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Exam Review

Key Facts: General Insurance Solicitor (손해보험설계사) Exam

50 MCQs / 50 Min

Official Examination Format (Single Session)

General Insurance Association of Korea Regulations

60% Floor

Passing Score (At Least 60 Points Out of 100 in Each Category)

Insurance Business Act Enforcement Rules

KRW 20,000

Standard Exam Registration Fee (Subsidized by Insurer)

KNIA Examination Registration System

Article 84

Governing Statutory Basis under Insurance Business Act (보험업법)

South Korean National Law Information Center

KNIA

Official Administering Body (손해보험협회)

General Insurance Association of Korea Portal

Monthly PBT sittings

Testing Schedule (Multiple Monthly Sessions Nationwide)

KNIA Examination Center

The Korea General Insurance Solicitor (손해보험설계사) qualification is the statutory license administered by the General Insurance Association of Korea (손해보험협회) required to solicit property, casualty, automobile, and third-sector insurance in South Korea. This module is an independent English-language MCQ study adaptation by OpenExamPrep, not an official translation or format simulation.

Sample General Insurance Solicitor (손해보험설계사) Practice Questions

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1Under Article 84 of South Korea's Insurance Business Act (보험업법), what is the statutory definition and role of a General Insurance Solicitor (손해보험설계사)?

A.An independent adjuster authorized to settle commercial property disputes in judicial courts.

B.An individual registered with the Financial Services Commission to solicit non-life insurance contracts on behalf of an insurance company.

C.A judicial liquidator responsible for winding down bankrupt mutual insurance cooperatives.

D.An actuarial officer appointed by the Ministry of Economy and Finance to set statutory motor tariff floors.

Explanation: Under Article 84 of the Insurance Business Act (보험업법), a General Insurance Solicitor (손해보험설계사) is an individual who passes the qualifying examination administered by the General Insurance Association of Korea (손해보험협회) and registers with the Financial Services Commission (delegated to KNIA) to solicit non-life insurance contracts on behalf of an insurer or agency.

2In insurance mathematical theory, which fundamental statistical theorem explains why an insurer can predict aggregate future claim losses with greater precision as the number of homogeneous exposure units increases?

A.The Law of Diminishing Marginal Returns

B.The Law of Large Numbers (대수의 법칙)

C.The Pareto Principle of Distribution

D.The Gresham Currency Valuation Rule

Explanation: The Law of Large Numbers (대수의 법칙) states that as the number of independent, homogeneous exposure units expands, the observed empirical loss frequency approaches the underlying theoretical probability. This enables general insurance underwriters to calculate actuarially sound premium rates.

3Which basic actuarial and economic principle requires that the total gross premiums collected by an insurer across all policyholders must equal the total anticipated indemnities plus operational expenses?

A.Principle of Equivalence of Incomes and Outgoes (수지상등의 원칙)

B.Principle of Unilateral Indemnification

C.Doctrine of Proximate Cause

D.Rule of Subrogation Absolute Assignment

Explanation: The Principle of Equivalence of Incomes and Outgoes (수지상등의 원칙) dictates that total expected income (premiums plus investment earnings) must balance total expected outlays (claims paid and operating expenses). On an individual policyholder level, this corresponds to the Principle of Equivalence of Benefits and Counter-benefits (급부·반대급부 균등의 원칙).

4Under the Commercial Code Insurance Part (상법 보험편 제668조), which of the following is a mandatory legal characteristic of an Insurable Interest (피보험이익) in property insurance contracts?

A.It must be based solely on personal sentimental affection toward the insured object.

B.It must be an economic interest capable of being estimated in monetary value (금전으로 산정할 수 있는 경제적 이익).

C.It must arise exclusively after the physical damage event has fully occurred.

D.It must be equal to at least triple the market cash value of the insured building.

Explanation: Under Article 668 of the Commercial Code Insurance Part (상법 보험편), an insurable interest (피보험이익) in property insurance must be an economic relationship between the insured and the subject matter that is capable of monetary valuation. Without insurable interest, an insurance contract constitutes illegal gambling.

5Under Article 651 of the Commercial Code Insurance Part (상법 보험편 제651조), what duty requires the policyholder or the insured to disclose all material facts known to them at the time of contract execution?

A.Duty of Post-Loss Notice (사고발생 통지의무)

B.Pre-Contract Duty of Disclosure (고지의무 / 계약 전 알릴 의무)

C.Duty to Mitigate Commercial Damages (손해방지의무)

D.Duty to Co-insure Hazardous Machinery (공동보험의무)

Explanation: Article 651 of the Commercial Code Insurance Part (상법 보험편) establishes the Duty of Disclosure (고지의무), commonly known as the Pre-Contract Disclosure Duty (계약 전 알릴 의무). The policyholder or insured must disclose material facts and must not make false representations regarding risks affecting acceptance or rating.

6Under Article 651 of the Commercial Code Insurance Part (상법 보험편 제651조), within what statutory timeframe must an insurer exercise its right of contract cancellation (해지권) upon discovering a breach of the duty of disclosure (고지의무)?

A.Within 1 month from the date of knowing the breach, and within 3 years from the date of contract formation

B.Within 6 months from the date of knowing the breach, and within 5 years from the date of contract formation

C.Within 14 days from the date of knowing the breach, and within 1 year from the date of contract formation

D.Within 1 year from the date of knowing the breach, with no overall expiration limit

Explanation: Under Article 651 of the Commercial Code Insurance Part (상법 보험편), the insurer's right to rescind or cancel a policy for breach of the disclosure duty expires if not exercised within 1 month from the date the insurer becomes aware of the material fact, or within 3 years from the date the insurance contract was concluded.

7Under Article 652 of the Commercial Code Insurance Part (상법 보험편 제652조), what must the policyholder or insured do if the insured risk substantially increases or changes during the policy period?

A.Notify the insurer without delay under the Duty of Notification (통지의무).

B.Immediately assign the insurance policy to an unrelated third party.

C.Automatically double the premium payment without communicating with the insurer.

D.Cancel the contract immediately with an unconditional full premium refund.

Explanation: Under Article 652 of the Commercial Code Insurance Part (상법 보험편), when the risk of an insured peril substantially changes or increases during the insurance period, the policyholder or insured must notify the insurer without delay (통지의무). Upon notice, the insurer may adjust premiums or terminate coverage within 1 month.

8In South Korean insurance practice, what are the 'Three Basic Sales Rules' (3대 기본지키기) whose breach entitles the policyholder to cancel the contract and receive a full premium refund within 3 months of contract conclusion?

A.Photographic site survey, annual balance sheet verification, and certified credit scoring

B.Delivering the insurance policy terms, explaining material clauses, and obtaining handwriting signature (자필서명)

C.Providing free medical examination, offering promotional cash rebates, and issuing digital tokens

D.Checking criminal history records, verifying passport validity, and retaining sovereign bonds

Explanation: Under the Commercial Code Insurance Part (상법 제638조의3) and the Insurance Business Act (보험업법), the 'Three Basic Rules' (3대 기본지키기) require delivering the policy terms and subscription form copy, explaining core contractual provisions, and obtaining the insured/policyholder's genuine handwriting signature (자필서명). If violated, the customer can cancel within 3 months from formation for a full refund plus interest.

9Under the Financial Consumer Protection Act (금융소비자보호법) and standard insurance terms, within what period may a policyholder exercise the right of Subscription Withdrawal (청약철회) for a general non-life policy?

A.Within 7 days of contract signing, regardless of policy delivery

B.Within 15 days from receiving the insurance policy, but no later than 30 days from the subscription date

C.Within 90 days from the first claim settlement

D.Within 1 year from the initial premium withdrawal date

Explanation: Under the Financial Consumer Protection Act (금융소비자보호법 제46조), a consumer may withdraw their subscription (청약철회) within 15 days from the date they receive the insurance policy certificate, provided that this does not exceed 30 days from the original date of application/subscription.

10Under Article 98 of South Korea's Insurance Business Act (보험업법 제98조 특별이익의 제공 금지), what is the statutory ceiling on promotional gifts or economic benefits that a solicitor may provide to a prospective policyholder?

A.Up to KRW 100,000, regardless of the annual premium amount

B.Not exceeding KRW 30,000 or 10% of the annual premium, whichever is less

C.Up to 50% of the first month's premium in cash rebate

D.There is no limit as long as the gift consists of non-cash gift vouchers

Explanation: Under Article 98 of the Insurance Business Act (보험업법 제98조) and its Enforcement Decree, solicitors are strictly prohibited from offering special economic benefits. Promotional items or gifts are permitted only if their value does not exceed KRW 30,000 or 10% of the annual premium, whichever amount is smaller.

About the General Insurance Solicitor (손해보험설계사) Exam

The Korea General Insurance Solicitor (손해보험설계사 자격시험) is the statutory qualifying examination administered by the General Insurance Association of Korea (손해보험협회 / KNIA / misi.knia.or.kr) under the authority of the Financial Services Commission (금융위원회) pursuant to Article 84 of South Korea's Insurance Business Act (보험업법). Passing this examination is a legal prerequisite for any individual intending to register and practice as a non-life insurance solicitor (손해보험설계사) in South Korea. The curriculum encompasses Insurance Theory, Professional Ethics & Sales Regulations (보험이론 및 직무윤리, 보험업법 모집질서, 금융소비자보호법 6대 판매원칙), Fire & Property Insurance (화재보험), Automobile Insurance (자동차보험), and Casualty, Specialty & Third-Sector Insurance (특종보험, 제3보험). This module is an independent English-language MCQ study adaptation by OpenExamPrep, not an official translation or format simulation. Independent practice by OpenExamPrep.

Exam sponsor: General Insurance Association of Korea (손해보험협회 / KNIA / misi.knia.or.kr). The requirements and fees below concern the certification or admission exam, separate from our free practice resources.

Assessment

Official format: 50 four-option multiple-choice items administered in a single 50-minute paper-based session. The paper evaluates general insurance lines (손해보험: Fire, Automobile, Specialty, and Statutory Regulations) and third-sector lines (제3보험: Accident, Sickness, and Care Insurance). The paper (OMR) is a single 50-item set in which items 1-33 are scored as the 손해보험 area and items 18-50 as the 제3보험 area, the 16 overlapping items 18-33 counting towards both. Each area is marked out of 100 (32 items x 3 points plus 4 points for item 18) and is passed separately at 60 points or above.

Time Limit

50 minutes

Passing Score

At least 60 points out of 100 in each examined category (과목별 100점 만점 기준 60점 이상)

Exam / Certification Fees

Subsidized / paid via sponsoring insurer (typically KRW 20,000)

Exam sponsor website

Fees, eligibility, and exam policies can change. Confirm them with the exam sponsor before applying or paying.

Official sources

Our practice resources: topics covered

We aim to reflect publicly available exam outlines and topic information in our study resources. Coverage, format, and difficulty may differ from the actual exam, and we cannot guarantee that every detail is accurate or current. Confirm exam requirements, fees, and policies with the official exam sponsor.

30%

Insurance Theory, Professional Ethics & Sales Regulations (보험이론 및 직무윤리, 보험업법 모집질서, 금융소비자보호법 6대 판매원칙, 특별이익 제공 금지)

Covers foundational principles of risk and insurance (대수의 법칙, 수지상등의 원칙, 이득금지의 원칙), Commercial Code Insurance Part (상법 보험편) doctrines including insurable interest (피보험이익), duty of disclosure (고지의무), duty of notice (통지의무), Insurance Business Act (보험업법) solicitation regulations, special benefit prohibition (특별이익 제공 금지 under Article 98), churning prevention (부당 승환계약 금지), and the Financial Consumer Protection Act 6 Major Sales Principles (금융소비자보호법 6대 판매원칙).

25%

Fire & Property Insurance (화재보험, 주택/일반/공장화재, 화재대물배상책임, 재산종합보험 약관)

Examines property insurance contracts and adjustment principles: Housing Fire (주택화재보험), General Fire (일반화재보험), Factory Fire (공장화재보험), 80% Coinsurance proportional compensation rules (80% 코인슈어런스 비례보상), covered secondary expenses (손해방지비용, 잔존물제거비용), building fire-resistance ratings, Fire Property Damage Liability riders (화재대물배상책임특약), natural catastrophe endorsements (풍수재/지진), and Comprehensive Property floaters (재산종합보험 PAR).

25%

Automobile Insurance (자동차보험 - 대인/대물/자손/무보험차/자차, 과실비율 인정기준, 분심위, 교통사고처리특례법)

Covers South Korean motor vehicle insurance structures: compulsory liability under the Guarantee of Automobile Accident Compensation Act (자배법 대인배상 I, 대물배상 의무가입) vs. optional coverage (대인배상 II, 자기신체사고/자동차상해, 무보험자동차에 의한 상해, 자기차량손해), the Act on Special Cases Concerning the Settlement of Traffic Accidents (교통사고처리특례법) and its 12 Critical Violations (12대 중과실), Fault Ratio Determination Standards (과실비율 인정기준), Fault Ratio Dispute Conciliation Committee (분심위) procedures, and premium discount/surcharge rating systems.

20%

Casualty, Specialty & Third-Sector Insurance (특종보험, 배상책임보험, 해상보험, 상해·질병보험 실무)

Examines non-auto casualty lines and third-sector insurance products authorized for non-life insurers under Article 4 of the Insurance Business Act (보험업법): Commercial General Liability (영업배상책임보험), Product Liability (생산물배상책임보험 PL), statutory compulsory disaster/facility liabilities, Marine Cargo insurance (적하보험 ICC A/B/C), and Third-Sector (제3보험) accident, illness, long-term nursing care, and 4th-generation indemnity medical expense insurance (실손의료보험).

Preparing for the General Insurance Solicitor (손해보험설계사) Exam

What You Need to Know

Passing score: At least 60 points out of 100 in each examined category (과목별 100점 만점 기준 60점 이상)
Assessment: Official format: 50 four-option multiple-choice items administered in a single 50-minute paper-based session. The paper evaluates general insurance lines (손해보험: Fire, Automobile, Specialty, and Statutory Regulations) and third-sector lines (제3보험: Accident, Sickness, and Care Insurance). The paper (OMR) is a single 50-item set in which items 1-33 are scored as the 손해보험 area and items 18-50 as the 제3보험 area, the 16 overlapping items 18-33 counting towards both. Each area is marked out of 100 (32 items x 3 points plus 4 points for item 18) and is passed separately at 60 points or above.
Time limit: 50 minutes
Exam / certification fees: Subsidized / paid via sponsoring insurer (typically KRW 20,000) Official sources

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General Insurance Solicitor (손해보험설계사): Suggested Study Strategy

1Master the Financial Consumer Protection Act 6 Major Sales Principles (금융소비자보호법 6대 판매원칙): Know the exact definitions of Suitability (적합성), Adequacy (적정성), Duty of Explanation (설명의무), Prohibition of Unfair Practices (불공정영업행위 금지), Prohibition of Coercive Solicitation (부당권유행위 금지), and Prohibition of False Advertising (허위·과장광고 금지).

2Memorize Special Benefit Limits (특별이익 제공 금지 under 보험업법 제98조): Solicitors cannot provide cash, goods, or rebates exceeding KRW 30,000 (or 10% of annual premium, whichever is less) in connection with policy solicitation.

3Understand Pro-Rata Average Condition & Coinsurance: In Housing Fire (주택화재), if the sum insured equals or exceeds 80% of insurable value, losses are paid in full up to the sum insured. If less than 80%, indemnity is calculated as Loss × [Sum Insured / (80% × Insurable Value)]. In General Fire, straight pro-rata applies whenever sum insured is less than insurable value.

4Know the 12 Critical Violations under Traffic Accident Settlement Law (교통사고처리특례법 12대 중과실): Understand that even drivers with comprehensive insurance face criminal prosecution if an accident involves one of the 12 violations (signal violation, center line crossing, 20 km/h speeding, overtaking rules, railway crossing, crosswalk duty, unlicensed, drunk driving, sidewalk intrusion, passenger drop prevention, school zone, cargo drop).

5Distinguish Third-Sector Coverage & 4th Generation Indemnity Medical Insurance (4세대 실손의료보험): Learn the copay tiers (20% for covered national health expenses, 30% for non-reimbursable non-benefit items) and the premium surcharge/discount mechanism based on non-benefit claim utilization.

Frequently Asked Questions

What is the Korea General Insurance Solicitor (손해보험설계사) qualification and who administers it?

The Korea General Insurance Solicitor (손해보험설계사) qualification is the statutory entry credential governed by Article 84 of South Korea's Insurance Business Act (보험업법) under the supervision of the Financial Services Commission (금융위원회). The examination is officially organized and administered by the General Insurance Association of Korea (손해보험협회 / KNIA / misi.knia.or.kr). Passing this exam certifies legal qualification to register as a solicitor and market non-life and third-sector insurance contracts.

What is the official examination format, time limit, and passing score?

The official examination consists of 50 four-option multiple-choice items administered in a single 50-minute paper-based session. The paper (OMR) is a single 50-item set in which items 1-33 are scored as the 손해보험 area and items 18-50 as the 제3보험 area, the 16 overlapping items 18-33 counting towards both. Each area is marked out of 100 (32 items x 3 points plus 4 points for item 18) and is passed separately at 60 points or above. A candidate who has already passed the 제3보험 area through the Korea Life Insurance Association examination need only pass the 손해보험 area.

What are the prerequisite requirements and who pays the examination fee?

There are no formal academic degree, age, or nationality requirements. However, candidates must be sponsored by an authorized non-life insurance company, general agency (GA), or brokerage, and complete statutory pre-registration training. The exam registration fee (typically KRW 20,000) is usually subsidized or paid directly by the sponsoring insurer or agency.

What key sales compliance regulations are heavily tested on the exam?

The examination places significant emphasis on statutory solicitation rules under the Insurance Business Act (보험업법) and the Financial Consumer Protection Act (금융소비자보호법). Crucial topics include the 6 Major Sales Principles (Principle of Suitability, Principle of Adequacy, Duty of Explanation, Prohibition of Unfair Practices, Prohibition of Coercive Solicitation, Prohibition of False/Exaggerated Advertising), strict prohibition against offering special benefits exceeding KRW 30,000 (특별이익 제공 금지), prohibition of churning (부당 승환계약 금지), and mandatory cooling-off cancellation rights (청약철회).

What is the difference between compulsory and voluntary automobile insurance in Korea?

Under the Guarantee of Automobile Accident Compensation Act (자동차손해배상보장법 / 자배법), all vehicle owners must carry compulsory insurance comprising Bodily Injury I (대인배상 I, up to KRW 150 million for death/disability) and Property Damage (대물배상, minimum KRW 20 million). Voluntary insurance adds Bodily Injury II (대인배상 II, typically unlimited), higher property damage limits, Own Damage (자기차량손해), First-Party Injury (자기신체사고 or 자동차상해), and Uninsured Motorist coverage (무보험차상해).

Is this OpenExamPrep practice bank an official test or translation?

No. This module is an independent English-language MCQ study adaptation by OpenExamPrep, not an official translation or format simulation. The official examination is administered exclusively in Korean by the General Insurance Association of Korea (손해보험협회). OpenExamPrep provides this independent practice bank to assist bilingual candidates, multinational insurance professionals, underwriters, and agents in mastering South Korean insurance regulations, policy clauses, and claims frameworks.