英文保險卷五 IIQE Paper 5 第一章

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is A.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is A.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is A.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is D.

Flexible premium variable life may also be called “variable universal life” or “universal variable life.” The other three are true statements. The answer is C.

Variable life/annuity is the common term used to describe investment-linked business in the US. The term “variable” illustrates that the returns vary with the value of the underlying investment. The answer is A.

It should be noted that only insurance companies authorised under the “Insurance
Ordinance” (Cap 41) to carry on Class C business in or from Hong Kong can underwrite
investment-linked long term insurance policies. The answer is C.

Unit-linked life/annuity is a common term used in the UK. The term “unit-linked” illustrates that the values of the policies are linked to the price of the units. The answer is A.

Linked Long Term Business is defined as the business of effecting and carrying out of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by
reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified).

As the investment-linked policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public.

The answer is D.

In Hong Kong, investment-linked annuities are not commonly found. The answer is B.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is C.

Flexible premium variable life may also be called “variable universal life” or “universal variable life.” The answer is A.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is D.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is A.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is B.

As investment-linked policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is D.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is B.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is B.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is D.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is A.

In GL11, it is stated that a Class C policy must either be a life or annuity contract and possess one or more of the following features:
(a) The benefits of the policy are calculated in whole or in part by reference to the value of, or the income from, specified assets or group of assets or by reference to movements in a share price or other index, whether or not subject to deductions in respect of expenses or charges;
(b) The policyholder is given the options to choose the underlying investment assets
from a range of investment fund options; and
(c) The policy is designed in such a way that the policyholder is contractually bound
to bear partly or wholly the risk of the investments to which the benefits are linked.
The answer is D.

In GL11, it is stated that a Class C policy must either be a life or annuity contract and possess one or more of the following features:
(a) The benefits of the policy are calculated in whole or in part by reference to the value of, or the income from, specified assets or group of assets or by reference to movements in a share price or other index, whether or not subject to deductions in respect of expenses or charges;
(b) The policyholder is given the options to choose the underlying investment assets
from a range of investment fund options; and
(c) The policy is designed in such a way that the policyholder is contractually bound
to bear partly or wholly the risk of the investments to which the benefits are linked.
The answer is D.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is D.

Linked Long Term Business is defined as the business of effecting and carrying out of insurance on human life or contracts to pay annuities on human life where the benefits are wholly or partly to be determined by reference to the value of, or the income from, property of any description (whether or not specified in the contracts) or by
reference to fluctuations in, or in an index of, the value of property of any description (whether or not so specified). The answer is C.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is A.

In GL11, it is stated that a Class C policy must either be a life or annuity contract. The answer is A.

Unit-linked life/annuity is a common term used in the UK for the investment-linked insurance policy. The term “unit-linked” illustrates that the values of the policies are linked to the price of the units. The answer is B.

Variable life/annuity is the common term used to describe investment-linked business in the US. The term “variable” illustrates that the returns vary with the value of the underlying investment. There are two different types of variable life insurance:
(1)Fixed premium variable life is based on whole life. It provides a fixed premium payment schedule.
(2)Flexible premium variable life is based on universal life (a flexible premium
derivative of whole life).
The answer is C.

In order to minimise the confusion with the classification of business between Class A (Life and Annuity) and Class C (Linked Long Term), the Insurance Authority has issued a
“Guideline on Classification of Class C – Linked Long Term Business” (GL11). The answer is B.

In GL11, it is stated that a Class C policy must either be a life or annuity contract and possess one or more of the following features:
(a) The benefits of the policy are calculated in whole or in part by reference to the value of, or the income from, specified assets or group of assets or by reference to movements in a share price or other index, whether or not subject to deductions in respect of expenses or charges;
(b) The policyholder is given the options to choose the underlying investment assets
from a range of investment fund options; and
(c) The policy is designed in such a way that the policyholder is contractually bound
to bear partly or wholly the risk of the investments to which the benefits are linked.
The answer is B.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is D.

In GL11, it is stated that a Class C policy must either be a life or annuity contract and possess one or more of the following features:
(a) The benefits of the policy are calculated in whole or in part by reference to the value of, or the income from, specified assets or group of assets or by reference to movements in a share price or other index, whether or not subject to deductions in respect of expenses or charges;
(b) The policyholder is given the options to choose the underlying investment assets
from a range of investment fund options; and
(c) The policy is designed in such a way that the policyholder is contractually bound
to bear partly or wholly the risk of the investments to which the benefits are linked.
The answer is D.

Investment-linked insurance policies may come in a variety of forms, but there is a common factor. Part of the premiums will be used to purchase units in a fund at the price applicable at the time of purchase. The value of the policy will then fluctuate according to the value of the units allocated to it. The answer is A.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is A.

Flexible premium variable life may also be called “variable universal life” or “universal variable life.” The answer is B.

Fixed premium variable life is based on whole life. The answer is A.

In other parts of the world, investment-linked insurance policies are also known by the following terms:
(a) Unit-linked life/annuities: This is a common term used in the UK.
(b) Variable life/annuities: This is the common term used to describe investment-linked business in the US. There are two different types of variable life insurance: fixed premium variable life and flexible premium variable life.
The answer is C.

Fixed premium variable life is based on whole life. When talking about this product, life insurance practitioners generally drop the “fixed premium”
qualifier and refer to the product simply as variable life. The answer is C.

In Hong Kong, investment-linked annuities are not commonly found. The most popular
type of investment-linked insurance product is flexible premium variable life insurance
(also called “variable universal life” or “universal variable life”). The answer is D.

Flexible premium variable life combines
the premium and death benefit flexibility of universal life insurance and adopts
its feature of unbundling of the pricing factors with the investment characteristics of variable life policies. The answer is B.

Flexible premium variable life is based on universal life (a flexible premium derivative of whole life). The answer is C.

Flexible premium variable life is based on universal life (a flexible premium derivative of whole life). This product may also be called “variable universal life” or “universal variable life.” The answer is B.

Variable life/annuity is the common term used to describe investment-linked business in the US. The answer is B.

As the investment-linked policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is A.

Investment-linked insurance policies are insurance policies with its policy value directly linked to the performance of its underlying investment. The value of the units is directly related to the value of the underlying assets of the fund. This value may fluctuate according to the performance of the investments concerned. The answer is C.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is B.

With the investment-linked policies, all the
investment risk is borne by the policyholder. The value of the investment-linked policy will fluctuate according to the value of the units allocated to it. The answer is A.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is B.

All the statements are true. The answer is D.

With traditional life insurance and annuity policies, the insurance company assumes the investment risk. The other three options are true. The answer is D.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is B.

For the investment-linked insurance policies, the policy value, death benefit or annuity payment amounts will vary depending on the performance of these investment fund accounts. The answer is A.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is A.

All the statements about traditional life insurance and annuities are true. The answer is D.

With traditional life insurance and annuity policies, the insurance company assumes the investment risk. With the investment-linked policies, all the investment risk is borne by the policyholder. The answer is B.

With traditional life insurance policies, the insurance company assumes the investment risk. The answer is A.

The investment-linked insurance policies allow investment gains to be passed through to the policyholders, but it also means that investment losses are borne by the
policyholders. The answer is D.

As the investment-linked policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is C.

As the investment-linked policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is B.

The investment-linked insurance policies allow investment gains to be passed through to the policyholders, but it also means that investment losses are borne by the
policyholders. The answer is B.

Under the traditional life policies and annuities, the insurance company assumes the investment risk. However, for the investment-linked insurance policies, all the investment risk is borne by the policyholder. The answer is A.

With traditional life insurance and annuity policies, net premiums (i.e. premiums net of the insurer’s costs of doing business) once paid will become part of the company’s general investments. The death benefit and cash value of these policies are usually fixed and guaranteed. Under these types of policies, the insurance company assumes the investment risk. The answer is D.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is B.

As the investment-linked long term policies are considered collective investment schemes under the definition provided for in the “Securities and Futures Ordinance” (Cap 571) authorisation has to be sought from the SFC if they are sold to the general investing public. The answer is D.