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    Question

    According to the Executive Committee of the General

    Insurance Council, what is the minimum amount of unexpired risk reserve required for Marine Insurance?
    A 10% of premium Correct Answer Incorrect Answer
    B 25% of premium Correct Answer Incorrect Answer
    C 50% of premium Correct Answer Incorrect Answer
    D 75% of premium Correct Answer Incorrect Answer
    E 100% of premium Correct Answer Incorrect Answer

    Solution

    According to the Executive Committee of the General Insurance Council, for Marine Insurance, the minimum amount of unexpired risk reserve that must be maintained is 100% of the premium. This means that insurance companies must set aside an amount equal to the entire premium received for marine insurance policies to cover potential future claims and liabilities.

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