FRC Insurance Agent Licensing Examination study guide
FRC Insurance Agent Licensing Examination · Work through your exam, one topic at a time.
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 study guide has 10 sections and about 3,641 words.
01Insurance Fundamentals and Principles of Insurance
Insurance Fundamentals and Principles of Insurance is the foundation domain. Questions test whether you can explain why insurance works and apply the doctrines that decide whether a loss is covered: insurable interest, indemnity, utmost good faith, proximate cause, subrogation and contribution.
363 words, about 2 min02Insurance Contract Law and the Contract of Insurance
Insurance Contract Law and the Contract of Insurance tests general contract doctrine as applied to insurance: formation, disclosure, warranties and conditions, interpretation and remedies. A contract needs offer (proposal), acceptance (which may be a counter-offer with altered terms), consideration (premium), capacity and legality.
414 words, about 2 min03Insurance Regulatory Framework and Supervision
Insurance Regulatory Framework and Supervision covers why insurance is licensed and how a regulator supervises insurers and intermediaries: entry standards, solvency, governance, market conduct and intervention. Core objectives: policyholder protection, market confidence, financial stability, and fair, transparent markets.
378 words, about 2 min04Insurance Intermediaries: Licensing, Conduct and Obligations
Insurance Intermediaries: Licensing, Conduct and Obligations tests how agents and brokers are authorised, whose interests they represent, and the conduct rules that apply when they sell and service policies. An agent acts for the insurer and can usually bind cover within delegated authority.
380 words, about 2 min05Life Insurance Products and Policy Provisions
Life Insurance Products and Policy Provisions tests product types and the clauses that decide what a policy pays on death, survival, surrender or lapse. Term assurance pays a death benefit only if death occurs within the term; it has no cash value and is the cheapest cover per unit of sum assured.
415 words, about 2 min06Non-Life Insurance Products and Policy Provisions
Non-Life Insurance Products and Policy Provisions tests property, liability, motor, marine and accident covers, and the clauses that determine how much is paid. Property: fire, allied perils, business interruption, burglary, all-risks.
357 words, about 2 min07Underwriting, Risk Assessment and Rating
Underwriting, Risk Assessment and Rating tests how insurers decide whether to accept a risk, on what terms, and at what price. Information comes from the proposal form, medical evidence, inspection reports, claims history, motor vehicle records and public data.
348 words, about 2 min08Claims Handling and Settlement
Claims Handling and Settlement tests the process from notification to payment, the evidence required, and the coverage decisions that justify payment, partial payment or repudiation. Notification: check timeliness against the notice condition, confirm the policy was in force and premiums paid, and register the claim.
300 words, about 2 min09Anti-Money Laundering, Counter-Terrorist Financing and Fraud Prevention
Anti-Money Laundering, Counter-Terrorist Financing and Fraud Prevention tests the controls insurers and intermediaries must apply, and the fraud red flags examiners like to set in scenarios. Risk-based approach: assess customer, product, channel and geography risk, then apply controls proportionate to that risk.
351 words, about 2 min10Consumer Protection, Ethics and Professional Conduct
Consumer Protection, Ethics and Professional Conduct tests the fair-treatment standards, ethical duties and market-conduct rules that apply when advising, selling and servicing policies. Customers should receive clear information before, during and after sale: product features, costs, exclusions, risks and consequences of non-payment.
335 words, about 2 min