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| Section | Objectives |
|---|---|
| Insurance Principles and Practice | - Policy structure and contract fundamentals - Risk and insurance principles |
| Insurance and Business Environment | - Role of insurers, intermediaries, and regulators - Structure of the insurance market |
| Accounting and Financial Statements | - Interpreting financial statements - Basic accounting concepts |
| Risk Management and Regulation | - Risk identification and control - Regulatory framework in insurance |
| Financial Services and Markets | - Financial system overview - Insurance and capital markets interaction |
| Insurance Operations | - Underwriting principles - Claims handling process |
>> Most M92 Reliable Questions <<
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NEW QUESTION # 12
The balanced scorecard approach to measuring organisation performance has four perspectives. What are the four perspectives recommended by this approach?
Answer: D
NEW QUESTION # 13
An item has been inserted in a company's balance sheet in respect of machinery. Under which heading will this normally appear?
Answer: C
Explanation:
Machinery is a tangible asset with a useful economic life extending beyond a single accounting period. Under standard financial accounting principles, such assets are classified as Non-current assets (or fixed assets) on the balance sheet. They are held not for resale but for use in the production or supply of goods and services.
This contrasts with Current Assets, like cash or accounts receivable, which are expected to be realized in cash or sold within one year. Technical provisions are an insurer's major liability for claims, and shareholder equity is the residual interest in assets after deducting all liabilities. The purchase of machinery is a capital investment decision, recorded as an investing activity on the cash flow statement, as confirmed when the source notes an acquisition will appear "as a cash outflow from investment activities." Correctly classifying assets is fundamental to calculating key ratios like return on capital employed, linking this Financial Accounting Principle to Financial Performance Ratios.
NEW QUESTION # 14
An insurance company uses the double-entry accounting principle for recording insurance transactions to reflect that it has what?
Answer: D
Explanation:
The double-entry system requires every financial transaction to have an equal and opposite effect on at least two different accounts, preserving the integrity of the accounting equation (Assets = Liabilities + Equity).
When an insurer earns an amount of income, say from underwriting premiums, one side records the income (increasing equity via the income statement's profit) while the other side reflects what was received or is owed. If the income was received in cash, there is a corresponding increase in cash (an asset). This dual recording ensures that the source and application of funds are always balanced. The specific extract for this concept is: "earned an amount of income which is balanced by an increase in cash." This principle is fundamental to the Financial Accounting Principles main topic, as it ensures that the profit recognized on the income statement is exactly matched by a net increase in assets on the balance sheet, assuming no immediate liability is extinguished. It underpins the reliability of all financial performance ratios and solvency assessments.
NEW QUESTION # 15
Under which Act would it be a civil offence if Mark were to sell his shares following information obtained in May?
Answer: D
Explanation:
The scenario describes insider dealing: trading in a company's shares based on non-public, price-sensitive information. This is a civil market abuse offence under the Financial Services and Markets Act 2000 (FSMA).
FSMA provides the regulatory and legal framework for market integrity in the UK, criminalizing market abuse, which encompasses insider dealing, improper disclosure, and market manipulation. A person like Mark, who possesses inside information and uses it to sell shares to avoid a loss, is committing a civil market abuse offence under Section 118 of FSMA. The Criminal Justice Act 1993 also makes it a criminal offence, but the question specifically asks about a civil offence, which is firmly within FSMA's scope. The Data Protection Act 2018 concerns personal data, the Companies Act 2006 governs company formation and directors' duties, and the Bribery Act 2010 addresses corrupt transactions. The source material, pointing to this act in the context of a civil offence from trading on inside information, correctly identifies the market abuse regime as a core part of the regulatory environment for insurance and other financial services firms.
NEW QUESTION # 16
If a company were to outsource specialist-claims handling services and extend the current 30 day period of credit given to brokers was extended to 90 days then what would be the consequence?
Answer: B
Explanation:
This scenario describes two actions that both apply negative pressure to financial resources. Outsourcing requires a payment for a service that was previously internalized, representing an immediate cash outflow or liability. Extending the period of credit to brokers from 30 to 90 days means the insurer must wait an additional two months to convert its receivables into cash. While the premium is earned on the income statement, the delay creates a significant working capital strain; the insurer has underwriting profit on paper but a growing cash deficit, as it must still pay claims and operating expenses. This directly impairs financial resources and can weaken the company's liquidity position, which is a critical input for solvency assessments.
The source material explicitly confirms this as the primary consequence: "Financial resources will be impaired." A combined operating ratio improvement is a profit metric unrelated to these specific working capital shocks, and the solvency margin will not increase from an action that drains cash. This analysis is central to the Capital Management and Solvency main topic, where an understanding of asset-liability matching and the cash-flow dynamics of the underwriting cycle is critical.
NEW QUESTION # 17
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