IC11 - LICENTIATE - Practice Of General Insurance 7

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Q 1. With a minimum premium of Rs 15, what is the sum assured offered in a Janta Personal Accident policy?

Rs 20000

Rs 22500

Rs 25000

Rs 27500

Rs 30000

Q 2. On what basis is the risk premium calculated?

Value of people insured

Number of people insured

Profit & Loss Ratios

Average profit ratios

Average loss ratios

Q 3. Which of these perils is excluded under the inland transit (B) clause?

Collision of vehicles

Derailment of railway wagons

Malicious damage

Breakage of bridges

Lightning

Q 4. If the loss amount exceeds the overlying limit, the balance will revert to _______.

Insurer

Re-insurer

Insured

Underwriter

TPA

Q 5. In marine insurance, the Special declaration policy can be applied by individual companies having a minimum turnover of Rs __________.

1 crore

2 crore

3 crore

4 crore

5 crore

Q 6. Vessels under steam or pressure, boilers, steam pipes, air receivers, etc. are insurable under __________.

Vessels insurance

Fire insurance

Engineering insurance

Boiler insurance

Marine insurance

Q 7. A catastrophic event can cause huge strain on the _______ funds.

Insured

Insurer

Solatium

Underwriters

Contingency

Q 8. How are rates quoted in Marine cargo insurance and burglary?

Total amount basis

Round off basis

Recurring basis

Percentage basis

Point basis

Q 9. All insurers have to prepare what type of account?

Cash book

Balance sheet

Income & Expense statement

Company register

Reconciliation statement

Q 10. Regulatory Issues is an example of ________ risk.

Operational

Strategic

Compliance

Financial

Knowledge management

Q 11. The insurance companies are dealt with mainly by State Insurance Funds.

Private companies in a particular State

State Government owned companies

Unlisted State companies

Local Government owned companies

Multi-National owned companies

Q 12. Motor insurance policy for private or commercial vehicles is also known as ________.

Vehicle Damage policy

Liability only policy

Declaration policy

Floating policy

Accident policy

Q 13. Settlement of claims is an important function of which organization?

Mutual Fund organization

Insurance organization

NGO's

Service organization

Govt. organization

Q 14. _________ are large losses that may occur on rare occasions but have a devastating effect on an organization.

Catastrophes

Speculative

Chronic

Fundamental

Dynamic

Q 15. The information which is obtained from the proposal form, the details of risk inspection, etc are fed into the computers. This procedure is called ______.

Policy Procedure

Duty Procedure

Agreement Procedure

Documentation Procedure

Implementation Procedure

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