IC45 GENERAL INSURANCE UNDERWRITING - 05

Mar 13, 2022 - 07:11
Sep 8, 2022 - 06:57
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Q1.___is a contract of insurance between a primary insurer and a reinsurer whereby the primary insurer transfers a part of its business to the reinsurer in return for a commission called the ceding commission.
   a) Exclusions
   b) Reinsurance
   c) Conditions
   d) Warranties
 
Q2.In order to be able to use the claims experience of a different portfolio, the portfolio in question has to be put into a suitable form and represented as a loss distribution. This presentation of loss distribution in graphical form, in the form of curves, is known as ______.
   a) Experience curve
   b) Schedule curve
   c) Exposure curve
   d) None of these
 
Q3.___ making is the process of calculating a price the future cost of insurance claims and expenses, including a margin for profit.
   a) Amount
   b) Estimate
   c) Rate
   d) General
 
Q 4. Who is a senior officer appointed by the insurer to ensure compliance with the requirements of the 'F and U' guidelines?
   a) Chief executive officer
   b) Compliance Officer
   c) Appointed Actuary
   d) Advocate
 
Q5.The main purpose and the objective of underwriting are deciding the level of acceptability, adequacy of premium, and other terms for such as____.
   a) Name transfer
   b) Authority transfer
   c) Risk transfer
   d) Transmission
 
Q6.The preferred rate represents the highest rates offered by an insurer for its coverage. Say whether True or False.
   a) True
   b) False
 
Q7.Is the amount that is calculated using actuarial techniques aimed at ensuring that the insurer earns profit even after payment of certain claims?
   a) Interest
   b) Premium
   c) Maturity amount
   d) None of these
 
Q8.The limit of acceptance is basically the limit of sum insured up to which the operating office can underwrite the risk without referring to the ______.
   a) Commissioner
   b) Agent
   c) Controlling Office
   d) Principal
 
Q 9. Any communication received from a policyholder shall be responded to within ____ of its receipt.
   a) 10 days
   b) 15 days
   c) 30 days
   d) 45 days
 
Q10.Which of the following system represent a compromise between the prior approval system and the no-file system?
   a) File and Use Laws
   b) Flex Rating Regulation
   c) Use and File System
   d) None of the above

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