Que. 1 : Q1) Who refers to the company that designs, endorse and sells insurance policies to the individuals?
1. a) Insured
2. b) Insurer
3. c) Agent
4. d) Principal
Que. 2 : Q2) Refund of premium is subject to retention of ____ of provisional premium.
1. a) 25%
2. b) 50%
3. c) 75%
4. d) 90%
Que. 3 : Q3) Which is a basic requirement for sustenance of insurance business on sound lines and insurer has to take this task with utmost seriosness in view of competitive scenario and regulatory requirements?
1. a) Frequency and severity of claims
2. b) Reduction in combined ratio
3. c) Underwriting audit
4. d) Underwriting profitability
Que. 4 : Q4) The insurer is not permitted to offer any product for sale until all queries pertaining to the product have been satisfactorily resolved after filling. Say whether True or False.
1. a) True
2. b) False
Que. 5 : Q5) What does Underwriting mean?
1. a) Attending to the Nominations
2. b) Scrutinising and making decision on proposals
3. c) Attending to Assignments
4. d) Tracking the performance of either parties