IC01 (LICENTIATE) Principles of Insurance -14
| 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? |
| PFRDA |
| RBI |
| Underwriter |
| Chief Financial Officer |
| Actuary |
| Q3.Health insurance has become very popular and is also commonly called __. |
| Sickness cover |
| Family cover |
| Floater |
| Mediclaim |
| Combo health plans |
| Q 4. The person, individual, or company that grants insurance protection is known as __. |
| Actuary |
| Underwriter |
| Guarantor |
| Sponsor |
| Insurer |
| 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 |
| IRDAI 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. |
| Bonuses |
| Maturity value |
| Sum insured |
| Exclusions |
| Premium frequency |