Insurance Commission Licensure Exam - Non-Life case studies
Insurance Commission Licensure Exam - Non-Life · Put your knowledge to work in context.
The Insurance Commission Licensure Exam - Non-Life is the Philippine licensing examination for individuals who wish to act as non-life insurance agents or brokers. Passing it is one of the requirements the Insurance Commission imposes before a license is issued, so the credential is a regulatory gate rather than an academic award. The Insurance Commission Licensure Exam - Non-Life case studies are 5 cases and about 3,110 words.
1Fire Loss, Coinsurance, and a Contractor's Waiver
Prime Foods insures its warehouse building for P8,000,000 under a standard fire policy with an 80% coinsurance (average) clause and a P100,000 deductible. The building's actual cash value at the time of loss is P12,000,000.
581 words, about 3 min2Motor Claim: Student-Permit Driver, Late Notice, and an Agent's Assurance
Nova Logistics insures its 2022 closed van for P1,800,000 own damage and P500,000 third-party bodily injury under a commercial vehicle policy. The policy lists three authorized drivers and requires written notice of accident within five days.
688 words, about 3 min3Marine Cargo: Seawater Damage, Double Insurance, and Carrier Liability
SeaTrade ships 400 cartons of electronic components from Manila to Cebu on MV Star. It insures the cargo for P4,000,000 under an 'all risks' cargo policy with Insurer A.
621 words, about 3 min4Agent Misconduct: Rebating, Unlicensed Collection, and a Cover Note
During a market-conduct examination, the Insurance Commission reviews Agent R, a licensed non-life agent. To win a P30,000,000 fire policy for a private school, R promised the school's finance officer a 'cash gift equal to 20% of my commission' and told her the standard fire policy would cover 'flood and typhoon damage' although it had no such extension.
620 words, about 3 min5Reserve Adequacy, Solvency, and a Large Engineering Risk
Northstar Insurance, a non-life insurer, reports 31 December gross written premiums of P480,000,000. Of that, P120,000,000 was written on 1 October and P60,000,000 on 1 December; the remaining P300,000,000 was written evenly through the year at P25,000,000 per month.
600 words, about 3 min