IC01 (LICENTIATE) Principles of Insurance - 09
Q1.Step-up option(s) available to increase the sum assured include ____. |
marriage |
purchase of a house |
childbirth |
certain policy anniversaries |
All of the above |
Q2.All insurers transacting life insurance business are members of the __. |
General Insurance Council |
Life Insurance Council |
Institute of Actuaries of India |
Tariff advisory committee |
Malhotra committee |
Q3.Settlement in product liability cases has caused management to take precautions to reduce both the risk of product liability losses and the cost of liability insurance. Which of the following is NOT a way to reduce product liability risk? |
To test products for safety problems that can arise from proper or improper use |
To include thorough and explicit directions with the products |
To warn customers about the hazards of using the products incorrectly |
To design products that use non specified recycled material |
None of the above |
Q4.Which is/are the factors that help to identify risks and analyze them? |
Data credibility |
MPL ( Maximum Probable Loss ) |
PML ( Probable Maximum Loss ) |
All of the above |
None of the above |
Q5.Mohan goes to the hospital to get treated for his fractured arm and Soham goes to a theatre to watch a movie. Both are customers, but what is the difference in their situations? |
For Mohan, its compulsory to get admitted but for Soham, its not compulsory to see the movie |
The condition of Mohan is that of anxiety whereas Soham is not under any stress |
Both will not suffer if they change their minds |
All the above are correct |
Only ‘1and ‘2's are correct |
Q6.Which of these options is/are Static Risk? |
Fire in an individuals house |
Tsunami |
Facebook IPO fumble |
All of the above |
None of the above |
Q 7.Which option is dissimilar from the other four options? |
Exclusions |
Gross direct |
Loss ratio |
Solatium fund |
Expense ratio |
Q8.____ is constituted by State Govt. for speedy settlement of road accident claims solatium fund etc. |
The Motor vehicles act |
Marine insurance act |
The limitations act |
The railway claims tribunal act |
Motor accidents claim tribunal |
Q9.Rajesh had given a loan to Kailash of Rs 50000 for a period of 3 years. At the end of 2 years, Kailash had paid Rs 40000 to Rajesh. As per the principle of insurable interest, how much is the insurable interest of Rajesh in the life of Kailash? |
Rs 50000 |
Rs 40000 |
Rs 90000 |
Rs 25000 |
Q10.To collect for a covered loss under a property insurance contract, an insurable interest must exist ___. |
At the inception of the contract |
At the time of loss |
Both 1 and 2 |
Neither 1 nor 2 |
None of the above |