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IIQE Paper 1 Structure of Hong Kong Insurance Industry question: accumulated contributions go to the last survivor or survivors at the end of a set period

IIQE Paper 1Structure of Hong Kong Insurance Industry

A contract on a group of persons under which accumulated contributions go to the last survivor or survivors at the end of a set period is a:

A tontine
B group life policy
C capital redemption contract
D class G retirement scheme contract

Show the answer and explanation

Answer: A. tontine

Answer: tontine. A tontine is an unusual contract on a group of persons, paying accumulated contributions to the last survivor(s); it is long term class E.Why not the others:• group life policy: group life pays on death, not to survivors of a pool.• capital redemption contract: capital redemption is not related to human life.• class G retirement scheme contract: class G provides retirement scheme benefits with a guarantee.Watch out: Choosing a group product because the stem mentions a group.Rule: Tontines are class E; only a handful of companies write classes B, E or F.Source: IA P1 Study Notes 2024 Ed. §5.1.1(a), p.5/1-5/2; Insurance Ordinance (Cap. 41) Sch. 1, Parts 2-3 (e-Legislation, checked 31 Oct 2026)

Common mistake

Choosing a group product because the stem mentions a group.

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Original study material written to the public IIQE Paper 1 syllabus. Independent, not endorsed by the Insurance Authority or the VTC. Verify figures and rules against current guidance before relying on them.