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WorksheetsBP Internal Training - 12.2021 - 1
Total questions: 10
Worksheet time: 6mins
Client confirmed to by cargo indemnity policy with having water conveyance. Which one is not correct? Multiple options could be chosen.
ISM Endorsement clause and Institute Classification clause 1.1.2001 should be recommended to add in additional clauses
ISM Endorsement clause; Institute Classification clause 1.1.2001 and Communication disease exclusion clause JC2020-001 (VC33) should be recommended to add in additional clauses
Cargo Indemnity is marine liability hence Communication Disease exclusion clause LMA5396 (VL06) is compulsory clause
Cargo Indemnity belongs to Cargo line with POI is normally 1 year period hence Institute Standard Conditions for Cargo Contracts Clause (ISCC) is compulsory clause
The client renew a Healthcare policy with Hospital, Personal Accident, Dental coverage. Which one is correct.
VH02 Covid19/ Pandemic Exclusion can be replaced by VL06-communication disease exclusion clause (applicable to Personal Accident section only)
VL06-communication disease exclusion clause is only apply for Liability policy. Hence, it could not be used in this healthcare policy. VH02-Covid19/ pandemic should be applied.
If VL06 is used to replace for VH02 in this policy, approval from Underwriting Deputy General Director through UW Division is required.
This is Healthcare policy, hence both VH02 and VL06 is not required.
A company buy product liability insurance for their products as medicine for Covid 19 protection. Which clause should be added into policy.
VH02-Covid19 Pandemic Exclusion clause
VI37-Communication disease exclusion clause
ALLG- Allergy Exclusion clause
VL02-Genetically Modified Organism Exclusion
Client B to cover for Open inland transit cargo with coverage Inland transit all risks and Strikes and War coverage; conveyance is inland conveyance. Please choose the mandatory clauses that not applicable to this policy
Cargo termination of transit clause (terrorism)
ISM Endorsement; Institute Classification Clause 01.01.2001
Institute standard conditions for cargo contracts clauses; VC33-COMMUNICABLE DISEASE EXCLUSION JC2020-011
Marine Cyber Endorsement (LMA5403); Date Recognition exclusion clause
Following UW guideline for SRCC and MD, which one is correct?
Policies subject to the guideline including: Industrial All Risks, Property All Risks, Fire Insurance, Movable Property All Risk; CAR/EAR insurance, Machinery Breakdown, Machinery All Risks, Contractor’s Plant and Machinery (CPM) Insurance
Limit of indemnity: 50% of TSI, max USD 5,000,000 Combine single limit PD-BI any one occurrence and in aggregate
Deductible for SRCC & MD: 10% of loss min USD 2,500 / occurrence
Any special request for SRCC & MD covers other than below items must be referred to Underwriting and approved by UW DGD or General Director
All above
Please choose wrong statements. Multiple answers could be chosen.
MOV (Movable property all risks) /ISR and ABI's PAR wording automatically covers for SRCC and MD, hence if MKT don’t wants to cover for SRCC and MD, MKT should add EXSR-Exclusion SRCC clause
In a fire and named perils policy that covers for named perils including fire & explosion, lightening, Windstorm and Hull, Impact to vehicles & animals, the clause F116-Extraneous perils clause; VI43-SRCC and MD clause should be added subject to limit & deductible to follow SRCC & MD guideline.
VI43-SRCC & MD clause can be used as an alternative clause replacing to 001-covers for loss or damage due to strike riot and civil commotion in EAR policy.
001 COVERS FOR LOSS OR DAMAGE DUE TO STRIKE RIOT & CIVIL COMMOTION (with specific sub-limit to follow SRCC and MD guideline) is applied to CAR/EAR/MAR/MBD/CPM
Which one should be mandatory information in a Property All Risks Quotation. Choose the correct option.
1. The insured's declaration for Adequacy of Sum Insured
2. Quotation signing date of MSIGVN
3. Reference number of quotation
4. Validity period of quotation
1), 3) and 4)
1),2) and 4)
2),3) and 4)
1), 2) 3) and 4)
A company confirmed for Industrial All Risks policy with effective date from 1 Dec 2021. However, due to some issues that had not finalized yet, the client requested to issue Cover Note. MKT agreed and issued Cover Note on 30th Nov 2021 with period from 1 Dec 2021 to 15 Dec 2021 (both days inclusive). Which ones below are acceptable under MSIGV's UW guideline. Multiple options could be chosen.
On 15th Dec 2021, Client A requested to issue 2nd Cover Note with effective from 16th Dec to 31st Dec 2021. MKT agreed and issued 2nd Cover Note on the same day.
On 15th Dec 2021, Client A requested to issue 2nd Cover Note with effective from 16th Dec to 14th Jan 2022 (30 days). MKT agreed and issued 2nd Cover Note on the same day without any special approval from UWD since the period of each Cover Note is less than 30 days.
The policy having facultative reinsurance placing to HO (MSIJ), thus, the approval from UWD and MSIJ before issuing Cover Note is compulsory.
A client did not confirm the quotation at all. MKT needs to remove Cover Note and no need to do any thing else.
A client did not confirm the quotation at all. MKT needs to send request to Business Processing to book Cover Note in system and collect premium for respective period of Cover Note
On 1 Dec 2021, A company confirmed Motor Insurance policy with effective from 15th Dec 2021. BP issued the policy on 5th Dec 2021. Which one below is not acceptable.
A company changed their mind and don't want to buy this Motor insurance and sent cancellation request to MKT on 10 Dec 2021. MKT confirmed and asked BP to cancel with fully refund to client because cancellation is done before inception date even when PW3N is attached to the policy originally.
On 16th Dec 2021, the client sent request to cancel policy because they found the same coverage for the insured vehicle under Policy B with C Insurer. MKT agreed and cancel the policy with refund for short-term period (from receiving cancellation request from Client until expiry date) since no claims exist.
On 16th Dec 2021, the client sent request to change POI from 15th Dec 2021 to 1st Jan 2022 because they want to have same POI with other motor insurance policy for better control. MKT agreed and request BP to cancel existing policy and issue alternative policy. Simple report is not required because of having alternative booking.
1) and 2)
1) and 3)
Choose the correct answer. Multiple options could be chosen.
- Policy: industrial all risks
- Total SI@USD30,000,000 in which,
+ Building@19,000,000
+ Machinery & Equipment@USD15,500,000
+ Stock in trade@USD4,500,000
MKT agreed to add VN19-Machinery Breakdown Extension clause - Limit: USD1,000,000 since the limit of MBD is lower than maximum limit allowed by UW guideline. No additional premium for MBD extension to be charged.
Total SI of Machinery and Equipment is over 40% of total Sum Insured. VN19-Machinery Breakdown extension (Sublimit- USD1,000,000) could be added subject to additional premium to be charged.
Total SI of Machinery and Equipment is over 40% of total Sum Insured. VN19-Machinery Breakdown extension (Sublimit- USD1,000,000) should not allow to add into this policy. MKT offered a Machinery Breakdown Insurance policy separately.
None of above
