Consumer Needs and Changing Trends Quiz
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Questions and Answers

What is one of the areas in health and care that actuaries are increasingly involved in?

  • Designing fashion trends
  • Analyzing weather patterns
  • Creating video games
  • Pricing critical illness insurance (correct)
  • Which country's government is mentioned as seeking ways to cope with a changing population's demands?

  • United Kingdom (correct)
  • Australia
  • France
  • Brazil
  • What is the proposed introduction that is likely to expand the work of actuaries into South Africa's public sector?

  • National Health Insurance (NHI) (correct)
  • Home Insurance
  • Life Insurance
  • Car Insurance
  • Where have actuaries traditionally been involved in the UK's context?

    <p>Financial planning for the National Health Service (NHS)</p> Signup and view all the answers

    What is the percentage of the South African population covered by private medical insurance?

    <p>Less than 20%</p> Signup and view all the answers

    Which chapters specifically focus on the topic of pricing for health and care products?

    <p>Chapters 19-22</p> Signup and view all the answers

    In which chapters are reserves and solvency capital requirements discussed for health and care products?

    <p>Chapter 23</p> Signup and view all the answers

    Which chapter focuses on investment and suitable investment strategies for health and care insurers?

    <p>Chapter 30</p> Signup and view all the answers

    How do changing lifestyles, standard of living, education, and technology impact consumer needs?

    <p>They cause consumer needs to change over time</p> Signup and view all the answers

    What effect would an increase in financial well-being have on the demand for comprehensive health insurance products?

    <p>The demand would increase</p> Signup and view all the answers

    How do changes in technology and an educated public impact the insurance market?

    <p>They allow for more flexible and complicated products to be sold</p> Signup and view all the answers

    Which of the following is NOT mentioned as part of a typical personal financial life cycle from ages 16-25?

    <p>Owning a home</p> Signup and view all the answers

    Who benefits from profits when experience is better than expected in insurance?

    <p>The insurer</p> Signup and view all the answers

    What type of contract allows the consumer to obtain a benefit moving in line with a specified index?

    <p>Index-linked contract</p> Signup and view all the answers

    Under a with-profits contract, who shares the profits and risks?

    <p>Both the insurer and the policyholder</p> Signup and view all the answers

    What is typical in a with-profits contract regarding benefits?

    <p>A mix of guaranteed and discretionary benefits</p> Signup and view all the answers

    What is one possible outcome for the policyholder as a result of underwriting?

    <p>Charged a higher than standard premium</p> Signup and view all the answers

    In full medical underwriting, what happens if the applicant has pre-existing conditions?

    <p>Pre-existing conditions are specifically excluded</p> Signup and view all the answers

    What distinguishes moratorium underwriting from full medical underwriting?

    <p>Exclusion of pre-existing conditions for a specified period</p> Signup and view all the answers

    How does moratorium underwriting handle covering pre-existing conditions in the future?

    <p>Coverage after 2 consecutive years of no treatment, symptoms, or advice</p> Signup and view all the answers

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