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Questions and Answers
What is the primary objective of public finance compared to private organizations?
What is the primary objective of public finance compared to private organizations?
- To minimize operational costs
- To maximize profit
- To achieve social or economic objectives (correct)
- To invest in private sectors
Which of the following is NOT a field of finance as recognized in the context provided?
Which of the following is NOT a field of finance as recognized in the context provided?
- Public Finance
- Investment Banking (correct)
- Personal Finance
- Corporate Finance
What must insurers do before filing variations in deductibles under insurance policies?
What must insurers do before filing variations in deductibles under insurance policies?
- Obtain written disclosures and acceptance from the insured (correct)
- Inform local governments
- Seek verbal approval from clients
- Register variations with domestic financial authorities
Which of the following statements about revised insurance products is correct?
Which of the following statements about revised insurance products is correct?
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In the context provided, what is an example of an add-on cover under motor OD insurance?
In the context provided, what is an example of an add-on cover under motor OD insurance?
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Study Notes
Overview of Financial Management
- Financial management comprises five specialized fields, each focusing on the handling of money and related claims.
- Distinct fields arise from different objectives and challenges faced by various organizations.
Public Finance
- Encompasses financial management by central, state, and local governments.
- Governments manage substantial funds sourced from taxes and various revenues, adhering to specific policies.
- Key objectives include meeting social and economic aims rather than generating profits, contrasting with private enterprises.
- Specialized public finance addresses unique governmental financial requirements and legislative restrictions.
Insurance Variations
- Insurers can propose variations in deductibles from established tariffs under specific conditions.
- Written disclosures and acceptance by the insured are mandatory before finalizing insurance policies.
- Insurers may introduce add-on covers that exceed traditional tariff options, which involve additional premiums.
- Examples include 'Loss of Use' and 'Waiver of Depreciation' under motor own damage (OD) insurance.
Revised Insurance Products
- New product offerings, upon approval via file-and-use guidelines, are available for existing policyholders during renewal.
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