IC45 GENERAL INSURANCE UNDERWRITING - 11

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Que. 1 : Q1) Where a proposal form is not used, the insurer shall record the information obtained orally or in writing and confirm it within a period of _______thereof with the proposer and incorporate this information in its cover note or policy.

   1.  a) 7 days

   2.  b) 15 days

   3.  c) 30 days

   4.  d) 45 days

Que. 2 : Q2) Which insurance is also called as Loss of profits(LOP) or Business Interruption (BI) ?

   1.  a) Insurance of property

   2.  b) Insurance of Earnings/profits

   3.  c) Insurance of Liability

   4.  d) Insurance of persons

Que. 3 : Q3) The process of underwriting helps the underwriter in deciding which of the following?

   1.  a) Whether to accept the risk

   2.  b) Whether to reject the risk

   3.  c) Whether to accept the risk or reject the risk

   4.  d) If accepted then the terms and conditions to be applied and the premium to be charged.

Que. 4 : Q4) Underwriting Process involves________

   1.  a) Decision on Risk Acceptance

   2.  b) Decision on Staff Recruitment

   3.  c) Decision on Investment

   4.  d) Decision on Employee benefits

Que. 5 : Q5) Which method is to estimate proportion of the loss for underlying policy that is expected in the entire portfolio?

   1.  a) Experience rating method

   2.  b) Exposure rating method

   3.  c) Loss ratio method

   4.  d) Schedule rating method