IC01 (LICENTIATE) Principles of Insurance -13

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Q1.When should one take the steps to reduce the risks?
 Before the peril strikes
 While the peril strikes
 After the peril strikes
Only options 1 and 2
Only options 2 and 3
 
Q2.Which of these Government bodies does not contribute to the Solatium Fund?
 Central Government
 State Government
 General insurers
 Municipal Corporations
 None of the above
 
Q3.In which of these insurance is a cashless facility available?
 Term Insurance
 Fire Insurance
 Life Insurance
 Marine Insurance
 Health Insurance
 
Q4.When a risk is retained, the implication is that ___.
The cost of damage caused will be borne by the person responsible for the damages
 The cost of damage caused will be borne by IRDAI
 The cost of damage caused will be met by relatives and friends
 The cost of damage caused will be met with internal resourses
 None of the above
 
Q5.In which of the below cases has the insurer breached the principle of utmost good faith?
 Promises are made about returns or bonuses in future
 Premium is collected without looking at the applicability of rebates allowed by the insurer
 The proposer is advised not to mention the fact that he was on leave for two weeks
The proposer is not informed that the use of a sprinkler system may affect the premium
 All of above
 
Q6.Which of the following statements is INCORRECT with reference to complaints to the insurance Ombudsman?
Any delay in settlement of the claim
 Any partial or total repudiation of claims by the insurance companies
 Non-issuance of any insurance document to customers after receipt of premium
 Any dispute on the legal construction of the policy wordings in case such dispute relates to claims
 Cases where redressal amount is less than Rs 10 lakhs
 
Q 7.In Insurance terms, PML stands for __.
 Part Manageable Loss
 Protocol Management Laws
 Prime Management Live
 Probable Minimum loss
 Probable Maximum loss
 
Q8.A broker who places an insurance business with a primary insurer is known as ___.
 Reinsurance broker
 Composite broker
 Direct broker
 Primary broker
 None of the above
 
Q9.The risk which can lead to bankruptcy is best described as ___.
 Financial
 Dynamic
 Catastrophic
 Static
 Speculative
 
Q10.With reference to insurance agents, which of these statements is INCORRECT?
 The remuneration of agents is by way of commissions
 They are appointed by insurance companies
 They are licensed to sell both life and non-life insurance
 They have to get a license from IRDAI to conduct insurance business
 The license of an insurance agent is valid for 3 years at a time

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