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Hong Kong Insurance Licence (IIQE): Which Papers You Actually Need | 2026 Guide

PickMyQuiz
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Hong Kong Insurance Licence (IIQE): Which Papers You Actually Need | 2026 Guide

搜「保險牌」嘅人最想知一件事:究竟要考幾多張卷、幾多錢、幾耐搞掂。麻煩喺於「保險牌」根本唔係一張卷——係按你將來賣咩產品砌出嚟嘅組合,最少兩張、最多四張。本文一次過將整個制度攤開:邊幾張卷、各自考乜、幾錢、幾難,以及最多人搞錯嘅「卷四」同「成績兩年過期」兩件事。

卷一係全部人都要考嘅一張。免費下載 App,逾 900 題離線操練 App StoreGoogle Play

一、一句話答案

卷一(保險原理及實務)人人必考,之後按你賣咩產品加卷:做一般保險加卷二、做人壽及年金加卷三、要賣投資相連(ILAS)就要卷一+卷三+卷五三張齊。

所以常見組合得三個:2 張(卷一+卷二,或卷一+卷三)、3 張(卷一+卷二+卷三,跨兩類業務)、3 至 4 張(要做投連險,卷一+卷三+卷五,如同時做一般保險再加卷二)。冇人係「五張卷全部考晒」。

二、「保險牌 1 2 3 4 5」到底有邊幾張?

好多人搜「保險牌 1 2 3 4 5」,以為係一至五號五張連續嘅卷。實情唔係咁——IIQE(保險中介人資格考試)現行係五張卷,但編號有斷層

卷別 名稱 邊個要考
卷一保險原理及實務(P&P)全部保險中介人
卷二一般保險(GI)做一般保險業務
卷三長期保險(LT)做人壽、年金等長期業務
卷四強積金計劃(MPF)2013 年 5 月 2 日起已唔屬於 IIQE
卷五投資相連長期保險(IL)要賣 ILAS 投連險
TIA 卷旅遊保險代理人只做旅遊保險嘅代理(另設專卷)

關於「卷四」:你喺舊帖見到嘅「IIQE 卷四」係強積金考試,自 2013 年 5 月 2 日起已經唔再屬於 IIQE 一部分。而家要做強積金業務係考獨立嘅 MPFE(強積金中介人資格考試)。所以如果有人叫你「五張卷考齊」,佢多數係照抄十年前嘅資料。

三、你屬於邊種身份,要考邊幾張

你想做… 要考 張數
車保、家居、醫療等一般保險卷一+卷二2
人壽、危疾、年金(傳統長期保險)卷一+卷三2
投資相連壽險(ILAS)卷一+卷三+卷五3
一般保險+長期保險(跨兩類)卷一+卷二+卷三3
全能型(大行常見要求)卷一+卷二+卷三+卷五4

留意:保險代理人、保險經紀、業務代表三種身份考同一批卷,分別唔係喺考試,而係喺發牌類別同合規責任。銀行前線銷售保險亦一樣受呢套規管。

四、五卷規格總表

卷別 題數 時間 合格線 考試費(筆試/電腦/遙距)
卷一 保險原理及實務75 題 MC120 分鐘70%(53 題)$195 / $265 / $850
卷二 一般保險50 題 MC75 分鐘70%(35 題)$195 / $265 / $850
卷三 長期保險50 題 MC75 分鐘70%(35 題)$195 / $265 / $850
卷五 投資相連長期保險80 題 MC120 分鐘70%(56 題)$325 / $390 / 不設遙距

全部係四選一多項選擇題,不設倒扣,所有題目都必須作答——即係唔識都要估,空白同答錯冇分別。成績只顯示「及格/不及格」,唔會公布分數,亦唔會派返試題同答案。重考次數不限,但每次都要重新繳費。

試題語言唔使揀:筆試同電腦應考模式下,所有試題中英對照、同時印喺同一題上,遇到唔肯定嘅中文表達可以即刻對返英文。只有遙距監考模式先要喺報名時揀中文或英文。

五、總共要俾幾多錢?

用最平嘅筆試模式計,一次過合格嘅情況下:

  • 做一般保險(卷一+卷二):$195 × 2 = $390
  • 做長期保險(卷一+卷三):$195 × 2 = $390
  • 做投連險(卷一+卷三+卷五):$195 × 2 + $325 = $715
  • 全能型(卷一二三五):$195 × 3 + $325 = $910

揀電腦應考每張貴約 $70;遙距監考最貴,卷一至三每張 $850,係筆試嘅 4 倍以上,而且卷五根本冇呢個選項。費用喺呢度嘅槓桿唔係考試費本身,係「考幾多次」——重考一張卷一,成本就抵銷咗你揀平模式慳落嘅錢。

六、保險牌難唔難考?

先講一句冇人講嘅實話:PEAK 從來冇公布過任何一張 IIQE 卷嘅官方合格率。你喺網上見到嘅「卷一 44%」「卷五約 53%」等數字,追返上去全部搵唔到官方出處,部分仲係引用多年前已改制嘅舊卷別。

官方數字唔存在,但相對難度量度得到。下表統計自我哋五個保險 app 內 122,488 條真實練習作答

難度排名 卷別 練習正確率 最多人做錯嘅章節
1(最難)卷一64.2%香港保險業的結構(58.0%)
2卷二69.7%保險產品(68.4%)
3卷五69.0%投資相連長期保單簡介(63.5%)
4(最易)卷三75.6%人壽保險及年金的種類(73.3%)

呢個數字唔係合格率,唔好直接當合格率用。練習可以重做、可以睇解釋、冇時間壓力,所以一定高過實際考試。我哋喺 HKSI 卷一有兩邊數據可以校準:官方合格率 51.9%,同一張卷嘅練習正確率 65.6%,相差 13.7 個百分點。換句話講,如果你喺 app 練到啱啱好 70%,實際入考場並唔安全——目標應該係練習穩定 85% 以上。

最反直覺嘅一點:必考嘅卷一,同時係最難嗰張。好多人以為「入門卷梗係最淺」,於是輕視卷一、將時間押喺後面。但卷一考嘅係保險原則同應用判斷,唔係背誦,而且佢係卷二卷三嘅基礎——跳過或者求求其其過,後面兩張只會更辛苦。時間分配應該係卷一佔最多。

七、成績有效期:坊間講法係錯嘅

幾乎所有補習網都寫「IIQE 成績有效期兩年」,即係「考完兩年就過期」。呢個講法唔準確。

保監局《指引 23》(持牌保險中介人「適當人選」準則)附件一第 7(b) 段寫得好清楚:成績失效嘅條件係「由考試日起計,任何連續兩年冇喺香港從事保險相關工作」——關鍵係有冇做嘢,唔係時間流逝。實際影響分三種情況:

你嘅情況 成績會唔會失效
考完但一直未入行效果上等同「兩年內要成功攞牌」,否則失效
已入行,持續從事保險相關工作唔會因為考咗好耐而失效
入咗行之後離開行業滿兩年要重考相關卷別(第 7(a) 段)

呢個分別對兩種人好實際:打算轉行但未落實 offer 嘅人,唔好太早考——考完擺兩年冇入行就白費;已經入咗行嘅人,唔使因為聽人講「兩年過期」而恐慌重考。

八、豁免點先算數

呢度有個好多人搞錯嘅分工:PEAK 只負責考試,唔處理豁免。PEAK 嘅考試手冊由頭到尾都冇「豁免」條款。真正決定豁免嘅係保險業監管局(IA),認可資格名單載於《保險業條例》(第 41 章)下嘅《指引 23》附件一第 5 段。

大致框架係咁(詳情以最新版《指引 23》為準):

  • 第 5(a) 段——持有指定保險專業資格(如 ACII/FCII、ANZIIF 高級會員或會士、FLMI、CLU、CPCU)或指定精算資格(FIA/FFA、FIAA、FSA)者,可獲豁免卷一、卷二、卷三及 TIA 卷。
  • 第 5(b) 段——持有 ChFC、CFP、上述精算資格,或已通過 HKSI 指定課程/證書者,可獲豁免卷五(注意:唔包括卷二)。
  • 第 5(c)、5(d) 段——按 2000 年 1 月 1 日前嘅資歷或經驗豁免,只限當年已經入行嘅人,新人唔適用。
  • 第 5(e) 段——已通過卷一同卷二者,自動豁免 TIA 卷。

實務做法:(1)去 ia.org.hk 揾《指引 23》最新版,睇附件一第 5 段;(2)名單會不時修訂,唔好靠幾年前嘅論壇帖;(3)唔肯定就直接向 IA 或你嘅委任公司合規部門書面查證,得到確認先好慳返報考費。另外注意:「豁免」同「已考過就唔使再考」係兩件事,後者係成績認可問題,見上一節。

九、由零到持牌完整流程

  1. 確定業務範疇——先搞清楚將來賣咩產品,先知要考邊幾張。呢步做錯就會多考一張、多付一次錢。
  2. 查豁免——手上有金融/精算專業資格嘅話,向 IA 或公司合規書面查證。
  3. 報名——經 PEAK(peak.edu.hk)報考,揀筆試、電腦應考或遙距監考(卷五冇遙距)。
  4. 備考——研習資料手冊由 IA 發布,版本不時更新,一定要用最新版。溫完手冊之後靠操題找漏洞。
  5. 應考——70% 合格,冇倒扣,全部題目都要答。成績只有「及格/不及格」。
  6. 由公司提交牌照申請——考試合格唔等於持牌。牌照申請一般由委任你嘅保險公司或代理/經紀行向 IA 提交。
  7. 持續專業發展(CPD)——攞牌之後每年都要完成 IA 規定嘅 CPD 學時,維持資格。考試係入門,CPD 係長期責任。

十、常見問題 FAQ

Q:考保險牌有冇學歷要求?

IIQE 本身係資格考試,重點喺合格與否。但發牌方面,保監局會按《指引 23》嘅「適當人選」準則整體評估申請人(包括教育程度、品格、財政狀況等),而實際入行仲要有保險公司或代理/經紀行願意委任你。即係話「考到試」同「攞到牌」係兩道門。

Q:一定要按卷一→卷二/三→卷五順序考嗎?

冇強制次序,技術上可以先考卷三。但卷一嘅保險原則係其他卷嘅基礎,跳過會令後面更難消化,所以實務上建議照順序,而且畀最多時間卷一。

Q:唔合格可以即刻重考嗎?

重考次數不限,但每次都要重新報名繳費。由於成績只顯示及格/不及格、唔會公布錯咗邊幾條,所以重考前唯一可行嘅診斷方法係做大量練習睇自己邊一章最弱。

Q:要溫幾耐?

冇官方建議時數。以我哋題庫用戶嘅實際情況,零基礎者卷一預留 3–4 星期、卷二卷三各 2–3 星期較穩陣;卷五因為涉及大量投資概念,有金融學歷底子者 2–3 星期,零基礎者 5–6 星期。呢啲係經驗值,唔係保證。

Q:強積金(MPF)業務又點?

強積金自 2013 年 5 月 2 日起已經唔屬於 IIQE,要做強積金中介人業務係考獨立嘅 MPFE。即係話舊資料講嘅「IIQE 卷四」已經唔存在。

逐卷詳細攻略

由最難嗰張開始:IIQE 卷一逾 900 題模擬練習

卷一係全部人都要考、亦係五卷之中練習正確率最低嗰張。附答案解析同錯題重溫,免費下載,離線都做得。

考試費、題數、時限、及格分數、試題語言及應考模式引自 PEAK《保險中介人資格考試考試手冊》(2025 年 8 月版);成績有效期、豁免安排及「適當人選」準則引自保險業監管局《指引 23》附件一(《保險業條例》第 41 章)。練習正確率統計自 PickMyQuiz 五個保險 app 內 122,488 條真實作答紀錄,屬練習表現而非考試合格率,兩者性質不同、不可直接比較。考試制度、費用及報名安排以高峰進修學院(PEAK,peak.edu.hk)及保險業監管局(IA,ia.org.hk)公告為準,本文所述金額及規則可能隨官方更新而改變。本題庫為原創模擬練習,不含任何官方試卷內容。

Practice Questions (10)

Questions from the same category. Reveal results after answering.

1. 在香港保險監管框架及《代理法》下,關於保險代理人的法律身份與委任關係,下列哪項敘述最為準確且符合現行規例? --- Under the Hong Kong insurance regulatory framework and the Agency Law, which of the following statements is the most accurate and consistent with the current regulations regarding the legal status and appointment relationship of insurance agents?

multiple_choice

2. 在保險法規與最高誠信原則的架構下,關於「重要事實」的披露義務及其對合約效力的影響,下列哪些敘述是完全正確的? i) 凡是會導致審慎的承保人決定拒保或調整承保條件的事實,不論該事實是否與最終發生的損失有因果關係,均屬重要事實。 ii) 若某事實屬於「降低風險」性質(例如安裝了超越合約要求的自動灑水系統),根據普通法原則,投保人仍具備絕對義務主動披露,否則合約無效。 iii) 承保人已表示放棄獲知權利的事實,即使該事實客觀上會影響保費釐定,投保人亦無須主動披露。 iv) 重要事實的披露義務僅存在於合約磋商期,一旦保約正式簽署,即使合約條款發生實質變更,最高誠信原則亦不再適用。 --- Within the framework of insurance regulations and the principle of the highest good faith, which of the following statements are completely correct regarding the obligation to disclose "material facts" and their impact on the validity of the contract? i) Any fact that would lead a prudent underwriter to decide to refuse insurance or adjust insurance conditions is a material fact, regardless of whether the fact is causally related to the ultimate loss. ii) If a fact is of a "risk reduction" nature (for example, the installation of an automatic sprinkler system that exceeds the requirements of the contract), according to common law principles, the policyholder still has an absolute obligation to disclose it voluntarily, otherwise the contract will be invalid. iii) The policyholder is not required to voluntarily disclose the fact that the insurer has waived its right to know, even if this fact will objectively affect the premium determination. iv) The obligation to disclose important facts only exists during the contract negotiation period. Once the guarantee is formally signed, the principle of the highest good faith no longer applies even if the terms of the contract are substantially changed.

multiple_choice

3. 在處理一份涉及高額儲蓄成分的人壽保險申請時,保險代理人注意到申請人為一名 15 歲且具備獨立收入的青少年,但該申請書上並無任何法定監護人的副署。若該合約因法律瑕疵而被視為「不可強制執行」或「可撤銷」,根據香港合約法及保險實務,這主要是因為該法律關係在形成過程中缺乏了哪項關鍵要素的完全法律效力? --- While processing a life insurance application involving a high savings component, the insurance agent noticed that the applicant was a 15-year-old with an independent income, but the application was not countersigned by any legal guardian. If the contract is deemed "unenforceable" or "voidable" due to legal defects, according to Hong Kong contract law and insurance practice, this is mainly because the legal relationship lacks the full legal effect of which key element in the formation process?

multiple_choice

4. 在保險中介人的專業操守與法律框架下,關於「貪污」行為的法律界定與構成要件,下列哪一項分析最能準確區分其與一般刑事罪行(如挪用公款)的本質差異,並符合監管機構對違法行為的判定邏輯? --- Under the professional ethics and legal framework of insurance intermediaries, regarding the legal definition and constituent elements of "corruption" behavior, which of the following analysis can best distinguish the essential difference between it and general criminal crimes (such as misappropriation of public funds), and is in line with the regulatory agency's determination logic of illegal behavior?

multiple_choice

5. 在保險實務中,處理索償案件往往涉及多重法律與契約原則。假設某保險從業員正在審核兩份性質截然不同的保單索償:一份為定額給付的人壽保險,另一份為實報實銷的非人壽財產保險。在排除掉僅適用於彌償性質保險的法律原則後,下列哪一項描述最準確地概括了這兩類索償處理過程中必須共同解決的核心法律爭議? --- In insurance practice, handling claim cases often involves multiple legal and contractual principles. Suppose an insurance practitioner is reviewing two policy claims of completely different natures: one is life insurance with fixed benefits, and the other is non-life property insurance with actual reimbursement. Which of the following descriptions, excluding legal principles that apply only to indemnity insurance, most accurately summarizes the core legal issues that must be resolved together in the handling of these two types of claims?

multiple_choice

6. 某保險中介機構正在檢視其反洗錢(打擊洗錢(Anti-Money Laundering,AML))內部監控系統。根據香港相關指引,若該機構僅執行以下部分措施,哪一項組合最可能導致其因違反「客戶盡職審查」及「持續監控」要求而面臨監管處分? I. 僅在開立帳戶時核實客戶身分,但未對高風險客戶的資金來源進行定期審查 II. 雖然保存了所有交易紀錄,但未將紀錄分類或設定自動化系統以偵測異常大額交易 III. 僅對管理層提供反洗錢培訓,而前線銷售人員則僅需閱讀內部合規手冊 IV. 已建立可疑交易報告機制,但因擔心客戶流失而未落實對政治人物(Politically Exposed Persons,PEPs)的加強審查 --- An insurance intermediary is reviewing its anti-money laundering (Anti-Money Laundering, AML) internal control system. According to relevant Hong Kong guidelines, if the institution only implements some of the following measures, which combination is most likely to cause it to face regulatory sanctions for violating "customer due diligence" and "continuous monitoring" requirements? I. Only verify customer identity when opening an account, but do not conduct regular reviews of the source of funds of high-risk customers II. Although all transaction records are kept, the records are not classified or automated systems are set up to detect unusually large transactions. III. Provide anti-money laundering training only to management, while frontline sales staff are required to read only the internal compliance manual IV. A suspicious transaction reporting mechanism has been established, but enhanced scrutiny of Politically Exposed Persons (PEPs) has not been implemented due to concerns about customer loss.

multiple_choice

7. 根據《保險業條例》下保監局(保險業監管局(Insurance Authority,IA))現行的發牌制度,若某實體或個人擬在香港經營受規管活動,必須歸類於特定的持牌類別。假設某金融集團欲整合其保險分銷渠道,以下哪一項組合完全不屬於保監局所定義的「特定持牌中介人」或其「持牌負責人員」的法定稱謂? --- According to the current licensing system of the Insurance Authority (Insurance Authority, IA) under the Insurance Ordinance, if an entity or individual intends to operate regulated activities in Hong Kong, it must be classified into a specific licensed category. Assume that a financial group wants to consolidate its insurance distribution channels. Which of the following combinations does not fall within the statutory title of "specified licensed intermediary" or its "licensed responsible officer" as defined by the IA?

multiple_choice

8. 在保險法理中,「彌償」原則的核心在於將受保人恢復至緊接損失發生前的財務狀況。現有四種保單合約,請根據其給付性質與法律約束力,判斷哪一項在發生理賠時,保險人必須嚴格遵循「精確財務補償」而非「約定金額給付」或「慰撫金性質」的原則? --- In insurance jurisprudence, the core of the "indemnity" principle is to restore the insured to the financial position immediately before the loss occurred. There are four existing insurance contracts. Based on the nature of the benefits and legal binding force, please determine which one requires the insurer to strictly follow the principle of "accurate financial compensation" rather than "payment of an agreed amount" or "nature of solatium" when a claim occurs?

multiple_choice

9. 在處理重複保險的賠償實務中,若要透過保單條文對衡平法下的「分擔法則」預設權利進行「破壞性修改」或「限制」,下列哪些組合的描述最為完整且準確? I. 透過「非貢獻條款」宣告保單為超額保險,從而規避比例分擔責任。 II. 藉由「比例責任條款」限制保險人僅需承擔其應佔份額,而非先行全額賠付後再行追討。 III. 利用「代位權放棄條款」直接取消其他保險人之間的分擔請求權。 IV. 引入「平均賠償條款」以確保分擔基數僅限於足額投保部分。 --- In the compensation practice of handling duplicate insurance, if it is necessary to "destructively modify" or "limit" the default rights under the "law of contribution" under equity through policy provisions, which of the following combinations is the most complete and accurate description? I. Declare the policy as excess insurance through the "non-contribution clause" to avoid proportional sharing of liability. II. The "proportional liability clause" restricts the insurer to only bear its share, rather than paying the full amount of compensation first and then pursuing recovery. III. Use the "Waiver of Subrogation Clause" to directly cancel the right to share claims between other insurance companies. IV. Introduce an "average compensation clause" to ensure that the contribution base is limited to the fully insured portion.

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10. 根據保險投訴局(Insurance Complaints Bureau,ICB)的現行職權範圍及處理程序,在不考慮其他特殊法律程序的前提下,下列哪一宗個案最可能被保險投訴局受理並作出裁決? --- According to the current terms of reference and handling procedures of the Insurance Complaints Bureau (ICB), without considering other special legal procedures, which of the following cases is most likely to be accepted and adjudicated by the Insurance Complaints Bureau?

multiple_choice

Practice Questions

From: IIQE 卷一 保險中介人資格考試題庫|唔使再靠雞精

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1
根據《保險業條例》,下列哪項情境中的行為,在不考慮任何特定豁免的情況下,最準確地描述了必須持有牌照方可進行的「受規管活動」? --- Under the Insurance Ordinance, which of the following scenarios of conduct most accurately describes a "regulated activity" that requires a license, without regard to any specific exemptions?
A某僱員在代表其僱主(保險經紀公司)與潛在投保人討論保險合約條款,並試圖說服其接受該條款 --- An employee is discussing the terms of an insurance contract with potential policyholders on behalf of his employer (an insurance brokerage company) and trying to persuade them to accept the terms.
B保險公司行政部門職員根據已核准的承保結果,執行保單繕發系統的最後列印及郵寄程序 --- The insurer's administrative department staff executes the final printing and mailing procedures of the policy issuance system based on the approved underwriting results.
C獨立理賠調查員受保險公司委託,就一宗複雜的火災損失進行現場勘查並撰寫事實調查報告 --- An independent claims investigator was commissioned by an insurer to conduct an on-site investigation and write a fact-finding report on a complex fire loss.
D保險代理人的秘書在辦公室內協助客戶填寫索償表格,並將表格轉交至保險公司的理賠部 --- The insurance agent's secretary assists the client in filling out the claim form in the office and forwards the form to the claims department of the insurer
2
在保險公司的財務穩健性管理中,某專業職能不僅需要透過隨機建模來釐定長期產品的技術保費,還必須在法定申報時,根據未來現金流的折現預測來確定保險合約負債(儲備金)。若某保險公司因投資環境劇變需重新評估其「償付能力邊際」及「負債估值」,下列哪一項專業職能的核心職責最能涵蓋上述所有技術層面? --- In the financial soundness management of insurance companies, a professional function not only needs to determine the technical premiums of long-term products through stochastic modeling, but also must determine insurance contract liabilities (reserves) based on discounted forecasts of future cash flows during statutory reporting. If an insurer needs to reassess its "solvency margin" and "liability valuation" due to drastic changes in the investment environment, which of the following professional functions has the core responsibility that best covers all the above technical aspects?
A損失公估人:負責在索償發生後評估損失程度及保單賠償責任 --- Loss Adjuster: Responsible for assessing the extent of losses and policy liability after a claim occurs
B核保人:負責根據既定費率表進行風險選擇、分類及決定個別契約的承保條件 --- Underwriter: Responsible for risk selection, classification and determining the underwriting conditions of individual contracts according to the established rate schedule.
C精算師:運用數學模型進行風險定價、負債評估及確保公司具備法定的償付能力 --- Actuary: Use mathematical models to price risks, evaluate liabilities and ensure that the company has legal solvency
D財務總監 (CFO):負責整體的資金調度與會計報表呈現,但不直接執行精算建模與儲備金精確估算 --- Chief Financial Officer (CFO): Responsible for overall fund scheduling and presentation of accounting statements, but does not directly perform actuarial modeling and accurate reserve estimation
3
在處理財產保險索償時,保險人選擇以「重置」 作為履行損害賠償 義務的方式。若要確保此舉既能充分補償被保險人,又不違反「禁止因保險獲利」的原則,下列哪項是保險人在評估該受保物件性質時最關鍵的先決條件? --- When handling property insurance claims, the insurer chooses to use "replacement" as a way to fulfill its liability for damage compensation. To ensure that this can fully compensate the insured without violating the principle of "prohibition of profit from insurance", which of the following is the most critical prerequisite for the insurer when assessing the nature of the insured property?
A該物件必須屬於法定強制保險類別,如汽車第三者責任保險,以確保重置成本受法律保障 --- The item must fall under a legally compulsory insurance category, such as automobile third party liability insurance, to ensure that the replacement cost is legally protected
B該受保物件在損失發生時的市價與其原始取得成本之間,不存在顯著的折舊或價值減損 --- There is no significant depreciation or impairment in value between the market value of the insured property at the time of the loss and its original acquisition cost.
C保險契約中必須包含「新換舊」條款,否則任何形式的重置均會導致被保險人不當得利 --- The insurance contract must include a "new for old" clause, otherwise any form of replacement will lead to unjust enrichment of the insured.
D損失的近因必須屬於不可抗力之自然災難,而非人為盜竊,以排除道德風險對重置成本的影響 --- The proximate cause of the loss must be a force majeure natural disaster rather than man-made theft to eliminate the impact of moral hazard on replacement costs.
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