌÌÌ & ÌV
D. Ì, ÌÌ, ÌÌÌ & ÌV
InsurabIe interest shouId be present in aII Iife insurance contracts. Which of the foIIowing
reIationships does not create insurabIe interest?
A. Husband and wife
B. Creditor and servant
C. Master and servant
D. Brother and sister
A Iife insurance contract is an aIeatory contract. An aIeatory contract is
A. A contract of indemnity
B. A contract when one party provides something of value to another party in exchange for a
promise that the other party will perform a stated act if a specified, uncertain event occurs
C. A contract that pays double the sum assured in the event of suicide
D. A contract that has legal flaws
It is important for an agent to provide good after saIes service because
Ì. the chance of lapse or business going elsewhere can be minimized
ÌÌ. the client's new needs for insurance can be recognized and a sale can be quickly closed
ÌÌÌ. the reputation of the insurer as a service-oriented organization is enhanced
ÌV. Ìt can enhance the agent's business
A. Ì and ÌÌ
B. Ì, ÌÌ and ÌÌÌ
C. Ì and ÌÌÌ
D. All of the above
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3.
39.
40.
41.
42.
43.
44.
The incontestabIe cIause in Iife insurance poIicies
A. Limits the time during which the policyowner has the right to cancel the policy
B. Limits the period during which the insurance company can deny claims on the basis of
statements made in the application
C. Restricts the insurance company as to the time it can take in the payment of legitimate claims
D. Restricts the policyowner as to the time period during which he or she can exercise ownership
rights
A poIicy under which the surrender vaIue is used as a singIe premium to provide for an
assurance on the originaI terms, but for a reduced sum assured is known as
A. An extended policy
B. A paid-up policy
C. A term policy
D. A fees policy
PoIicies that provide for an income during periods of sickness or disabiIity on a Iong-term
basis are known as
A. Dread disease policies
B. Ìnvestment-linked policies
C. Permanent health insurance policies
D. Permanent disability insurance policies
The grace period is
A. A period of time after the maturity date during which a policy remains in force without penalty
even though the premium due has not been paid
B. A period of time after the premium due date during which a life policy remains in force without
penalty even though the premium due has not been paid
C. A period of time in which an insurance policy goes into effect once the initial premium is paid
D. A period of time which a policyholder could lodge a complaint with the Director General of
Ìnsurance
The renewaI underwriting of ___________________poIicy is Iimited to the rescission of the
poIicy during the contestabIe period or the refusaI to accept an appIication for
reinstatement.
A. An optional renewable
B. A guaranteed renewable
C. A conditional renewable
D. A non-cancelable
For married coupIes under combined assessment in the basis year, the totaI tax reIief
aIIowabIe for Iife insurance premiums and EPF contribution is
A. RM5,000
B. RM6,000
C. RM8,000
D. RM12,000
______________ is one where the premium payment ceases on death and no deduction on
the remaining premium is made from the cIaim payment.
A. True premium
B. Ìnstallment premium
C. One-off premium
D. Full premium
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45.
46.
4.
4.
49.
50.
51.
__________ wiII usuaIIy resuIt in the insurer paying something more than its interpretation
of the facts wouId warrant and the cIaimant accepting payment for Iess than that cIaimed.
A. Arbitration
B. Litigation
C. Mediation
D. A compromise settlement
The foIIowing documents are generaIIy acceptabIe as proof of age, except
A. Government school leaving certificate
B. Certified extract from Baptism Register
C. Ìnternational passport
D. None of the above
Which of the foIIowing describe endowment assurance?
Ì. Ìt is a decreasing term insurance
ÌÌ. Ìt has an increasing investment component
ÌÌÌ. Ìn short-term endowments, the life insurance predominates and the investment element is
relatively unimportant
ÌV. Anticipated endowment insurance pays cash to the policyholder at regular intervals
A. Ì & ÌÌ
B. Ì, ÌÌ & ÌV
C. Ì, ÌÌ & ÌÌÌ
D. All of the above
Which of the foIIowing does NOT describe mode of payment correctIy?
A. Premium paid under modes other than yearly are slightly higher per year
B. Monthly premium is higher because more administrative work is involved in the collection
C. Home service scheme operates in connection with industrial life insurance which usually
provides coverage for the higher income group who can afford
D. Payroll deduction scheme can only be applied after a written consent from the employee
According to the InternationaI Consumer Movement, consumers have some basic rights
which incIude:
Ì. Right to information
ÌÌ. Right to be redress
ÌÌÌ. Right to choose
ÌV. Right to satisfaction
A. Ì, ÌÌ & ÌÌÌ
B. ÌÌ, ÌÌÌ & ÌV
C. Ì, ÌÌ & ÌV
D. All of the above
When an insured faiIs to discIose a materiaI fact intentionaIIy, it is caIIed
A. Disclosure
B. Concealment
C. Misrepresentation
D. Fraudulent misrepresentation
HospitaIization cash benefit insurance can be soId as a ___________, except
A. $tand-alone policy
B. Critical illness insurance
C. Rider to a life insurance
D. Medical and health insurance policy
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52. Comprehensive hospitaIization and surgicaI insurance poIicies are aIso caIIed
___________________ in MaIaysia.
A. Clinical insurance
B. Major medical expenses insurance
C. "As charged¨ policies
D. Co-insurance policies
53. Co-payment refers to
A. The sharing of expenses between the policyholder and the insurer
B. The sharing of expenses between the agents and the policyholder
C. The sharing of profits between the policyholder and the insurer
D. The sharing of profits between the agents and the insurer
54. The insurer of an optionaIIy renewabIe poIicy may choose to modify the poIicy rather
than
non-renew. The modifications may be as foIIowing except:
Ì. An exclusion endorsement or a special-class premium because of a given impairment
ÌÌ. An increase in the basic premium because of a change to a more hazardous occupation
ÌÌÌ. An increase in elimination periods to avoid small, repetitious claims
ÌV. An extended coverage by an exclusion rider
A. Ì, ÌÌ and ÌÌÌ
B. Ì, ÌÌ and ÌV
C. ÌÌ, ÌÌÌ and ÌV
D. All of the above
55. Which of the foIIowing cIause is refIected under Section 14 (4) of the Insurance Act,
1996
A. Non-avoidance clause
B. Ìncontestability clause
C. $uicide clause
D. Misrepresentation clause
56. What are the aIternative soIutions when a person cannot pay his future Iife poIicy
premium
but stiII can be covered under the poIicy?
Ì Conversion to a paid-up policy
ÌÌ Exchange the acquired cash value for a term insurance for the full sum assured
ÌÌÌ Apply for surrender value
ÌV Conversion to an extended grace period
A. Ì and ÌÌ only
B. Ì and ÌÌÌ only
C. Ì, ÌÌ and ÌÌÌ only
D. Ì, ÌÌÌ and ÌV only
5. The foIIowing are sources of surpIus for an insurance company except:
A. Ìnterest
B. Expense
C. Mortality
D. Ìnterim bonus
5. When the insured faiIs to pay a premium, it provides for a continuation of the
insurance
cover to bring the poIicy to its originaI status
A. Policy conversion
B. Automatic premium loan
C. Maturity loan
D. Limited payment endowment
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59. The ___________________enabIes a person to renew a Iapsed poIicy, notwithstanding
that
the days of grace and the period of non-forfeiture have both expired.
A. Lapsation provision
B. Reinstatement provision
C. Ìncontestable provision
D. Renewal provision
60. Under a standard case, the premium changes according to the age. The younger the
age at
entry of Iife insured, the premiums wouId be
A. Refunded
B. Lower
C. Higher
D. Loaded with additional payment
61. ___________________provides that the assignor can revoke aII the rights even after
the
assignment of poIicy
A. Absolute assignment
B. Conditional assignment
C. Reassignment
D. Policy assignment
62. BeIow are various factors that infIuence mortaIity,
Ì Age
ÌÌ $ex
ÌÌÌ Marital status
ÌV Occupation
A. Ì,ÌÌ and ÌV
B. Ì, ÌÌ and ÌÌÌ
C. ÌÌ, ÌÌÌ and ÌV
D. All of the above
63. Which of the foIIowing is NOT true about Iife insurance contracts?
A. Life insurance contracts are long-term contracts
B. The premium for life insurance contracts cannot be revised during the term of the contract
C. The contracts cannot be cancelled unilaterally by the insurer
D. None of the above
64. For mortaIity onIy, femaIes experience _____________ rates, and accordingIy, femaIes
are
charged _________ premiums,
A. Lower, lower
B. Lower, higher
C. Higher, higher
D. Higher, lower
65. Why is post-purchase evaIuation an important factor for an agent?
A. The agent will understand the needs of his client better
B. When the customer may want time to think the idea over, or may not agree with the price
C. The agent will have a better chance of securing the loyalty of his client at the time of renewal
D. Ìn situations where the customer is able to recognize his need immediately
66. What is the aIIowabIe deduction for savings under the NationaI Education Saving
Scheme
(SSPN)?
A. RM3000
B. RM6000
C. RM1000
D. RM3000
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6. Commencement of the poIicy may be back dated to an earIier date, usuaIIy up to a
maximum of
A. 3 months
B. 6 months
C. 1 year
D. 2 years
6. The basic principIe in insurance is when a group of peopIe facing simiIar risks are
combined, there wiII be Iess uncertainty about the amount of Ioss IikeIy to be incurred
within a certain period. This basic principIe is caIIed
A. Anti-selection
B. Law of large numbers
C. Mortality rates
D. Moral hazards
69. _______________ poIicies enjoy the right to share in the profits of the operations of a
Iife
insurance company in the form of bonuses.
A. Endowment
B. Term
C. Non-participating
D. Participating
0. When a Ioading Ietter is issued by the insurer it is considered
A. An offer to the insured
B. A rejection to the insured
C. A bonus declaration
D. A counter offer to the insured
1. To ensure that the poIicyhoIders whose poIicies become cIaims, between decIaration
of
bonus, do not Iose out, the insurers pay out
A. Ìnterim bonus
B. Cash bonus
C. Guaranteed bonus
D. Reversionary bonus
2. Under current conditions, the main sources of surpIus are as the foIIowing except
A. Excess interest (after tax) earned on the life fund over and above that assumed in the
valuation
B. Mortality surplus between the actual mortality experienced by the office and the mortality basis
assumed in the valuation
C. The excess of the allowance made for expenses in the valuation over the actual expenses
incurred
D. The present value of the liabilities under all policies in force greater than the present value of
the income and capable gains produced by the assets in the life fund
3. Which of the foIIowing methods in vaIuing assets and its expIanation is NOT true?
A. Price at which the asset was acquired ÷ Cost price
B. Value placed on the assets in the company's account books ÷ Book value
C. Value for which the assets can be sold in the open-market ÷ Market price
D. None of the above
4. The sources of information for Risk Assessment are as beIow, except
A. Proposal form
B. Medical report
C. Agent's report
D. Policy contract
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5. Besides recording the appIicant's answers concerning medicaI history, the reports by
examining doctors incIude
Ì Height and weight
ÌÌ Pulse and blood pressure readings
ÌÌÌ Condition of the heart and nervous system
ÌV Chest and abdomen measurements
A. Ì and ÌÌ only
B. Ì, ÌÌÌ and ÌV
C. Ì, ÌÌ and ÌV
D. All of the above
6. For a contract to be vaIid,
A. Ìt must have consideration
B. Ìt should not be against public policy
C. The parties to it must have intention to create a legal relationship
D. All of the above
. GeneraIIy, poIicy endorsements done after the issuance of a poIicy are for
Ì Changes in the mode of premium payment
ÌÌ Alterations to the form of the contract
ÌÌÌ Ìmposition or removal of extra premiums
ÌV $urrender of bonus
A. Ì and ÌÌ only
B. Ì and ÌÌÌ only
C. ÌÌ and ÌV only
D. All of the above
. In generaI, the foIIowing conditions need endorsement at the time of issue of poIicy:
Ì Those affecting the sum insured or mode of payment
ÌÌ Those affecting the premium or frequency of payment
ÌÌÌ Those alterations to the form of the contract
ÌV Those incorporating special restrictions
A. Ì, ÌÌ and ÌÌÌ
B. Ì, ÌÌ and ÌV
C. Ì, ÌÌÌ and ÌV
D. All of the above
9. Which of the foIIowing is NOT reIevant to the common settIement option for an
endowment
pIan?
A. Convert the maturity proceeds into annuity
B. Continue deposit the maturity proceeds with the insurer
C. Withdraw 90% of the proceed without the letter of probate
D. Withdraw the proceed by installments
0. In the event of death, the beneficiary or cIaimant shouId notify the Iife insurer and
provide
the foIIowing detaiIs, except
A. Policyholder's name and identity card number
B. Policy number
C. Date and cause of death
D. Agent's address
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1. What is the interest rate payabIe by the insurer on the cIaim amount if a cIaim upon the
death of the poIicyhoIder is not paid within 60 days of receipt of intimation of the cIaim?
A. 5% per annum
B. 4% per annum
C. 6% per annum
D. 8% per annum
2. The doctrine of proximate cause is important for which type of cIaims?
A. Death claims
B. Maturity claims
C. Personal accident claims
D. $ickness and permanent health claims
3. PoIicies which accumuIate ___________ often carry the right to a poIicy Ioan
A. Bonus
B. Cash values
C. Premium
D. $urrender
4. Age Iast birthday for a Iife insured born on March 12, 1965, date of the proposaI
submitted
on December 31, 200 is
A. 39
B. 40
C. 41
D. 42
5. The interest charges usuaIIy arise under the foIIowing circumstances:
Ì Outstanding premium charges after grace period
ÌÌ Policy loan repayment
ÌÌÌ Outstanding premium charges during grace period
ÌV Reinstatement of policy
A. Ì and ÌÌ only
B. Ì, ÌÌ and ÌÌÌ
C. Ì, ÌÌ and ÌV
D. All of the above
6. In expIaining the contract, the Iife insurance intermediary shaII:
Ì. Explain only part of the essential provisions of the contract to the prospective policyholder
ÌÌ. Draw attention to any restrictions applying to the policy
ÌÌÌ. Give advice to the customer on another company's policy which has more benefits
ÌV. Draw attention to the consequent effects of early discontinuance
A. Ì and ÌÌ
B. ÌÌ and ÌV
C. Ì and ÌÌÌ
D. ÌÌ, ÌÌÌ and ÌV
. To be a successfuI and professionaI agent, he must fuIfiII the foIIowing requirement:
Ì Professional attitude
ÌÌ Proper selling attitude
ÌÌÌ $kill
ÌV Knowledge
A. Ì, ÌÌ and ÌÌÌ
B. ÌÌ, ÌÌÌ and ÌV
C. Ì, ÌÌÌ and ÌV
D. All of the above
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. The basic Iife insurance contracts are:
Ì Term insurance
ÌÌ Whole life insurance
ÌÌÌ Annuities
ÌV Endowment insurance
A. Ì and ÌÌ
B. Ì, ÌÌ and ÌV
C. ÌÌ and ÌV
D. All of the above
9. TotaI permanent disabiIity means
A. The life assured's inability to work effectively for a period of 6 months to a year
B. The life assured loses sight in one eye and stutters when speaking
C. The life assured is completely unable to engage in any occupation and to perform any work for
remuneration or profit due to bodily injury or disease/illness
D. All of the above
90. Which of the foIIowing can be soId as a stand aIone poIicy or as a rider to a Iife
insurance
poIicy?
Ì Hospitalization cash benefit insurance
ÌÌ Endowment policy
ÌÌÌ Critical Ìllness or Dread Disease insurance
ÌV Group insurance policy
A. Ì, ÌÌ and ÌÌÌ
B. Ì and ÌÌÌ
C. ÌÌ, ÌÌÌ and ÌV
D. All of the above
91. To contain costs and abuses arising from infIated cIaims, various methods are used by
insurers which incIude the foIIowing, except
A. Maximum period of compensation
B. Deductibles
C. Cashless hospital admission
D. Timeframe during which expenses are payable
92. The main types of annuities are
Ì $ingle life immediate annuity
ÌÌ Last survivor annuity
ÌÌÌ Deferred annuity
ÌV Annuity certain
A. Ì, ÌÌ and ÌÌÌ only
B. Ì, ÌÌ and ÌV only
C. Ì, ÌÌÌ and ÌV only
D. All of the above
93. The reIationship of an insurer and an agent can be created in the foIIowing ways:
Ì By statue ($ection 44A, Ìnsurance Act 1963)
ÌÌ By subsequent ratification of an unauthorized act
ÌÌÌ By express appointment
ÌV By implication of the law
A. Ì, ÌÌ and ÌÌÌ
B. Ì, ÌÌ and ÌV
C. Ì, ÌÌÌ and ÌV
D. All of the above
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94. This type of annuity provides annuity payments as Iong as either of two person Iives. It
continues the same amount of annuity untiI the death of Iast survivor.
A. $urvivorship annuity
B. Deferred annuity
C. $ingle life immediate annuity
D. Last survivor annuity
95. For personaI accident poIicies, the doctrine of ____________ is important, as more
than one
condition can operate Ieading to a cIaim.
A. Leading cause
B. Contributing cause
C. Proximate cause
D. Mortality cause
96. The association that controIs the quaIity of Iife insurance agents by terminating those
who
do not fuIfiII saIes and training requirements
A. PÌAM
B. LÌAM
C. MÌÌ
D. NAMLÌFA
9. Amongst many other risks, generaI insurance contracts wiII cover the foIIowing, except
A. Accident
B. Natural death
C. Property
D. Legal liability
9. To discontinue a poIicy or to have a poIicy made paid-up and then to effect a new one
in
another company or the same company is caIIed
A. Twisting
B. Rebating
C. Underwriting
D. Prospecting
99.
100.
ReguIations pertaining to the basis of surrender vaIue as appIicabIe in MaIaysia can be
found in
A. $ection 155 of the Ìnsurance Act 1996
B. $ection 156 of the Ìnsurance Act 1996
C. $ection 157 of the Ìnsurance Act 1996
D. $ection 158 of the Ìnsurance Act 1996
Which of the foIIowing suggests the possibiIity of a moraI hazard?
A. An application by a parent for a Children's Deferred Ìnsurance for the sum of RM50,000
B. An application by a married couple for a joint-life policy for the sum of RM100,000
C. An application by a businessman to insure the life of his wealthy girlfriend for RM5,000,000
D. An application by a wife to insure the life of her husband for RM60,000
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Answers for PCE TriaI Exam 5 - Parts A & C
Q = Question; A = Answer
Q A Q A Q A Q A Q A
1 D 21 B 41 B 61 B 1 B
2 C 22 C 42 B 62 D 2 C
3 B 23 D 43 B 63 D 3 B
4 D 24 C 44 A 64 A 4 D
5 D 25 D 45 D 65 C 5 C
6 C 26 D 46 D 66 D 6 B
A 2 C 4 B 6 B D
A 2 B 4 C 6 B D
9 D 29 A 49 D 69 D 9 C
10 A 30 A 50 B 0 D 90 B
11 D 31 C 51 B 1 A 91 C
12 B 32 A 52 C 2 D 92 D
13 D 33 B 53 A 3 D 93 D
14 D 34 D 54 A 4 D 94 D
15 B 35 D 55 B 5 D 95 C
16 A 36 B 56 A 6 D 96 B
1 C 3 D 5 D D 9 B
1 A 3 B 5 B D 9 A
19 C 39 B 59 B 9 C 99 A
20 A 40 C 60 B 0 D 100 C
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CEILLI
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84

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