IC45 GENERAL INSURANCE UNDERWRITING - 13
| Q1. The ____ is used to indicate rate charges rather than rates per se. |
| a) Loss ratio method |
| b) Pure premium method |
| c) Both the above |
| d) Neither of the above |
| Q2.Which policy is issued when the insured is not able to declare separate value of stock in each godown but is able to declare the total value of all his stocks in various specified godowns? |
| a) First Declaration policy |
| b) First Loss policy |
| c) First Floating policy |
| d) None of these |
| Q3.____ is the technique and process of protecting the insurer's balance sheet and financial stability by effectively managing each of the portfolios of risk that the insurance company underwrites. |
| a) Retention |
| b) Co-insurance |
| c) Portfolio management |
| d) Renewal notice |
| Q4.The regulations lay down various stipulations to be followed by insurance companies with regards to which of the following? |
| a) Point of sale |
| b) Proposal for insurance |
| c) Grievance redressal procedure |
| d) All of these |
| Q5.Normally, every insurance company enters into negotiated agreements for the ensuing _____ prior to the commencement of the ensuing financial year. |
| a) 30 days |
| b) 45 days |
| c) 60 days |
| d) 90 days |
| Q6.Loss ratio, Expense ratio, and Combined ratio are used to? |
| a) to measure of profit of the business |
| b) to measure the profitability of underwriting operations |
| c) to measure the policy sold |
| d) None of these |
| Q7.Insurance packages like Homeowner's Comprehensive or Shopkeeper's Comprehensive or Banker's Blanket insurance come under which rated products? |
| a) Class rated products |
| b) Exposure rated products |
| c) Individual experience-rated products |
| d) Insurance of large risks |
| Q8.Insurance ombudsman details shall be communicated to the insured along with the policy document and as may be found necessary. Say whether True or False. |
| a) True |
| b) False |
| Q9.Reference is also made to the _____ to ensure that the sum insured accepted is within these limits. These limits vary according to the type of risks and are determined on the basis of reinsurance arrangements. |
| a) Decline risks |
| b) Reinsurance arrangements |
| c) Inspection report |
| d) Limits of acceptance |
| Q10.Which rating is also based on the class rating method, but the difference is that the premium is adjusted according to the actual losses of the individual customers? |
| a) Individual rating method |
| b) Class rating method |
| c) Loss ratio method |
| d) Pure premium method |