IC45 GENERAL INSURANCE UNDERWRITING - 01

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Q1._____ is the intimation given by an insurer to the insured, informing him of the expiry date of the existing policy and the date before which he should review his policy by paying the premium mentioned in the notice.
   a) Cover note
   b) Exclusions
   c) Renewal notice
   d) Deductible
 
Q2.Internal tariff rated products is an example of______.
   a) Class rated products
   b) Individual rated products
   c) Exposure rated products
   d) Insurance of large risk
 
Q3.When the insurer makes a policy according to the needs of the policyholders by developing a policy tailor-made to the risk exposure is called______.
   a) Customised insurance policy
   b) Package policy
   c) All risk policy
   d) None of the above
 
Q4.Which underwriting means that the insurer should only offer insurance of risks that are quantifiable and manageable and where the premium can be properly assessed?
   a) Careless
   b) Prudent
   c) Rash
   d) Discret
 
Q5.Authority has the right to question terms and /or issue directions. Say whether True or False.
   a) True
   b) False
 
Q 6. Which includes products where rates, terms, and conditions, are determined depending on the actual past experience of the insurance company relating to claims?
   a) Class rated products
  b) Individual experience-rated products
   c) Premium rated products
   d) None of these
 
Q7.What is defined as the price per unit of insurance against each exposure unit?
   a) Degree
   b) Rate
   c) Comparision
   d) Estimate
 
Q8.Under which of the following system is a range establishment for insurance rates?
   a) File and Use Laws
   b) Flex Rating Regulation
   c) Use and File System
   d) Prior Approval System
 
Q9.Giving insurers the freedom to decide the pricing of their products is known as____.
   a) De-tariffing
   b) Re-tariffing
   c) Free-tariffing
   d) Market-tariffing
 
Q10.Determining the requirements for compiling and analyzing data on sums insured is the responsibility of:
   a) The Actuary
   b) The Lawyer
   c) The Board of Directors
   d) The CFO

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