BCP Cheat Sheet 2026

The 30 highest-yield BCP facts, distilled from real exam questions. Print it, save it as a PDF, or study it here — free, no sign-up.

1. What is 'public liability insurance' designed to cover? → A business's legal liability to third parties for bodily injury or property damage
2. What is a 'No Claim Discount' (NCD) in Singapore motor insurance? → A discount given for each claim-free year, up to a maximum percentage
3. What is a 'condition precedent to liability' in a Singapore insurance policy? → A condition that must be met before the insurer is liable to pay a claim
4. What does 'marine cargo' insurance cover for Singapore businesses? → Loss or damage to goods being transported by sea, air, or land
5. Under the Consumer Protection (Fair Trading) Act, what must an insurer ensure when selling insurance products? → Consumers receive full and accurate disclosure
6. What does a motor insurance policy in Singapore typically cover? → Third-party liability, own damage, and personal accident depending on the plan type
7. Under MAS's Individual Accountability and Conduct (IAC) standards, who bears primary responsibility for an insurer's conduct? → Senior managers and the board of directors
8. Under MAS regulations, what is the minimum paid-up capital requirement for a direct life insurer in Singapore? → SGD 10 million
9. What is 'travel insurance' primarily designed to cover for Singapore travellers? → Trip cancellation, medical expenses overseas, lost baggage, and travel-related emergencies
10. What is Singapore's approach to regulating InsurTech (insurance technology) companies? → Using a regulatory sandbox (MAS FinTech Regulatory Sandbox) allowing controlled innovation
11. Under Singapore's insurance regulations, what is the principle of 'utmost good faith' (uberrima fides)? → Both insurer and insured must disclose all material facts honestly
12. What is a 'material fact' that must be disclosed when applying for insurance in Singapore? → Any fact that would influence the insurer's decision to accept or rate the risk
13. What is subrogation in insurance? → The insurer's right to pursue a third party after paying a claim
14. What does MAS's 'balanced scorecard framework' for insurance intermediaries aim to achieve? → Ensuring remuneration structures do not create conflicts of interest that harm customers
15. Which of the following is the primary statutory body responsible for the licensing, supervision, and overall regulation of the insurance industry in Singapore? → Monetary Authority of Singapore (MAS)
16. In marine cargo insurance, what does 'Institute Cargo Clauses (A)' provide? → All risks coverage subject to exclusions
17. What is 'personal accident insurance' designed to provide? → Benefits for bodily injury, disability, or death resulting from an accident
18. What is 'business interruption' insurance designed to compensate? → Loss of gross profit and additional expenses following insured physical damage
19. Which of the following best describes 'moral hazard' in insurance? → The tendency of insured persons to be less careful because they are covered
20. What does 'floater policy' mean in property insurance? → A policy covering specific items wherever they are located
21. What does MAS's 'fit and proper' criteria apply to in the insurance industry? → To directors, CEOs, and key officers of licensed insurers
22. What is a 'proposal form' in Singapore insurance? → An application form completed by the applicant providing details for underwriting
23. In the Singapore insurance market, what is the fundamental difference between an insurance agent and an insurance broker? → Agents represent the insurer(s), while brokers represent the policyholder (the client).
24. Under the Insurance Act (Cap. 142) of Singapore, which type of insurer must be registered to operate? → All insurers carrying on insurance business in Singapore
25. What is the purpose of the Policy Owners' Protection Scheme (PPF) in Singapore? → To compensate policyholders if a licensed insurer fails
26. What is a 'with-profits' policy under Singapore insurance classification? → A policy where policyholders share in the insurer's investment profits through bonuses
27. Under the Personal Data Protection Act (PDPA), what must Singapore insurers do with customer personal data? → Collect, use, and disclose data only with customer consent and for notified purposes
28. In Singapore, what is the consequence for an insurance agent who misrepresents policy benefits to a client? → The agent may face disciplinary action, licence revocation, and legal liability
29. The concept of 'utmost good faith' (uberrimae fidei) in Singapore insurance law requires: → Both parties to disclose all material facts relevant to the contract
30. Under the Singapore Insurance Act, what is the minimum paid-up capital required for a direct insurer licensed to carry on general insurance business? → S$10 million