NZ CFS L5 General Insurance Practice Questions - NZ Certificate in Financial Services (Level 5) - General Insurance Strand Exam - NZ CFS L5 General Insurance Practice Questions - NZ Certificate in Financial Services (Level 5)

Question 1

Under the Code of Professional Conduct for Financial Advice Services in New Zealand, what is the primary obligation of Code Standard 1?

To charge reasonable fees for all advice services To treat clients fairly To provide written disclosure before giving advice To hold a valid Class 1 FAP license

Correct Answer:

To treat clients fairly

Question 2

Which of the following best describes the core requirement of Code Standard 2 under the New Zealand Code of Professional Conduct?

Act with integrity Ensure the client understands the advice Keep detailed records for at least seven years Maintain professional indemnity insurance cover

Correct Answer:

Act with integrity

Question 3

Under Principle 1 of the New Zealand Privacy Act 2020, what is the key restriction on an insurance adviser collecting personal information?

Information must be collected only for a lawful purpose connected with the adviser's function and if collection is necessary for that purpose Information must be collected only in writing using official agency forms Information must be collected only after notifying the Commerce Commission Information must be collected only from individuals who are over 18 years old

Correct Answer:

Information must be collected only for a lawful purpose connected with the adviser's function and if collection is necessary for that purpose

Question 4

What is the official name of the New Zealand government agency that transitioned from the Earthquake Commission (EQC) on 1 July 2024?

Natural Hazards Commission Toka Tū Ake Disaster Management New Zealand Earthquake and Landslide Authority New Zealand Climate Insurance Board

Correct Answer:

Natural Hazards Commission Toka Tū Ake

Question 5

What core common law doctrine requires both the insurer and the insured to act with complete honesty and disclose all material facts during negotiations?

The principle of subrogation The doctrine of utmost good faith (uberrimae fidei) The principle of indemnity The doctrine of proximate cause

Correct Answer:

The doctrine of utmost good faith (uberrimae fidei)

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About this Exam

Prepare with the NZ CFS L5 General Insurance Practice Questions - NZ Certificate in Financial Services (Level 5) - General Insurance Strand Exam practice quiz. This question bank includes 100 questions covering insurance, zealand, financial, code, 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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NZ CFS L5 General Insurance Practice Questions - NZ Certificate in Financial Services (Level 5) - General Insurance Strand Exam

This practice set contains 100 questions from the matching question bank and focuses on insurance, zealand, financial, code, 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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NZ CFS L5 General Insurance Practice Questions - NZ Certificate in Financial Services (Level 5) - General Insurance Strand Exam

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