FRC Insurance Agent Licensing Examination case studies
FRC Insurance Agent Licensing Examination · Put your knowledge to work in context.
The FRC Insurance Agent Licensing Examination is the credential check that sits between a candidate and a licence to sell or advise on insurance in Mongolia. It is written for people entering the profession as agents or brokers, for staff at insurers and intermediary firms who deal with policyholders, and for career changers moving into financial services. The FRC Insurance Agent Licensing Examination case studies are 5 cases and about 4,037 words.
1Term Life Application With an Undisclosed Cardiac Investigation
A 47-year-old applicant applies for a 20-year level term policy with a critical illness acceleration rider, sum insured USD 150,000. The application asks: 'In the past five years, have you had chest pain, shortness of breath, or any investigation of the heart or coronary arteries?' The applicant ticks 'No'.
854 words, about 4 min2Bakery Fire Loss: Coinsurance and the Agent's Advice
A bakery owner insures building, machinery, and stock under a commercial fire policy with a limit of USD 300,000 on a replacement-cost basis. The policy contains an 80% coinsurance (average) condition.
808 words, about 4 min3Lapsed Agency Licence and Premium Handling
An agent's licence expires on 31 March after she fails to complete the required 15 hours of continuing professional development and does not pay the renewal fee. She continues to meet clients, collects a first premium of USD 4,800 in cash from a small business owner for a commercial package policy, and issues a handwritten receipt on a form bearing the insurer's logo.
782 words, about 4 min4Single Premium Policy With a Third-Party Payer
A 62-year-old retiree applies for a single-premium whole-of-life policy with a death benefit of USD 250,000. The premium is USD 210,000, paid by bank transfer from an account in the name of a company registered in a jurisdiction the insurer classifies as higher risk.
786 words, about 4 min5Replacement of a Whole Life Policy Near Surrender-Charge Expiry
A 58-year-old client holds a participating whole life policy with a death benefit of USD 200,000 and a cash value of USD 80,000. The policy has a surrender charge that falls to zero in eight months.
807 words, about 4 min