Chapter 7

How many days' notice for launch of ILP sub fund

A) 21
B) 30
C) 7
D) 14

How many days' notice for significant changes to any ILP sub fund?
A) 1 month
B) 7 days
C) 21 days
D) 14 days 

The insurer shall not cause or permit to be paid out of assets of an ILP sub funds, the following except:
A) Cash rebates and soft dollars
B) Rounding differences from calculating the price of the units
C) CPF failed trades
D) Marketing or promotion expenses

The value of the assets of an ILP sub fund in the case of quoted securities should be based on:
A)  Last know transaction price on the organised market on which the investment is quoted
B)  A fair value of the asset
C)  The value given by a person approved by the insurer to qualified to value such assets
D)  The transacted price where investments are transacted over an organised market at a best price specified in the product summary 

Insurer should ensure that the units of an ILP sub fund should be valued even business day with the following exceptions. Which is true?
A) ILP sub fund that does not offer dealing every business day, it should not promote such funds
B)  Property ILP sub fund; a full valuation at least once every quarter
C)  ILP sub fund that does not offer dealing every business day, it should be valued at least once a month
D)  ILP sub fund that invest in structured deposit; at least once every 3 months

The insure need not compensate policyholders for the loss if a valuation error represents _______ of the ILP sub fund's NAV per unit.
A)  0.7%
B) 0.5%
C) 0.4%
D) 0.6%

When a valuation error represents _______ or more of the ILP sub fund's NAV per unit, the insurer should compensate policyholders.
A) 0.50%
B) 0.10%
C)  0.05%
D) 0.25%

Insurer should inform MAS within ________ business days after insurer becomes aware of any breach of the requirements and standards set out in the Notice in MAS 307 Investment linked Life Insurance Policies?

A) 21 business days
B) 3 business days
C) 7 business days
D) 30 business days

What is the review period for Product Highlights Sheet issued by the insurer for ILP sub fund?
A) 30 days
B) 21 days
C) 7 days 
D) 14 days

Under MAS 302, how many days are required for Insurer to obtain a written approval from MAS regarding launching of new products?

A) Within 1 month after the launch date of the product.
B) No later than 2 months before proposed official launch date.
C) Within 7 workings after the launch date of the product.
D) No later than 1 month before proposed official launch date.

The Semi Annual Report and the Relevant Audit Report shall be sent to all policyholders within how many months from the last date of the period to which the report relates?

A) Within 2 months and 3 months respectively
B) Within 3 months and 2 months respectively
C) Within 3 months and 1 month respectively
D) Within 30 days and 2 months respectively

Insurer shall send to all policyholders the Semi Annual Report (in respect of ILP Sub-funds other than property ILP sub-funds) within how many months from the last date of the period to which the report relates?

A) 3 months
B)  4 months
C) 5 months
D) 2 months