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RQF Level N/A

Overview

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Award in General Insurance (Hong Kong) (WH1)

The Award in General Insurance (Non-UK) is an introductory-level qualification that develops your understanding of the basic principles of insurance, the main legal principles related to insurance contracts, the main regulatory principles related to insurance business and the key elements to protect consumers.

The default Enrolment option for this unit includes:

  • Latest version of the core learning content, in digital format only.
  • Assessment entry.

**Click here for an important notice for international deliveries**

This unit prepares you for a career in insurance with a focus on the Hong Kong market. It introduces the concept of risk and how it is managed, as well as the different categories of risk and explains how insurance acts as a risk transfer mechanism while introducing the main classes of insurance.

It examines of the Hong Kong insurance market, the structure of the market, its main participants and professional roles. It considers the main legal principles that apply to insurance, with chapters on contract and agency, insurable interest, disclosure and representation, proximate cause, indemnity, contribution and subrogation.

It looks at regulation and the role of the International Association of Insurance Supervisors (IAIS). It outlines the importance of countering financial crime, the role of the Financial Action Task Force (FATF) and the issue of fraud and how insurers manage it. Finally, it looks at the role and importance of ethics in the insurance profession, including the Chartered Insurance Institute's Code of Ethics.

Building a successful career in insurance

This unit is particularly suitable for insurance practitioners working in Hong Kong or for those starting their careers in the Hong Kong insurance sector.

This unit may also count towards the Certificate in Insurance, the Certificate in Insurance and Financial Services (non-UK), the Diploma in Insurance and the Advanced Diploma in Insurance.

Please note: This exam can only be taken in Hong Kong. This unit can only be awarded to non-UK residents

Summary of learning outcomes

  1. Understand the nature and main features of risk and insurance
  2. Know the structure and main features of the Hong Kong insurance market
  3. Know the main functions of insurance professionals
  4. Understand the main legal principles governing insurance contracts
  5. Understand the main regulatory and legal principles applicable to the transaction of insurance business in Hong Kong
  6. Know key aspects of ethics, corporate governance and internal controls

Assessment

  • 2 hour exam
  • 100 multiple choice questions
  • 70% nominal pass mark

Study material - editions available

2021-22 edition (applicable to exams sat 01 May 2021 to 30 Apr 2022).