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| Section | Weight | Objectives |
|---|---|---|
| Understand corporate governance principles | 12% | - Governance structures and responsibilities - Compliance and ethical requirements - Risk management frameworks |
| Understand roles and functions within insurance organisations | 8% | - Key departments and their interactions - Professional roles and responsibilities |
| Understand insurance business management | 12% | - Business objectives and strategy - Underwriting and claims processes - Operational activities and controls |
| Understand accounting principles and application | 18% | - Basic accounting concepts and standards - Asset and liability recognition - Income, expenditure and profit measurement |
| Understand insurance company accounts and standards | 10% | - Statutory and regulatory reporting - Solvency and capital reporting - Specific accounting rules for insurers |
| Analyse business performance using financial ratios | 10% | - Solvency and liquidity measures - Profitability and efficiency ratios - Interpretation and limitations of ratios |
| Understand the structure of the insurance industry | 10% | - Market distribution channels - Regulatory framework and bodies - Main sectors and participants |
| Case studies integrating all learning outcomes | 10% | |
| Understand financial strength of insurance companies | 10% | - Reserving and risk capital - Rating agencies and financial assessments - Capital adequacy requirements |
VCESoft 考题大师始终致力与为客户提供 M92 认证的全真考题及认证学习资料，該模擬試題可以在不同的電腦中使用，這對於考生來說沒有任何限制。我們的 M92 權威考試題庫軟體是 CII 認證廠商的授權產品，全新的收錄了 CII 認證考試的所有試題，並根據認證的不斷變化而動態更新，參考資料的考試試題都是最新推出的。能够帮助你一次通过 CII M92 认证考试。
問題 #66
What is the most likely explanation for the company's return on capital employed being lower than its competitors if they have a good combined ratio?
答案：B
解題說明：
The combined ratio measures underwriting profitability (claims + expenses / premiums). A "good" combined ratio (below 100%) means the company's core insurance operations are profitable. If, despite this, the company's return on capital employed (ROCE)-a broader measure including investment returns on the capital base-is lagging competitors, the cause must lie outside the underwriting activity. The most logical diagnostic is Poor investment returns . The company is likely earning a lower yield on the substantial asset portfolio backing its technical reserves and capital than its competitors, dragging down the overall return on the equity and capital employed. This is a classic analytical point linking the Financial Performance Ratios topic to the Investment and Asset Management topic. A lower expense ratio or higher retention would improve, not weaken, performance. A higher solvency margin, if the capital is excess and idle, could also depress ROCE, but poor investment yield on total assets is the most direct explanation linking the income from invested assets to the overall return equation.
問題 #67
An individual's role is to set policy, monitor controls and check adherence to it. Where is this role most likely to fall within the 'three lines of defence' model of risk management?
答案：D
解題說明：
The "Three Lines of Defence" model is a fundamental risk governance framework. The first line is operational management, who own and manage risk. The third line is internal audit, which provides independent assurance. The described role-to set policy, monitor controls, and check adherence to it -is the definitive description of the second line of defence . This consists of the risk management, compliance, and actuarial control functions. They establish the risk framework (policies), develop key risk indicators (such as the IT downtime threshold), and oversee the first line's adherence. The source places this explicitly in the second line. This is central to the Capital Management and Solvency topic, as these functions are responsible for the integrity of the model inputs, the operation of the enterprise risk management framework that the rating agency uses as a modifier, and ensuring the business passes its use test. The second line's oversight ensures that the finance director's preparation for rating agencies is based on robust, independently checked data.
問題 #68
What is the consequence of using some of the reserves to fund a new project?
答案：A
解題說明：
Reserves, in this context, refer to distributable profits or capital reserves, not the technical claims reserves (which are a liability for policyholders). If a company redeploys some of these free reserves to fund a new project, it is choosing to reinvest its capital rather than holding it as a liquid buffer or distributing it. The direct consequence, as confirmed by the source, is that any subsequent increase in profits generated from this new project will increase the overall pool of profits from which shareholder dividends are paid. This is a strategic capital management decision, balancing the reinvestment of retained earnings for growth against the immediate return of capital to shareholders. While using reserves reduces the immediate liquid net asset position, it is done with the expectation of generating a return on equity that exceeds the cost of capital. This action links directly to the Risk Management topic, where a strategic decision to invest in a project with a viable internal rate of return must be squared with the need to maintain the solvency coverage ratio above the Individual Capital Guidance provided by the PRA.
問題 #69
Which organisation's goal is to improve the long term profitability of all capital providers and monitor and guide managing agents?
答案：B
解題說明：
Within the unique structure of the Lloyd's insurance market, the Franchise Board (historically part of Lloyd' s governance, with its principles now embedded in Lloyd's oversight) was explicitly tasked with this role. Its goal was to protect and enhance the long-term profitability of the Lloyd's market for all capital providers (members and corporate investors). It acted on behalf of the Council of Lloyd's to monitor the performance and business plans of managing agents, setting capital requirements and having the power to require changes to underwriting strategies or even withdraw a syndicate's license to trade. This is distinct from the UK's general financial regulators, the PRA and FCA, which regulate the individual firms within the market. The London Market Group aims to promote the market's global position, not to internally guide managing agents.
This role is a specific governance point covered in the M92 exploration of the London Market environment, highlighting how the market's unique structure seeks to balance innovative underwriting with market-wide financial discipline.
問題 #70
Which financial document will the CEO use to obtain the solvency margin?
答案：C
解題說明：
The solvency margin represents the surplus of an insurer's assets over its liabilities, representing the capital buffer available to absorb unexpected shocks. This figure is derived directly from the Balance sheet , which records the company's net financial position at a specific point in time. As confirmed by the source, "from which financial document will he obtain the solvency margin? Balance sheet." The income statement shows profitability (flow) but not the complete stock of assets and liabilities. The cash flow statement shows liquidity. Management accounts may contain an internal solvency calculation, but the definitive, audited solvency margin for statutory and rating agency purposes is a balance sheet construct. This is a core concept in the Capital Management and Solvency topic, where the balance sheet's role as the primary source for assessing the "surplus regulatory capital divided by regulatory capital available" (the solvency coverage ratio) is critical for both internal management and the requirements of Solvency II's capital adequacy rules.
問題 #71
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