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ISR3701 EXAM PACK 2023
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ISR3701EXAM PACK
2023
QUESTIONS WITH
ANSWERS
,ISR3701
EXAM
PACK 2023
LATEST QUESTIONS AND
ANSWERS
, ISR3701/101
Question 1
A strike in the mining industry in South Africa is a typical example of a … risk.
1 dynamic
2 particular
3 fundamental
4 speculative
Question 2
In an insurance policy, the cancellation clause will be reflected under the …
1 general conditions.
2 operative clause.
3 general exemptions.
4 recital clause.
Question 3
An organisational chart may assist the risk manager in identifying …
1 possible bottlenecks in the production process.
2 process type risks.
3 supplier risks.
4 key staff members.
Question 4
Lloyds …
a. has underwritten the voice of Bruce Springsteen.
b. is not an insurance company.
c. operates worldwide.
d. invented the term underwriting.
Choose the correct combination:
1 a,c,d
2 a,b,c,d
3 a,b,c
4 a,c
Question 5 in terms of insurance is enforced through
the principles of:
a. Subrogation.
b. Average.
c. Contribution.
d. Insurable interest.
1
, Choose the correct combination:
1 a,b,c,d
2 a,c
3 a,b,c
4 b,d
Question 6
Self-insurance may result in …
a. lower investment income.
b. lower premiums.
c. less focused risk control programmes.
d. a smaller statistical base for premium calculations.
Choose the correct combination:
1 a,b,c,d
2 a,b,c
3 b,c,d
4 b,d
Question 7
Indicate the correct statement:
1 The principle of indemnity applies to all insurance
contracts. 2 Insurable interest enforces the principle of
indemnity. 3 Insurance contracts are contracts of uberrima fides.
4 Insurable interest is not a requirement for taking out a life insurance policy on another person’s life.
Question 8
An underwriter is requested to underwrite a tyre manufacturing plant. The sums insured are:
Fire R50 000 000
Loss of profits R30 000 000
The underwriter has a net line of R2 000 000 and can take an additional 50% if the risk involves Fire and
Loss of profit. The underwriter has a nine-line surplus treaty.
Under the above scenario …
1 the gross retention is R27 000 000.
2 the total net line is R2 000 000.
3 no facultative reinsurance is required.
4 facultative reinsurance of R50 000 000 will have to be placed.
2
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