IC01 (LICENTIATE) Principles of Insurance - 09

Aug 14, 2021 - 07:22
Sep 14, 2022 - 10:27
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Q1.Step-up option(s) available to increase the sum assured include ____.
 marriage
 purchase of a house
 childbirth
 certain policy anniversaries
 All of the above
 
Q2.All insurers transacting life insurance business are members of the __.
 General Insurance Council
 Life Insurance Council
 Institute of Actuaries of India
 Tariff advisory committee
 Malhotra committee
 
Q3.Settlement in product liability cases has caused management to take precautions to reduce both the risk of product liability losses and the cost of liability insurance. Which of the following is NOT a way to reduce product liability risk?
 To test products for safety problems that can arise from proper or improper use
To include thorough and explicit directions with the products
 To warn customers about the hazards of using the products incorrectly
 To design products that use non specified recycled material
 None of the above
 
Q4.Which is/are the factors that help to identify risks and analyze them?
 Data credibility
 MPL ( Maximum Probable Loss )
 PML ( Probable Maximum Loss )
 All of the above
 None of the above
 
Q5.Mohan goes to the hospital to get treated for his fractured arm and Soham goes to a theatre to watch a movie. Both are customers, but what is the difference in their situations?
 For Mohan, its compulsory to get admitted but for Soham, its not compulsory to see the movie
 The condition of Mohan is that of anxiety whereas Soham is not under any stress
 Both will not suffer if they change their minds
 All the above are correct
 Only ‘1and ‘2's are correct
 
Q6.Which of these options is/are Static Risk?
 Fire in an individuals house
 Tsunami
 Facebook IPO fumble
 All of the above
 None of the above
 
Q 7.Which option is dissimilar from the other four options?
 Exclusions
 Gross direct
 Loss ratio
 Solatium fund
 Expense ratio
 
Q8.____ is constituted by State Govt. for speedy settlement of road accident claims solatium fund etc.
 The Motor vehicles act
 Marine insurance act
 The limitations act
 The railway claims tribunal act
 Motor accidents claim tribunal
 
Q9.Rajesh had given a loan to Kailash of Rs 50000 for a period of 3 years. At the end of 2 years, Kailash had paid Rs 40000 to Rajesh. As per the principle of insurable interest, how much is the insurable interest of Rajesh in the life of Kailash?
 Rs 50000
 Rs 40000
 Rs 90000
 Rs 25000
 
Q10.To collect for a covered loss under a property insurance contract, an insurable interest must exist ___.
 At the inception of the contract
 At the time of loss
 Both 1 and 2
 Neither 1 nor 2
 None of the above

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