
Decree 97 on Compulsory Fire & Explosion
Authored by Bui Anh
Professional Development
Professional Development
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7 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Renewal Quotation confirmed by client on 10 Dec 2021 Period of Insurance: from 01/01/2022 to 31/12/2022 Coverage: Industrial all risks including Compulsory fire and Explosion Which Decree triggers to Compulsory Fire and Explosion (Premium rate and Deductible)
Decree 23 only
Decree 97 only
Above 1) or 2) which is chosen by both parties (The insurer and The Insured)
2.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
Which are key changes by Decree 97. Choose multiple answers.
Premium tariff and deductibles
Add/revise List of facilities facing risk of conflagration
Reports on the status of collection and payment from CFI business for FPF activities to be sent to Ministry of Finance
The minimum premium for fire and explosion-prone establishment with total sum insured of assets at one location from VND 1,000 billion or more (except for nuclear facilities): negotiable but not be lower than the premium corresponding to VND 1,000 billion multiplied (x) the premium rate specified in the tariff
E-insurance certificate is not legally accepted
3.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Policy A covers for period from 01/10/2021 to 30/9/2022; coverage: Industrial all risks including Compulsory Fire and Explosion.
Endorsement No.1 signed on 1/5/2022 with effective date from the confirmation date to increase Sum Insured (new machines and equipment) of Location 1 from VND600 mil to VND1,000 Mil. Which information is compulsory required for BP to proper checking and booking. Choose multiple answers.
Premium rate for new additional Sum insured under Decree 97 and change of Deductible
Premium rate for new additional Sum insured under Decree 23
Property list
Occupancy code for new addional Sum inusred under Decree 23
Occupancy code for new addional Sum inusred under Decree 97
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Policy A covers for period from 01/01/2022 to 31/12/2022; coverage: Industrial all risks including Compulsory Fire and Explosion with Total Sum Insured is VNM1,200Mil Code: 16.1a Which is accepted by Decree 97
CFI annual tariff rate @ 0.1% as negotiated; voluntary: Nil CFI minimum annual premium@VND2Bil; Voluntary@VND0.00 CFI Deductible: USD5000
CFI annual tariff rate @ 0.1% ; Voluntary@0.1%; total@0,2% CFI annual premium@VND1.2Bil; Voluntary@VND1.2Bil CFI Deductible: USD5000
CFI annual tariff rate @ 0.1% as negotiated; voluntary: Nil CFI annual premium@VND1.2Bil; Voluntary@VND0.00 CFI Deductible: USD5000
5.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
2 years policies from 01/01/2021 to 31/12/2022 with annual break and review clause Policy information for 1st year (from 1/1/2021 to 31/12/2021)
- Total Sum insured: VND1500Bil
- Business: Textile factory
- Occupancy code: 18.1a followed Decree 23
- Deductible grade B; Deductible for F&E@ VND100,000,000
- Premium rate: CFI: 0.1% and Nil for Voluntary
- Premium for 2nd year will be reviewed by end of 1st year.
How to calculate premium. It is assumed that Sum Insured remains unchanged.
Choose wrong answers (multi-selections)
- 1st year annual premium: CFI: VND1.5Bil and Nil for Voluntary; followed Decree 23 - 2nd year annual premium: CFI: VND1.5Bil and Nil for Voluntary; followed Decree 23
- 1st year annual premium: CFI: VND1.5Bil and Nil for Voluntary; - 2nd year annual premium: Premium and rate should follow Decree 97 and Client agreed as below calculation + Occupancy code@16.1a + Premium rate: CFI@0.2%; Voluntary: Nil + CFI minimum premium@VND1.5 Bil; Voluntary@1.5Bil; Total premium: VND3Bil
- 1st year annual premium: CFI: VND1.5Bil and Nil for Voluntary; - 2nd year annual premium: Premium and rate should follow Decree 97 and Client agreed as below calculation + Occupancy code@16.1a + Premium rate: CFI@0.2%; Voluntary: Nil + CFI minimum premium@VND2Bil,; Voluntary@nil
- 1st year annual premium: CFI: VND1.5Bil and Nil for Voluntary; - 2nd year annual premium: SI increased from 1/1/2022 to 1.8Bil. Premium and rate can follow Decree 23 + Occupancy code@18.1a + Premium rate: CFI@0.1%; Voluntary: Nil + CFI premium@VND1.8Bil,; Voluntary@nil
- 1st year annual premium: CFI: VND1.5Bil and Nil for Voluntary; - 2nd year annual premium: SI increased from 1/1/2022 to 1.8Bil. Premium and rate should follow Decree 97 and Client agreed as below calculation + Occupancy code@16.1a + Premium rate: CFI@0.1%; Voluntary: Nil + CFI mimium premium@VND2Bil,; Voluntary@nil
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
1. New Business Policy A covers for period from 01/06/2021 to 31/05/2022. Coverage: Fire Industrial including Compulsory Fire and explosion; Business: Weaving factory (cotton, viscose); Occupancy code: 18.1a followed Decree 23 - a) Industrial business with fire risk of grade A, B, C Sum Insured: USD50,000,000 in which,
- Building: USD30,000,000
- Machinery and Equipment: USD15,000,000
- Stock: USD5,000,000 (75% deposit)
Annual Premium rate: 0.1% for Compulsory F&E; 0.005% for voluntary; plus 10% VAT
Exchange rate USD/VND: 22900
Annual Premium: VND1,172,193,750 + 10% VAT; In which:
CFI: VND 1,116,375,000 + 10% VAT; Voluntary@VND55,818,750 + 10% VAT
2. Endorsement No.1 to extend period of insurance 30 days from 01/06/2022 to 30/06/2022.
Please choose the answer that is reasonable and does not break the Law for Endorsement No. 1
Premium: VND1,1,72,193,750*30 days/365 days = VND96,344,692+ 10%VAT. In which, premium for CFI@VND91,756,849 + 10%; Voluntary@VND4,587,843 + 10% VAT
Minimum premium for CFI for Endorsement 1 to follow Decree 97: VND2,000,000,000 * 30 days/365 days = VND164,383,562 + 10%
Occupancy code for EN1: 16.1a - Minimum premium for CFI from Inception date to end of 30/6/2022 (End of Endorsement 1): VND2,000,000,000 + VND2,000,000,000 * 30 days/365 days = VND 2,164,383,562 plus 10% VAT - Paid premium in New Business for CFI: VND1,116,375,000 - Balance premium for CFI premium for Endorsement No.1 : VND 2,164,383,562- VND1,116,375,000= VND1,048,008,562 plus 10% VAT
All above
7.
MULTIPLE SELECT QUESTION
45 sec • 5 pts
Which statements are correct according to Decree 97/ND-CP, select multi answers
Policy schedule or Insurance contract could replace for Compulsory Fire and Explosion Insurance Certificate if it include all information required in Decree 97 - Article 4- amended for Article 7a of Decree 23
Property list could be waived
Quotation signing date by Client is not required any more in Compulsory Fire and Explosion Insurance Certificate
All above
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