Well-structured ISR3702 EXAM PREPARATION PACK - DISTINCTION GUARANTEED. Contains recent exam questions and answers, and Summarised study notes. All you need to pass the 2024 EXAMS
ISR3702
EXAM PACK
Recent exam questions and answers
Summarised study notes
Exam tips and guidelines
DISCLAIMER & TERMS OF USE
1. Educational Aid: These study notes are designed to serve as educational aids and should not be considered as a
substitute for individual research, critical thinking, or professional guidance. Students are encouraged to
conduct their own extensive research and consult with their instructors or academic advisors for specific
assignment requirements.
2. Personal Responsibility: While every effort has been made to ensure the accuracy and reliability of the
information provided in these study notes, the seller cannot guarantee the completeness or correctness of all
the content. It is the responsibility of the buyer to verify the accuracy of the information and use their own
judgment when applying it to their assignments.
3. Academic Integrity: It is crucial for students to uphold academic integrity and adhere to their institution's
policies and guidelines regarding plagiarism, citation, and referencing. These study notes should be used as a
tool for learning and inspiration, but any direct reproduction of the content without proper acknowledgment and
citation may constitute academic misconduct.
4. Limited Liability: The seller of these study notes shall not be held liable for any direct or indirect damages,
losses, or consequences arising from the use of the notes. This includes, but is not limited to, poor grades,
academic penalties, or any other negative outcomes resulting from the application or misuse of the information
provided.
, Page 1 of 9 ISR3702
Confidential May/June 2023
CONFIDENTIAL
ISR3702
May/June 2023
LIFE INSURANCE
STUDENT NUMBER
IDENTITY NUMBER
Marks
Question No Examiners
1 2 3
FOR USE BY EXAMINATION INVIGILATOR
1
2
3
………………………………………………………. 4
Subject
……………………………………………………….
Number of paper
……………………………………………………….
Date of examination
Total
, Page 2 of 9 ISR3702
Confidential May/June 2023
Total: 70 marks
Duration of examination: three hours
This examination question paper consists of nine (9) pages.
Instructions
1. Answer all the questions in section A and section B.
2. Round off the figures in instances where calculations are applicable to zero decimal.
3. The use of The Invigilator app is compulsory for ISR3702.
4. Please find the QR code for the app and the related instructions on the attached document
(refer the second attachment).
5. Examination rules posted on the module site apply.
, Page 3 of 9 ISR3702
Confidential May/June 2023
SECTION A
Use the following information to answer the questions in this section:
Applications
100 000 proposals were received.
Each proposal requires a sum assured of R25 000.
Underwriting
1 500 proposals were declined owing to incomplete information.
Additional information is required for 800 proposals before a final decision can be made.
1 700 policies were not taken up by proposers.
Underwriting expenses are estimated at R68 300.
Investment income is estimated at R33 100.
Claims
42 claims were received, of which 17 were declined during processing.
Actuarial
A mortality factor of 0,001 is applicable to these proposals.
Accounting (actual figures)
Interest income R68 660
Underwriting expenses R52 400
Reinsurance commission received R45 000
Question 1 [20 marks]
1.1 The estimated number of claims is … .
a. 100
b. 99
c. 98
d. 42
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller dochub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $2.76. You're not tied to anything after your purchase.
