Question Tag: Insurance

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POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

Question

Organizational change management is inevitable in any corporate entity of the country. (a) Briefly explain organizational change management to senior management team of a rural bank. (b) Discuss five (5) reasons why an insurance company may resist organizational change management? (c) State five (5) strategies that can be employed to minimize resistance to organizational change management efforts?

Answer

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Tags: Change Management, Insurance, Organizational Change, Resistance, rural bank, Strategies
Level: Level 1

Topic: Change Resistance, Organizational Change Management
Series: APR 2023

ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

Question

Question: QUESTION 3 Held and Sons are Stockholders in London whose account is operated on Overdraft basis. Hitherto, they have obtained their Stocks in the UK, but they are now forced to look elsewhere for supplies of specialised steel. They have received the following quotations:

Country	Price Per Ton	Payment Terms
a. Norway	NOK 2,125 FOB, Oslo	Open Account: Settlement one month after shipment.
b. Denmark	DKK 1,560 CFR, London	Draft drawn payable two months after shipment (Collection Charges for buyer).
c. Turkey	TRY 2112 CIF, London	Irrevocable Documentary Credit payable three months after shipment.

Using additional information set out below, show by calculating the cost of 100 tons of the steel, which of quotations (a), (b) and (c) would be the cheapest for your customer. Freight charges from any European Port £5 per ton Insurance (to be effected on 110% of CIF value) 1% payable in £ Collection Charges (total for both banks) ¼ % Documentary Credit Charges (including Acceptance Commission) ¾ % Overdraft Interest for one month (considered as 1/12 of a year) 15% pa. Ignore all other possible charges. It is to be assumed that your customers would have covered any Exchange Risk on the day of shipment, in accordance with rates quoted below, and that all payments and charges relative to any particular quotation are debited on the same day.

Spot One Month Two Months Three Months Norway 12.20 – 12.50 10 – 12c disc 15 – 18c disc 20 – 23c disc Denmark 8.90 – 9.10 8 – 5c pm 10 – 8c pm 14 – 11c pm Turkey 11.80 – 12.05 12 – 9c pm 14 – 11c pm 16 – 12c pm

[Total Marks 20]

Answer

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Tags: CFR, CIF, collection charges, documentary credit, FOB, Forward Rates, freight, Insurance, overdraft interest, steel quotations
Level: Level 3

Topic: Collection of cheques and bills of exchange
Series: APR 2024

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

Question

Xornami Insurance Company Limited has been operating a general insurance business in Ghana since 1st January, 2016.

Below is an extract from the Trial Balance as at 31/12/18:

Description	GH¢000
Land (Leasehold)	10,000
Building (at cost)	130,000
Motor Vehicles (at cost)	22,000
Furniture & Fittings (at cost)	4,500
Interest received on loans	19,500
Interest on Investment	4,450
Stated Capital	100,000
Gross Premium received	127,600
Claims paid during the year	11,960
Income Tax paid	2,250
Commission paid to Agents	6,172
General Administrative Expenses	40,650
Reinsurance Premium paid	13,250
Reinsurance recoveries	18,540
Premiums returned to clients	19,308

The following additional information are made available to you:
(i) The lease is over a period of 40 years.
(ii) The General Administration Expenses include GH¢15,400 and GH¢2,500 in respect of depreciation and the Lease respectively for the year.
(iii) The company’s reserve for unexpired risk for the year ended 31st December, 2017 was GH¢42,000.
(iv) Assume that the depreciation charged in the financial statements for the year is equal to the depreciation allowances applicable to the company.
(v) Corporate Tax Rate: 25%.

Required:
Compute the tax liability of the company for 2018 year of assessment.

Answer

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Tags: Insurance, Premiums, Reserves, Tax Liability
Level: Level 2

Topic: Sector-Specific Taxation
Series: FEB 2020

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

Question

14. The document issued by the insurer to obtain material information that will form the basis of a contract of insurance is
A. Insurance policy
B. Proposal form
C. Insurance paper
D. Information document
E. Agreement paper

Answer

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Tags: Contract Basis, Documentation, Insurance, Proposal Form
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

Question

At an in-house seminar for the top management staff of your organization, you have been appointed to present a report on the significant risks that have negatively affected the profitability of the two lines of business as presented in the Annual Report and Accounts of an insurance company with branches both within and outside Nigeria.

Required:

Present a report to the Management as a consultant, detailing the ‘risks inherent in an insurance company’.

Answer

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Tags: Corporate Strategy, Insurance, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2024

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

Question

State the principle of law which has been formulated to do equity between two or more insurers where one of them has fully settled the claim of the insured in respect of which both or all of them are liable.

Answer

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Tags: Business Law, Insurance, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

Question

A contract of insurance can be described as one of:

A. Uberrimae fidei
B. Non est factum
C. Volenti non fit injuria
D. Ultra vires
E. Actionable per se

Answer

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Tags: Business Law, Contract Law, Insurance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

Question

List and explain the type of audit procedures that might be appropriate in the audit of gross premium income.

Answer

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Tags: Audit Procedures, Insurance, Premium Income
Level: Level 2

Topic: Audit evidence
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

Question

An example of a contract of utmost good faith is a contract of:
A. Hire purchase
B. Companies
C. Sale of goods
D. Insurance
E. Accountants

Answer

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Tags: Contract, Good Faith, Insurance, Legal Principle
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

Question

After payment of the insured’s claim, the substitution of the insurer to all the insured’s rights is called:
A. Indemnity
B. Act policy
C. Subrogation
D. Insurable interest
E. Claim note

Answer

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Tags: Indemnity, Insurance, Rights of Insurer, Subrogation
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Change Management, Insurance, Organizational Change, Resistance, rural bank, Strategies
Level: Level 1

Topic: Change Resistance, Organizational Change Management
Series: APR 2023

ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

Question

Country	Price Per Ton	Payment Terms
a. Norway	NOK 2,125 FOB, Oslo	Open Account: Settlement one month after shipment.
b. Denmark	DKK 1,560 CFR, London	Draft drawn payable two months after shipment (Collection Charges for buyer).
c. Turkey	TRY 2112 CIF, London	Irrevocable Documentary Credit payable three months after shipment.

[Total Marks 20]

Answer

Find Related Questions by Tags, levels, etc.

Tags: CFR, CIF, collection charges, documentary credit, FOB, Forward Rates, freight, Insurance, overdraft interest, steel quotations
Level: Level 3

Topic: Collection of cheques and bills of exchange
Series: APR 2024

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

Question

Xornami Insurance Company Limited has been operating a general insurance business in Ghana since 1st January, 2016.

Below is an extract from the Trial Balance as at 31/12/18:

Description	GH¢000
Land (Leasehold)	10,000
Building (at cost)	130,000
Motor Vehicles (at cost)	22,000
Furniture & Fittings (at cost)	4,500
Interest received on loans	19,500
Interest on Investment	4,450
Stated Capital	100,000
Gross Premium received	127,600
Claims paid during the year	11,960
Income Tax paid	2,250
Commission paid to Agents	6,172
General Administrative Expenses	40,650
Reinsurance Premium paid	13,250
Reinsurance recoveries	18,540
Premiums returned to clients	19,308

Required:
Compute the tax liability of the company for 2018 year of assessment.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Insurance, Premiums, Reserves, Tax Liability
Level: Level 2

Topic: Sector-Specific Taxation
Series: FEB 2020

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

Question

Answer

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Tags: Contract Basis, Documentation, Insurance, Proposal Form
Level: Level 1

Topic: Law Relating to Banking
Series: NOV 2020

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

Question

Required:

Present a report to the Management as a consultant, detailing the ‘risks inherent in an insurance company’.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Corporate Strategy, Insurance, Risk Management
Level: Level 2

Topic: Risk Management and Corporate Strategy
Series: MAY 2024

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Insurance, Subrogation
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

Question

A contract of insurance can be described as one of:

A. Uberrimae fidei
B. Non est factum
C. Volenti non fit injuria
D. Ultra vires
E. Actionable per se

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Law, Contract Law, Insurance
Level: Level 1

Topic: Law Relating to Banking
Series: MAY 2012

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

Question

List and explain the type of audit procedures that might be appropriate in the audit of gross premium income.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Insurance, Premium Income
Level: Level 2

Topic: Audit evidence
Series: NOV 2020

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

Question

An example of a contract of utmost good faith is a contract of:
A. Hire purchase
B. Companies
C. Sale of goods
D. Insurance
E. Accountants

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contract, Good Faith, Insurance, Legal Principle
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

Question

After payment of the insured’s claim, the substitution of the insurer to all the insured’s rights is called:
A. Indemnity
B. Act policy
C. Subrogation
D. Insurable interest
E. Claim note

Answer

Find Related Questions by Tags, levels, etc.

Tags: Indemnity, Insurance, Rights of Insurer, Subrogation
Level: Level 1

Topic: Law of Contract
Series: NOV 2011

Question Tag: Insurance

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POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

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ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

You're reporting an error for "ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries"

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

You're reporting an error for "ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation"

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking"

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

You're reporting an error for "CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy"

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

You're reporting an error for "BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking"

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

You're reporting an error for "BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking"

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

You're reporting an error for "AA – Nov 2020 – L2 – Q1d – Audit Evidence"

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q3 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Law of Contract"

POM – APR 2023 – L1 – Q4 – Organizational Change Management

Explain organizational change management to a rural bank's senior team, discuss reasons for resistance in an insurance company, and state strategies to minimize resistance.

You're reporting an error for "POM – APR 2023 – L1 – Q4 – Organizational Change Management"

ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries

Calculate the cost of 100 tons of steel for three quotations from Norway, Denmark, and Turkey, including exchange, charges, and interest, to determine the cheapest option.

You're reporting an error for "ITF – APR 2024 – L3 – Q3 – Cost Comparison of Steel Quotations from Different Countries"

ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation

Compute tax liability for Xornami Insurance Company for 2018 based on trial balance and additional info.

You're reporting an error for "ATP – Feb 2020 – L2 – Q3 – Sector-Specific Taxation"

BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking

Objective question on the document used by insurers to gather information for insurance contracts.

You're reporting an error for "BL – Nov 2020 – L1 – SA – Q14 – Law Relating to Banking"

CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy

Discuss the inherent risks that affect the profitability of an insurance company operating internationally.

You're reporting an error for "CSME – May 2024 – L2 – SC – Q7 – Risk Management and Corporate Strategy"

BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking

State the principle that allows an insurer to recover from third parties after settling a claim.

You're reporting an error for "BL – May 2012 – L1 – SA – Q8 – Law Relating to Banking"

BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking

Identify the nature of a contract of insurance.

You're reporting an error for "BL – May 2012 – L1 – SA – Q16 – Law Relating to Banking"

AA – Nov 2020 – L2 – Q1d – Audit Evidence

List and explain audit procedures appropriate for auditing gross premium income in an insurance company.

You're reporting an error for "AA – Nov 2020 – L2 – Q1d – Audit Evidence"

BL – Nov 2011 – L1 – SA – Q3 – Law of Contract

Identify an example of a contract of utmost good faith.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q3 – Law of Contract"

BL – Nov 2011 – L1 – SA – Q2 – Law of Contract

Identify the process where the insurer is substituted into the insured's rights after claim payment.

You're reporting an error for "BL – Nov 2011 – L1 – SA – Q2 – Law of Contract"

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