Que. 1 : Q1) Householders insurance covers
1. a) Only the structure of the home
2. b) Only the Contents of the home
3. c) Both the structure and contents
4. d) Both Structure and contents only when insured is not at home
Que. 2 : Q2) Two main sources of Income for an Insurance Company are Investment Income and __________
1. a) Claims Salvage
2. b) Risk Management
3. c) Reinsurance Commission
4. d) Underwriting Income
Que. 3 : Q3) What is an endorsement?
1. a) A peril or contingency specifically excluded from the cover of the policy.
2. b) The first portion of a loss which the insured agrees to bear.
3. c) A stipulation used to limit the nature of the risk under an insurance policy which must be complied with by the insured.
4. d) An amendment which changes a policy
Que. 4 : Q4) Which of the following are standing charges?
1. a) Insurance premiums
2. b) Rent
3. c) Interest on loans from banks
4. d) All of the above
Que. 5 : Q5) Incurred claims are the value of paid and outstanding claims for the year after deduction of ________ at the end of the previous year.
1. a) Brought over balances
2. b) Surplus balances
3. c) Fiscal deficit
4. d) Claims outstanding