Ace the 2026 LIBF Challenge – Elevate Your Banking & Finance Game!

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards

From $12.50Unlock all

Session length

1 / 20

What does 'product governance' mean in the context of insurance?

Marketing products to new customers.

Limiting product availability to reduce risk.

Ensuring products meet customer needs, are priced appropriately, and are reviewed for continuing suitability.

Product governance in insurance ensures that products are designed, priced, and continually reviewed to stay suitable for customers. The best answer captures three key ideas: the product should meet customer needs, its price and charges should be fair and appropriate for the risk and costs involved, and there must be ongoing reviews to confirm it remains suitable for the target market over time. This means defining a clear target market, providing clear information, and monitoring how the product performs in practice—adjusting or withdrawing it if it no longer delivers fair value or appropriate protection. Marketing or restricting access alone isn’t governance, and ignoring customer feedback would undermine the entire process.

Ignoring customer feedback.