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| Section | Weight | Objectives |
|---|---|---|
| Understand financial strength of insurance companies | 10% | - Capital adequacy requirements - Reserving and risk capital - Rating agencies and financial assessments |
| Understand corporate governance principles | 12% | - Risk management frameworks - Compliance and ethical requirements - Governance structures and responsibilities |
| Case studies integrating all learning outcomes | 10% | |
| Understand accounting principles and application | 18% | - Income, expenditure and profit measurement - Asset and liability recognition - Basic accounting concepts and standards |
| Understand the structure of the insurance industry | 10% | - Regulatory framework and bodies - Main sectors and participants - Market distribution channels |
| Understand roles and functions within insurance organisations | 8% | - Professional roles and responsibilities - Key departments and their interactions |
| Understand insurance company accounts and standards | 10% | - Statutory and regulatory reporting - Specific accounting rules for insurers - Solvency and capital reporting |
| Analyse business performance using financial ratios | 10% | - Solvency and liquidity measures - Interpretation and limitations of ratios - Profitability and efficiency ratios |
| Understand insurance business management | 12% | - Operational activities and controls - Underwriting and claims processes - Business objectives and strategy |
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NEW QUESTION # 34
Under the activity-based costing system used by the insurer, a department regarded as a profit centre will...?
Answer: A
Explanation:
Activity-based costing (ABC) allocates overhead costs based on the specific activities that drive those costs, using appropriate cost drivers. A "profit centre" is a department or division that is accountable for both its revenues and its costs, and thus its resulting profit. In an ABC framework, central support functions (like IT, HR, or facilities) do not provide their services for free. Instead, the profit centre will be invoiced by the central department on a cost-per-unit basis for the specific services consumed. For example, the IT department may invoice an underwriting profit centre per hour of system analysis used to develop a new policy administration system. This internal charging mechanism ensures accurate product profitability analysis and makes profit centre managers conscious of the full resource cost of their decisions. This is a core concept within Management Accounting and Budgeting, systems like these feed into the Codified Management System mentioned elsewhere, ensuring the internal "control cycle" of budget versus actual performance is robust.
NEW QUESTION # 35
The use of claims development tables provides valuable information about the...?
Answer: C
Explanation:
Claims development tables (or loss development triangles) are a core actuarial tool for analyzing the pattern of claim reporting and settlement over time. Their fundamental purpose is to compare how the initial estimate for a given accident year's ultimate loss evolves as more information becomes known. This process allows the actuary to identify trends in the adequacy of the prior estimates of outstanding amounts , revealing whether reserves were initially set too high or too low. This analysis directly feeds into setting the best estimate and a risk margin for the current technical provisions on the balance sheet. It is the bedrock of claims reserving policy, including for discounted claims. While it may indirectly influence technical pricing by revealing claims inflation trends, its direct purpose is reserving accuracy. This is a critical part of the Capital Management and Solvency topic, as inadequate prior estimates will lead to a reserve strengthening, eroding capital and solvency surplus. The accuracy of this process is fundamental to the calculation kernel of any internal solvency model.
NEW QUESTION # 36
What scope of risks within risk management is likely to be affected by the London office's financial issues and the need to sell off the New York office?
Answer: C
Explanation:
A problem affecting the financial stability of one office (London) that necessitates the sale of another office (New York) clearly elevates the risk scope to the "Group" level. Group risk encompasses dangers that can have a material impact on the consolidated financial position of an entire corporate group, often arising from interconnected entities, contagion, or significant concentration of exposures. The need to sell a major subsidiary to shore up finances is a classic group-level event managed under enterprise risk management frameworks. Strategic risk relates to high-level business direction, operational risk to internal processes, systems, and people (which may be the initial cause), and market risk to external factors like interest rates or currency. However, the cross-border recourse and potential capital call triggered by the "London office's financial issues" transcend a single risk category to represent a group-wide solvency threat. This aligns with the Capital Management and Solvency main topic, where group supervision and the assessment of double- leveraging and intra-group transactions are critical to understanding the true financial strength of an insurance conglomerate.
NEW QUESTION # 37
For what transactions are debit notes raised?
Answer: D
Explanation:
In the double-entry accounting system, a debit note is a document raised by a seller to a buyer, or more generally by a creditor to a debtor, to formally record an amount owed to the seller. For an insurance company, debit notes are typically raised for all amounts owed to the business by other parties , which in an insurance context can include premiums due from policyholders via brokers, reinsurance recoveries owed by reinsurers, or commissions from co-insurers. The debit note serves as a formal request for payment and the accounting entry records an increase in the receivable (debit the debtor) and an increase in the associated revenue (credit the income). This contrasts with credit notes, which reduce an amount owed, for example, when a premium is returned for a policy cancellation. This operational procedure is a practical application within the Financial Accounting Principles main topic, ensuring the matching concept is applied correctly, through which earned income is balanced by a corresponding increase in the asset (the debtor).
NEW QUESTION # 38
When an insurance company seeks to play a role in society via sponsorship and community projects, this is known as
Answer: C
Explanation:
Adopting a "stakeholder perspective" means a company recognizes its obligations extend beyond its shareholders to a wider group of stakeholders, including employees, customers, the community, and society at large. Sponsorship and community projects are quintessential activities demonstrating this corporate social responsibility. In contrast, vertical integration refers to owning different stages of the supply chain, horizontal diversification is expanding into new, unrelated product lines, and codified management is an internal administrative system for classification. Within the M92 curriculum, the Insurance Company Environment topic explores how modern insurers balance profit motives with the social purpose of insurance, viewing themselves as integral parts of the society they protect. This broader view can enhance brand reputation and long-term sustainability, directly linking to the principles of good corporate governance discussed in the Capital Management and Solvency topics.
NEW QUESTION # 39
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