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Category: IC45 GENERAL INSURANCE UNDERWRITING – 08

IC45 GENERAL INSURANCE UNDERWRITING – 08

Que. 1 : Q1) The Appointed Actuary has a responsibility for which of the following Regulator’s forms?

   1.  a) Form A

   2.  b) Form B

   3.  c) Form C

   4.  d) Form D

Que. 2 : Q2) Which of the following products is also described as ‘Special Contingency polices’?

   1.  a) Exposure rated products

   2.  b) Individual experience rated products

   3.  c) Internal tariff rated products

   4.  d) Packaged/customise products.

Que. 3 : Q3) Which certificate is given by the Appointed Actuary confirming that he has certified the product after studying the requirements of the File and Use Guidelines in relation to the design and rating of insurance product?

   1.  a) Form A

   2.  b) Form B

   3.  c) Form C

   4.  d) Form D

Que. 4 : Q4) If the premium underwritten is more than claims paid and expenses referred then the underwriter has made a _____________.

   1.  a) Profit

   2.  b) Loss

   3.  

   4.  

Que. 5 : Q5) If: Pure Premium = Rupees 7,500/-, Fixed Expense for Exposure = Rupees 1,250/- Variable Expense Factor: 17.5%, and Profit and Contingency Factor = 5%; the Rate per Unit of Exposure is :

   1.  a) Rs 1 1,290/-

   2.  b) 8.857%

   3.  c) 8.857%

   4.  d) Rs 8,065/-