F_Useful Mnemonics 2

Question 1

create great lists : External environment

Answer 1

competition and the underwriting cycle
regulation and legislation
environmental issues
accounting standards
tax 
economic outlook

governance 
risk management requirements
experience from overseas
adequacy of capital
trends demographic trends

lifestyle considerations
institutional structure
social trends
technology 
state benefits

Question 2

create great lists : External environment

create

Answer 2

competition and the underwriting cycle
regulation and legislation
environmental issues
accounting standards
tax 
economic outlook

Question 3

create great lists : External environment

great

Answer 3

governance 
risk management requirements
experience from overseas
adequacy of capital
trends demographic trends

Question 4

create great lists : External environment

lists

Answer 4

lifestyle considerations
institutional structure
social trends
technology 
state benefits

Question 5

rapid cost : types of expense loading

Answer 5

renewal administration
asset management
profits 
initial administration
design of the contract

commission
overheads
sales and advertising
terminal claims expenses

Question 6

rapid cost : types of expense loading

rapid

Answer 6

renewal administration
asset management
profits 
initial administration
design of the contract

Question 7

rapid cost : types of expense loading

cost

Answer 7

commission
overheads
sales and advertising
terminal claims expenses

Question 8

grip : Aims of regulator

Answer 8

give confidence in the system
reduction in crime
inefficiencies in the market corrected, and promote efficient and orderly markets
protect consumers and the public

Question 9

service : Functions of a regulator

Answer 9

setting sanctions
enforcing regulations
reviewing and influencing government policy
vetting and registering firms and individuals
investigating breaches
“checking funding levels, management and conduct of providers
“
educating consumers and the public

Question 10

mudpis : Additional criteria for insurable risk

Answer 10

moral hazard eliminated as far as possible
ultimate limit on liability undertaken
data needed to price the risk exists
pooling a large number of similar risks
independent risk events
small probability of occurrence