BP Internal training - UW manual 2023

Which are not correct in case of applying minimum premium?

Multiple answers

• USD10 (after tax) for individual cargo or monthly cargo certificate

• USD10 (before tax) for individual cargo policy or monthly cargo certificate & USD 15 (before tax) for WCI policy 

• Minimum premium is applicable to all products including pre-underwritten products & Motor Compulsory TPL Insurance

• In case of Endorsements/accounts having Coinsurance outwards, Minimum premium for endorsements could be waived by MKT subject to premium amount is less than USD10 (before tax) and written requirement from client.

• In case of Endorsements/accounts having Facultative outwards, Minimum premium for endorsements could be waived by MKT subject to premium amount is less than USD10 (before tax) and written requirement from client.

Which kind of products are not applicable to article 2.7.3 Minimum Premium in UW Manual 2023 (Version 1)?

Multiple answers

• Pre-underwritten online/Digital products

• Compulsory Workmen compensation Insurance

• Compulsory TPL Insurance

• Compulsory Fire and Explosion Insurance

• Compulsory Engineering Insurance 

Which statement is correct to follow UW manual 2023?

• Deductible for Physical Damage section of Motor insurance must be at least VND300,000 any one accident.

• Deductible for Physical Damage section of Motor insurance must be at least VND500,000 any one accident.

• Deductible for Physical Damage section of Motor insurance must be at least VND1,000,000 any one accident.

• None of above

Which clauses are compulsory conditions in case of High Hazard risks (e.g. Shoes Factory; Printed Circuit board Manufacturer etc.) in Property line such as Industrial All Risks/Property All Risks/Fire Industrial?

Multiple answers

• Basically these are referral risks and MKT must refer to General Director or Deputy General Director (Underwriting) for approval before quoting except the cases that be waived as mentioned in 4.2.7 Exemption of referral for renewal accounts of UW Manual 2023.

• Applying VI03-Warranty Compliance On Fire prevention and fighting regulation

• Applying VI02- Warranty 24 Hours Security 

• Applying mandatory clauses as per Appendix of Section 5-MANDATORY CLAUSES REQUIRED FOR COMMON CLASSES and trigger to each product respectively.

Which sources of business are required Client's confirmation on awareness of adequacy of sum insured in underwriting Property line?

Multiple answers

• Direct business Accounts

• Agent Business

• Agent Dealer Business

• Broker Business

• Coinsurance inwards

Which products are not required Client's confirmation on awareness of adequacy of sum insured?

Multiple answers

• Industrial All Risks

• Property All Risks

• Office Multi Risks having Physical Damage part

• Loss of Profit

• Houseowner/Householder

Which is correct in an ISR policy having Machinery Breakdown Extension (MBD)?

1 Sublimit for Machinery Breakdown extension should basically not exceeding USD1m & combined single limit MBD/MLOP any one occurrence if LOP part is covered.

2 Should use appropriate wording for this Machinery extension clause such as VN19 or Munich Re MBD wording,

3 MKT should separate premium for MBD in case sublimit of this extension exceeds USD200,000.

4 Accordingly, a separated premium amount for MBD could be combined with Physical Damage part and booked under ARC class.

5 Accordingly, BPD to allocate premium for MBD into P400 by creating MBD risk under ISR policy.

6 If MBD extension exceeds 10% of Sum insured or USD2 mil combine single limit MB/MLOP whichever is lower, refer to UWD is required.

• 1,2,3, 4 &6

• 1,2,3, 5 & 6

• All above from 1 to 6

In Property Insurance, which case below is not considered as referral factor that required to obtain UWD's approval before quoting?

• Sublimit for Money coverage extension (Money in premises/in transit) exceeds USD200,000 (Clause V15)

• Sublimit for Inland transit/Property in transit coverage extension (Money in premises/in transit) exceeds USD300,000 (clause VN11/VI34)

• Sublimit for Theft during and/or after loss occurrence (Clause V143) and/or Theft Endorsement (Clause VN20) exceed USD200,000

• Sublimit for Full theft coverage extension exceeds USD200,000 (Clause B21)

• Sublimit for Minor Works coverage extension exceeds USD500,000 (Clause VN06)

Which kind of products are compulsorily required to use Munich Re's wording i.o MSIG VN's standard wording?

Multiple answers

• Machinery Breakdown Insurance

• Machinery All Risks Insurance

• Boiler & Pressure Vessel Insurance

• CPM

• Machinery Loss of Profit

Which is incorrect statement in case of Cover Note issuance & control?

• MKT can issue Cover Note based on request from Client and/or Broker. 

• Maximum period for a cover note or all cover notes continously issued for a policy shall be 30 days. 

• Maximum period for a cover note or each cover notes continuously issued for a policy can be 30 days

• In case Max cover period expired and extension of cover note is required because the policy is not issued yet, UWD's prior approval for this extension is required. 

• In case Cover Notes expired but policy is not issued. MKT needs to send Cover Note and supporting documents to BPD to issue a short-term policy & Debit Note in system to collect premium for Cover Note period.