CMFAS M9 PDF

Everything that you will need to accelerate your exam revision is included in the tutorial and mock exam paper. We can assure you that by repeated practising, it will put you in a significant advantage in understanding the topics and passing the CMFAS Module 9 examination with confidence. We strive to always keep our questions aligned to all changes in the syllabus and up to date. Practise all questions in a single quiz without time limit. Time limits and the number of question are set to follow the actual examinations.

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Thank you for your interests in our service. The below free trial questions demonstrate our questions bank format. Please note the below free trial questions is for demonstration only and is not updated frequently. Our premium full access question bank questions are updated frequently and come with key study materials for you to grab the key exam concepts. You have reached 0 of 0 points, 0. Which of the following statement s is are true about Family Income Benefit Rider? The term of this rider is not allowed to be longer than that of the basic policy, and the amount of benefit is usually dependent on the basic sum assured.

It is considered a decreasing Term Rider, as the earlier the payor the parent dies, the longer the period that the child will receive the income and, hence, the larger the accumulated total amount that the child will receive. The longer a person lives, the lesser the benefit that his beneficiary will receive. Which of the following statement s is are true about Payor Benefit Rider? Some insurers incorporate critical illness cover into this rider. This rider provides that, if the person usually the parent who is paying the premiums on the juvenile policy dies, or becomes disabled before the child life insured has reached a specified age usually either 21 or 25 years old , the insurer will waive all future premiums until the child reaches the specified age.

It is not an insurance cover, but a right to purchase additional amounts of insurance at specified intervals or when certain events occur over an extended period of time, without evidence of insurability. The types of critical illnesses covered will be the same as those under the stand-alone Critical Illness Insurance policy issued by the insurer.

Some insurers also incorporate critical illness cover into this rider. Which of the following statement s is are true about premiums? Whatever the investment experience, premium calculations are made in the expectation that the insurer will earn the assumed rate of interest. The higher the assumed rate of interest, the higer will be the premiums charged to policy owners.

Premiums are the main source of money used to pay death benefits. The higher the assumed rate of interest, the lower will be the premiums charged to policy owners. Which of the following statement s is are true about Critical Illness Insurance I.

The illnesses that are covered by critical Illness Insurance vary. Critical Illness Insurance will pay out a lump sum when the policy owner dies or is diagnosed with a major illness. Critical Illness Insurance provides benefits for certain medical costs that result from accidents and sicknesses. Critical Illness Insurance will refund the in-patient expenses that the policy owner has to pay while in hospital, depending on the limits in the policy.

The illnesses that are covered vary, but usually include heart attack, stroke, coronary artery bypass, most cancers, kidney failure, fulminant hepatitis, major organ heart, lung and kidney transplants, paralysis and multiple sclerosis.

In group term life insurance, on happening which of the following the coverage for each individual employee usually terminates? When the employee is transferred to work overseas in an associated or Subsidiary company for an extended period of time in which he is no Longer on the local payroll of his employer.

When the employee retires or terminates his employment with the Employer. When the employee reaches a specified age. When the employee is on temporary leave of absence, vacation without Pay, sick or injured for more than three months.

Termination Of Coverage When the employee is on temporary leave of absence, vacation without pay, sick or injured for more than six months;. Which of the following statement s is are true about term insurance policy? Term Insurance provides no benefits after that period ends. Term Insurance provides protection for a certain period of time.

Term Insurance contains a cash value element. In Term Insurance the cash value arises as a result of level premiums being charged for what is a certain event. Whole Life Insurance contains a cash value element. The cash value arises as a result of level premiums being charged for what is a certain event. Which of the following statement s is are true about insurable interest? A beneficiary need not provide evidence of insurable interest in order to receive the benefits of a life insurance policy.

In life insurance, there must be an insurable interest, or a presumed insurable interest, present at the inception of the insurance contract. A beneficiary, therefore, need not provide evidence of insurable interest in order to receive the benefits of a life insurance policy.

Which of the following statement s is are true about principle of indemnity in insurance? For an indemnity principle to work, the insured must establish the extent and value of his loss.

For an indemnity principle to work, the insured must show that he has suffered a loss in monetary terms. The purposes of employing this principle in insurance are to prevent the insureds from profiting from insurance and at the same time to reduce moral hazard that can be exercised by some insureds.

For an indemnity principle to work, the insured is entitled to recover more than the amount of the loss from a single loss, irrespective of the number of policies that he has in respect of the same property. For an indemnity principle to work, a number of factors will need to be considered.

Amongst these are: the insured must show that he has suffered a loss in monetary terms. Losses based only on factors such as sentimental value cannot be included.

Secondly, the insured must establish the extent and value of his loss. Thirdly, the insured is not entitled to recover more than the amount of the loss from a single loss, irrespective of the number of policies that he has in respect of the same property. Which of the following statement s is are true about intermediaries?

Insurance can be purchased via intermediaries, but it can not be purchased direct from insurer. In Singapore, intermediaries selling life and health insurance products are termed as representatives and they can be representatives of either life insurance companies insurers or banks or other financial institutions or financial adviser firms.

In legal terms every intermediary is an agent, i. An insurance intermediary means a person who, as an agent for one or more insurers or as an agent for insureds or intending insureds, arranges contracts of insurance in Singapore, and includes an insurance agent or an insurance broker. Insurance can be purchased direct from the insurer or it can be purchased via intermediaries.

Which of the following statement s is are true about Group Life Insurance? Insured members may or may not have the right to decide on the amount of coverage that they want to be covered for.

Only a master contract is issued for the group, although the number of insured persons. Only members who belong to the group are covered. Group is not evaluated depending on the gender and age distribution of the group. Which of the following benefit s is are not provided by the Group Term Life Insurance? Death benefit II. Total and permanent disability tpd III. Extended benefit IV. Repatriation benefits. Some policies also provide repatriation benefits up to a certain specified limit e.

Regular premiums are more suitable for Whole Life Insurance and Endowment Insurance policies, as the premiums for these policies are higher compared to Term Insurance policies for the same sum assured, and paying by single premium will require comparatively larger amounts of money.

Which of the following statement s is are true about critical illness insurance? Critical Illness Insurance — Will pay out a lump sum when the policy owner dies or is diagnosed with a major illness. According to the frequency of premium payments, which of the following are included in life insurance products? Limited Premium Payment policy II. Regular Premium policy III.

Yearly Renewable Premium policy IV. Recurrent Single Premium policy. Life insurance products can also be classified according to the frequency of premium payments.

The First-to-die Life Insurance policy pays on the death of one of the lives insured. The death benefit is paid to the surviving life insured and the policy cover ends.

An example of this type of policy is a Joint Mortgage Decreasing Term Insurance policy, usually taken at the request of the bank, as a collateral security for the housing loan which the bank has granted. An Annuity is a series of periodic income payments to a named individual in exchange for a premium or a series of premiums. Which of the following statement s is are correct regarding underwriting?

Underwriting is a method to minimise problems arising from anti-selection. Underwriting is the process of identifying and classifying the degree of risk represented by an intending insured. Underwriting involves identifying the risks that an intending insured presents, as well as classifying the degree of risk that an intending insured represents. Underwriting provides the opportunity to build cash values which the policy owner can borrow from or withdraw. To minimise problems arising from anti-selection, insurers can employ a number of methods; one of which is effective underwriting.

Universal Life Insurance provides the opportunity to build cash values which the policy owner can borrow from or withdraw. Hospital expenses II. Surgical expenses III. Emergency accident outpatient expenses IV. Death benefit. Health Insurance Products- These products are designed to cover surgical expenses, hospital expenses, and emergency accident outpatient expenses incurred as a result of accident, sickness or disease commencing or occurring during the period of insurance.

In decreasing term rider, the amount of cover in the last few years of the rider term is usually very small.

Most insurers will arrange for the policy owner to pay the premium for less than the full duration of the rider, yet the coverage will still continue to the full term of the rider III. A decreasing Term Rider can be used by a policy owner to protect the mortgage on his home. A decreasing Term Rider is the same as the level Term Rider, except that the sum assured for this rider increases yearly.

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