Part 1: Insurance Products
Paper II — General Insurance · Part 1: Insurance Products
Further reading: Insurance Products study notes →
Under the Motor Vehicles Insurance (Third Party Risks) Ordinance of Hong Kong, which of the following must the statutory minimum motor insurance cover? I. Third party bodily injury only II. Third party bodily injury and property damage III. Third party bodily injury, property damage and own vehicle damage
Why: Under the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) of Hong Kong, all vehicles used on roads in Hong Kong must be covered by third party motor insurance. The statutory minimum only covers third party bodily injury, not third party property damage or own vehicle damage. Therefore option A is correct.
What is the main difference between Comprehensive Motor Insurance and Third Party Motor Insurance?
Why: Third party motor insurance only covers third party bodily injury and property damage caused by the insured vehicle. Note: this represents standard market third party coverage. The statutory minimum under the Motor Vehicles Insurance (Third Party Risks) Ordinance (Cap. 272) only requires third party bodily injury coverage, not property damage. Comprehensive motor insurance additionally covers own vehicle damage (accident, fire) and theft on top of third party coverage. Therefore option A is correct.
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