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

Question 1

Under the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) of Hong Kong, what is the statutory minimum limit of indemnity required for third-party bodily injury or death in respect of any one accident?

HK$50,000,000 HK$100,000,000 HK$2,000,000 HK$10,000,000

Correct Answer:

HK$100,000,000

Question 2

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

Question 3

Which of the following is TRUE regarding the transfer of a No Claims Discount (NCD) under a motor insurance policy in Hong Kong?

An NCD can be freely transferred from one policyholder to another unrelated person An NCD can be transferred from a private car policy to a commercial truck policy An NCD is generally personal to the insured and can only be transferred between vehicles owned by the same insured An NCD is automatically transferred to the buyer when a vehicle is sold

Correct Answer:

An NCD is generally personal to the insured and can only be transferred between vehicles owned by the same insured

Question 4

What is the primary function of the First Fund administered by the Motor Insurers' Bureau (MIB) of Hong Kong?

To pay claims for property damage caused by uninsured vehicles To compensate victims of traffic accidents involving uninsured or unidentified ('hit-and-run') drivers for bodily injury or death To provide emergency medical funding for any traffic accident victim To cover the losses of policyholders when an insurance company becomes insolvent

Correct Answer:

To compensate victims of traffic accidents involving uninsured or unidentified ('hit-and-run') drivers for bodily injury or death

Question 5

Under the Insolvency Fund Agreement (Second Fund) of the Motor Insurers' Bureau (MIB) of Hong Kong, what is the status of a claim if an insurer becomes insolvent during the policy term?

All claims are immediately cancelled and no payouts are made The MIB will meet the insolvent insurer's liabilities for third-party bodily injury and death claims arising from motor accidents The Hong Kong Government will pay 100% of all comprehensive own-damage claims Claims are deferred until the insurer's liquidation is fully completed, which may take years

Correct Answer:

The MIB will meet the insolvent insurer's liabilities for third-party bodily injury and death claims arising from motor accidents

Question 1

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Prepare with the IIQE Paper 2 Practice Questions - IIQE Paper II - General Insurance Examination Exam practice quiz. This question bank includes 100 questions covering insurance, policy, hong, kong, and standard. Use it to review important concepts, identify knowledge gaps, and build confidence for the related exam, course, or assessment.

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

This practice set contains 100 questions from the matching question bank and focuses on insurance, policy, hong, kong, and standard. Work through each question carefully, review the provided solutions, and revisit topics that need more study before your next attempt.

This is an independent study resource intended for practice and review; it is not an official examination or an endorsement by any organization named in the title.

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

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