IC01 PRINCIPLES OF INSURANCE - 10

Que. 1 : Q1) Statement A : An ACTUARY DECIDES WHETHER TO ACCEPT THE RISK AND IF SO AT WHAT PREMIUM RATE? Statement B : An ACTUARY MAKE PERIODIC VALUATIONS OF THE FUNDS AND RESERVES OF LIFE INSURERS. Statement C : An ACTUARY CHECKS PREMIUM RESERVE IN RELATION TO INSURERS CLAIMS EXPERIENCE.

   1.  a) Statement A,B,C are TRUE

   2.  b) Statement A and B are Correct

   3.  c) Statement B and C are Correct

   4.  d) Only Statement A is correct

Que. 2 : Q2) Any transaction by a MRI with respect to buying an insurance policy will be subject to the rules laid down in________________.

   1.  a) The limitation act

   2.  b) Foreign exchange management act

   3.  c) Inheritance laws

   4.  d) Transfer of property act

Que. 3 : Q3) When the General Insurance Business Act was amended in 1999, the SIG was made_______________.

   1.  a) A life insurer

   2.  b) A general insurance council

   3.  c) National reinsurer

   4.  d) A general insurer

Que. 4 : Q4) In an insurance policy, Maturity Benefit is also known as______________.

   1.  a) Survival Benefit

   2.  b) Death Benefit

   3.  c) Death Cover

   4.  d) All of the above

Que. 5 : Q5) In case of Policies which has been assigned absolutely the claim payment will be made to

   1.  a) Assignor

   2.  b) Assignee

   3.  c) Policy Holder

   4.  d) Life Assured