IC01 (LICENTIATE) Principles of Insurance -14

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Q1.A broker who places an insurance business with a primary insurer is known as __.
 Composite broker
 Reinsurance broker
 Primary broker
 Direct broker
 None of the above
Q2.Who makes periodic valuations of the funds and reserves of life insurers and certifies their solvency margins?
 Chief Financial Officer
Q3.Health insurance has become very popular and is also commonly called __.
 Sickness cover
 Family cover
 Combo health plans
Q 4. The person, individual, or company that grants insurance protection is known as __.
Q5.What does the term ' Exclusion ' mean in insurance terminology?
 The limits on expenses of an insurance company
 The perils which are excluded from insurance cover
 Conditions to be met in order that the promise of the insurer is operational
 Tables showing expectations of death and illness
 Amendments to the standard conditions printed in the policy
Q6.An insurance contract is a contract under which __ accepts significant insurance risk from ___ by agreeing to compensate the policyholder by __if a specified uncertain future event (the insured event) adversely affects the policyholder in consideration of money called ____. A) The Sum Assured B) The Insured C) The Premium D) The Insurer.
 A, B, D, C
 D, C, A, B
 C, A, D, B
 B, D, C, A
 D, B, A, C
Q7.The compensation paid to industrial workers for losses due to accidents while at work and the circumstances in which it is payable are mentioned in the ____.
 Labour Act
 Companies Act
Workmen Compensation Act
 Insurance Act
Q8.Who regularly scrutinizes the books of accounts maintained by the insurers?
 Authorised Chartered Accountants
 Insurance Regulatory and Development Authority (IRDA)
Insurance Institute of India (III)
 Controller of insurance
 Insurance council
Q9.A portion of the insurance company's income is required to be held back as a reserve to provide for ____ as prescribed by IRDA.
 paying Income Tax
 the Claims
 acquiring new business
 solvency margin
 the awards
Q10.__ is not a common term to both Traditional and Linked life insurance policies.
 Maturity value
 Sum insured
 Premium frequency

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