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Preparation is paramount before going for any examinations because maximum preparation is required to get success. That is why we helped you gather all the questions from past years that will help you to succeed. This past question covers how the examinations is patterned, important topics that do not miss out, and the simplest ways to answer these questions to suit the marking scheme.
How is Chartered Insurance Institute Past Questions Patterned
The Past Questions are patterned as THEORY questions which is divided into different part. We have made it very easy for you. we bring all the questions for many years and put them together but we indicate the specific years of their occurrence. We provide the correct answers in order to save your time. All you need to do is to devote quality time to study the Past Questions in PDF Format and watch yourself change the narrative by scoring better than you expected.
Why You Need A Copy of The Past Questions
You need this past question for the following under listed reasons;
-provides useful information about the questions to expect to help detect your strength and weakness in each field.
-Getting the Past Questions and taking time to study the content will expose you to the questions that have been asked years back as most of those questions and answers get repeated every year while some will just be rephrased. You will be loosing out if you don’t get a copy for yourself.
-One reason to use past questions is forming an excellent basis for revision in preparation for examinations and prevention of future mistakes by having a clear focus.
Chartered Insurance Institute Past Questions Sample
In other to know that we are giving out the original CIT Past Questions, we have decided to give you some free samples as proof of what we said earlier
Answer ALL questions in Part I
Each question is worth six marks
Note form is acceptable where this conveys all the necessary information
1. Explain briefly what insurable interest is and its features. (6)
2. Explain the differences between the treatment of surplus or deficit in the
policyholders’ fund, under the proprietary insurance provision model and under
the mutual insurance provision model. (6)
3. Explain the common prohibitions and restrictions which make the conventional
insurance unacceptable under Shariah. (6)
4. Explain the basic Mudharabah model. (6)
5. Explain how a Takaful operator manages the deficit in the participants’ risk fund. (6)
6. Identify the benefits and the criticism of Takaful windows. (6)
7. Outline three events that took place during the lifetime of the Prophet Muhammad
(PBUH) that support the concept of insurance, risk mitigation and risk sharing. (6)
8. Describe the key operational features of the Wakalah–Mudharabah arrangement
for reTakaful. (6)
This question is worth 38 marks
9. A newly appointed accountant in ABC Takaful, a firm which uses the
Wakalah-Mudharabah model in its operation, has prepared the statement of
Policyholders’ Revenues and Expenses for the year 2019, as shown below:
Statement of Policyholder’s Revenue and Expenses
2019 (£ ‘000)
Paid Up Capital 750,000
Wakalah Fees 20,000
Mudarib Share 176
Balance of Retained Surplus at 31 December 2018 3,000
Dividends Payable 50
Total Insurance Revenue 773,226
Earned Contribution 46,026
Reinsurance Commission Income 5,013
Net Paid Claims 25,000
Distribution to Policyholders 1,000
Acquisition Cost 5,300
Total Insurance Expenses 92,339
Net Surplus from Insurance Operations 680,887
Less: Gross Investment Income for Policyholders 1,300
Net Investment Income 8,700
Surplus (or deficit) of Revenue over Expenses 689,587
After reviewing the statements prepared, as the firm’s Chief Financial Officer, you notice
(a) Explain to the new accountant the objective of Statement of Policyholders’ Surplus
(deficit) and how it is prepared. (8)
(b) Using the information shown in the Statement of Policyholders’ Revenue and
Expenses, prepare the following statements correctly.
(i) The Statement of Policyholders’ Revenue and Expenses for the year 2019. (20)
(ii) The Statement of Policyholders’ Surplus (deficit) for the year 2019. (10)
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7 Tips to Prepare for Chartered Insurance Institute Of Nigeria Exams
- Don’t make reading your hobby: A lot of people put reading as a hobby in their CV, they might be right because they have finished schooling. But “You” are still schooling, so reading should be in top priority and not as a hobby. Read far and wide to enhance your level of aptitude
- Get Exams Preparation Materials: These involve textbooks, dictionaries, Chartered Insurance Institute Of Nigeria Past Questions, and others. These materials will enhance your mastering of the scope of the exams you are expecting.
- Attend Extramural Classes: Register and attend extramural classes at your location. This class will not only help you refresh your memory but will boast your classroom understanding and discoveries of new knowledge.
- Sleep when you feel like: When you are preparing for any exams, sleeping is very important because it helps in the consolidation of memory. Caution: Only sleep when you feel like it and don’t oversleep.
- Make sure you are healthy: Sickness can cause excessive feelings of tiredness and fatigue and will not allow you to concentrate on reading. If you are feeling as if you are not well, report to your parent, a nurse or a doctor. Make sure you are well.
- Eat when you feel like: During the exam preparation period, you are advised not to overeat, so as to avoid sleep. You need to eat little and light food whenever you feel like eating. Eat more fruits, drink milk and glucose. This will help you to enhance retention.
- Reduce your time in social media: Some people live their entire life on Facebook, Twitter, WhatsApp, Messenger chat. This is so bad and catastrophic if you are preparing for exams. Try and reduce your time spent on social media during this time. Maybe after the exams, you can go back and sleep in it.
If you like these tips, consider sharing them with your friends and relatives. Do you have a question or comments? Put it on the comment form below. We will be pleased to hear from you and help you in every possible way.