IIQE Paper 2 Practice Questions - IIQE Paper II - General Insurance Examination Exam

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A standard Private Car Comprehensive Insurance Policy in Hong Kong covers damage to the insured's own vehicle. What valuation basis is typically used by insurers to settle a total loss claim for a vehicle that is two years old?

New replacement value without any depreciation The market value of the vehicle at the time of the loss, subject to the Sum Insured The original purchase price of the vehicle as stated in the proposal form The depreciated book value calculated by standard accounting rules

Correct Answer:

The market value of the vehicle at the time of the loss, subject to the Sum Insured

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