IC11 PRACTICE OF GENERAL INSURANCE EXAM - 15
| Q1.On what is the cover of the stop-loss treaty is based? |
| Claims ratio |
| Sum insured |
| Premium |
| Loss amount |
| Size of loss |
| Q2.What is the maximum amount of sum insured under the Janta Personal Accident policy? |
| Rs. 25000 |
| Rs. 50000 |
| Rs. 75000 |
| Rs. 100000 |
| Rs. 150000 |
| Q3.The Insurance Policy is a formal document that provides ___ of the contract of insurance. |
| Intimation |
| Facts |
| Information |
| Details |
| Evidence |
| Q 4.What are the broad functions of the Tariff advisory committee? |
| Regulate share values |
| Regulate market rates |
| Regulate policy rates |
| Regulate claim value |
| Regulate the premium rates |
| Q5.Settlement of claims is one of the important functions in an __. |
| Service organization |
| Insurance organization |
| NGO |
| Industrial organization |
| Government organization |
| Q6.Insurers are in the business of taking risks at a cost. Cost is the premium to be paid by the insured and the risk is paying the claims for the subject matter when the same is damaged/ destroyed by the insured peril. None of the other stated options fits the role of an insurance organization. |
| Storm |
| Riot and amp; strike |
| Malicious damage |
| Aircraft damage |
| Explosion |
|
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| Q7.What is the primary source of income for an insurer? |
| Bonus |
| Remuneration |
| Commission |
| Premium |
| Discount in premium |
| Q8.Self-ignition damage is covered under which standard policy? |
| Personal accident |
| Motor package |
| Fire |
| Marine hull |
| Machinery Loss of profit |
| Q9.The amount above the per loss will be recovered from the ____. |
| Reinsurer |
| Agent |
| Policyholder |
| Company |
| Insurer |
| Q10.Under which head are the General Reserves categorized? |
| Liabilities |
| Contingency reserve |
| Capital reserves |
| Reserve and surplus |
| Loans and advances |