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Category: IC45 GENERAL INSURANCE UNDERWRITING – 12

IC45 GENERAL INSURANCE UNDERWRITING – 12

Que. 1 : Q1) Named peril policy providing coverage for direct loss can be either a___________or a___________.

   1.  a) Package policy; Special policy

   2.  b) Single peril policy; Multi peril policy

   3.  c) Basic policy; Cover policy

   4.  d) None of the above

Que. 2 : Q2) Which of the following decisions is incorrect when a risk is not deemed to be outside underwriting standards, but is considered to be of high risk within those standards?

   1.  a) Issue the policy with a high premium

   2.  b) Issue the policy with limited benefits

   3.  c) Issue the policy on a preferred basis

   4.  d) Issue the policy with certain exclusions

Que. 3 : Q3) ______________ must develop new strategies and deploy technologies to automate and manage the underwriting process better.

   1.  a) Insured

   2.  b) Insurer

   3.  c) Agent

   4.  d) Policyholder

Que. 4 : Q4) ______________ is that part of the premium in a policy which is being earned as the risk period progresses.

   1.  a) Increasing premium

   2.  b) Earned premium

   3.  c) Decreased premium

   4.  d) None of these

Que. 5 : Q5) The necessary premium modalities are complied with, the reinsurer binds the agreement by issuance called as ___________.

   1.  a) Retention

   2.  b) Treaty slips

   3.  c) Portfolio

   4.  d) None of these