Que. 1 : Q1) When an insurer cedes its business, it

   1.  a) charges a reinstatement premium

   2.  b) seeks a contribution from another insurer

   3.  c) subrogates against an insured third party

   4.  d) transfers risk to a reinsurer

Que. 2 : Q2) With whom has the Premium rates, Policy terms and Underwriting guidelines have to be filed ?

   1.  a) Insurance regulator

   2.  b) RBI

   3.  c) Controller of insurance

   4.  d) Policy holders association

Que. 3 : Q3) As per the Insurance Act every insurer has to prepare at the end of financial year

   1.  a) Balance Sheet, Profit and Loss account

   2.  b) Accounts of receipts and payments in respect of share-holders

   3.  c) Revenue Account for each class of Insurance business

   4.  d) All of the above

Que. 4 : Q4) A policy covering a single shipment or consignment is known as __________.

   1.  a) Single policy

   2.  b) Open policy

   3.  c) Special policy

   4.  d) Specific policy

Que. 5 : Q5) The major life insurers in the world are located in which continent ?

   1.  a) Asia

   2.  b) Europe

   3.  c) North America

   4.  d) South America