IC11 - LICENTIATE - Practice Of General Insurance 9

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Q 1. What is the method of reinsurance known as where the individual proposals are referred for reinsurance acceptance or otherwise?

Contractual Relationship

Treaty Reinsurance

Excess of loss

Quota share treaty

Facultative reinsurance

Q 2. Which part of the insurance policy introduces the Insurer and Insured?

Heading

Preamble

Operative Clause

Contractual Clause

Signature

Q 3. What presents a full picture of the risk for deciding the rates of premium for drafting the policy and incorporating warranties?

Risk inspection

Risk and radiation

Damage inspection

Premium rates inspection

Hazard inspection

Q 4. What has to be duly maintained for efficient management of cover notes?

Balance Sheet

Cash Book

Ledger

Register

Journal

Q 5. Motor vehicles are classified into ____ major categories.

1

2

3

4

5

Q 6. In whose name can the Special Declaration Policy CANNOT be issued?

Single name

Own name

Nominee name

Agents name

Joint names

Q 7. There is an increase in burglaries due to _______.

Fall in the stock markets

Economic Depression

Non-education

Unemployment

Deflation

Q 8. Premiums and claims are shown in accounts on _______.

Actual basis

Gross basis

Net basis

Claim basis

Earned basis

Q 9. Does ERF contribution form part of which act liability?

Public liability act

Insurance Act

Workmen Compensation Act

Motor Vehicle Act

Marine Insurance Act

Q 10. For insurance companies, the acceptance of a proposal is done by _____.

Actuaries

Agent

Underwriter

Insurance Executive

Policyholder

Q 11. What is the amount of claim payable under the franchise limit is 300 when the amount of loss is Rs 580/-

Rs 100

Rs 300

Rs 500

Rs 580

NIL

Q 12.
Which ratio should be regularly reviewed and reduced by an Insurance Company?

around 60-70%

around 60-80%

around 50-60%

around 40-55%

around 30-40%

Q 13. Which insurance provides cover against the death of animals like cows, bulls, etc. within the geographical area?

Animal insurance

Cattle Insurance

Farm Insurance

Agricultural equipment insurance

Domestic Livestock insurance

Q 14. The constitution of _______ was done as per the provisions of the Motor Vehicle Act.

MACT - Motor Accidents Claim Tribunal

FACT - Fatal Accidents Claim Tribunal

Motor Damages Act

Motor Vehicles Accident Act

Motor Tribunal Act

Q 15. The questions on Circumstances and Date of incident form a part of ________.

Contract form

Claim form

Proposal form

Policy form

Renewal Notice


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