IC45 GENERAL INSURANCE UNDERWRITING - 04

Que. 1 : Q1) A discount on premium is offered if perils are deleted from the standard policy. Say whether True of False.

   1.  a) True

   2.  b) False

   3.  

   4.  

Que. 2 : Q2) IT applications are necessary in insurance underwriting because of which of the following reasons?

   1.  a) Impact of globalisation

   2.  b) Challenging market conditions

   3.  c) Slow and inefficient traditional methods of insurance process

   4.  d) All of the above

Que. 3 : Q3) Underwriter, instead of depending their expertise, may resort to either Short changing the ______ by trying to offer a lower cover than what is sought or leading the insurer to under pricing by short changing the ________.

   1.  a) Customer

   2.  b) Premium

   3.  c) Premium , customer

   4.  d) Customer , Premium

Que. 4 : Q4) Before opting for reinsurance, insurance companies decide on keeping some risks underwriting with them. This business portion which is kept by the insurance company is known as________________.

   1.  a) Withholding Limit

   2.  b) Retention Limit

   3.  c) Detention Limit

   4.  d) preservation Limit

Que. 5 : Q5) The insurer is permitted to offer any product for sale before IRDA confirms in writing that it has no further queries in respect of that product. Say whether True of False.

   1.  a) True

   2.  b) False

   3.  

   4.