BWIA121 Past Papers — Chapters 4–6A/B (Part A)
Eight medium-difficulty multiple-choice questions drawn from BWIA121 Part A past-paper material covering general insurance, reinsurance, rating and investments.
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Quiz Questions & Answers
Review every prompt, the correct responses, and helpful context to prep for your own run-through.
Question 1: Which insurance type is most appropriate for a financial advisor who gives professional advice to clients?
Product liability
Employers' liability
Public liability
Professional indemnity
Question 2: What is the main purpose of an average clause in property insurance?
Allow insurers to cancel policies after repeated small claims
Automatically index sums insured to inflation
Encourage policyholders to insure to full value by reducing payouts proportionally when under-insured
Exclude consequential business interruption losses
Question 3: Which of these marine covers is designed to protect the ship owner against loss of earnings for transporting goods?
Hull
Freight
Composite
Cargo
Question 4: Which reinsurance arrangement shares premiums and claims in a pre-agreed proportion from the outset?
Excess of loss (per risk)
Aggregate excess of loss
Stop loss
Quota share
Question 5: Which factor is commonly used as the best exposure measure for rating liability insurance sold to private hospitals?
Skill level of doctors
Type of ownership (private vs public)
Number of hospital beds
Geographic location only
Question 6: Which money-market instrument is typically not tradable but highly liquid?
Certificate of deposit
Treasury bill
Call deposit
Commercial paper
Question 7: Why do general insurers commonly impose an excess on car insurance claims?
To discourage small claims and lower premium costs
To increase the insurer's administrative workload deliberately
To guarantee full replacement of the vehicle
To remove liability for all third-party claims
Question 8: What is the primary difference between cargo and hull marine insurance in terms of 'tail' length mentioned in the material?
All three classes have identical tail lengths by regulation
Hull has the shortest tail, cargo the longest, liability in between
Cargo cover has a shorter tail than hull; liability has the longest tail
Liability always has the shortest tail because claims settle quickly