GEN IMPORTAT QUESTIONS 2014

S NO Questios Aswers

1 Which association is formed under Actuaries 2006 Institutes of Actuaries

2 Which of the act deals with the risk of the companies dealing with hazardous substances

Public liability act 1991

3 In which year Public Liability insurance act was passed 1991

4 In which year ECGC (Export credit Guarantee Corporation) is formed 1957

5 Many companies for early and easy claims settlement also form the separate divisions known as Claim Hub

6 In the case of disputes arising in claim settlement who settles the claim Arbitration

7 the event whose Occurrence actually leads to the loss Peril

8 Sum assured (S.A) largely depend on Age and Financial conditions

9 Perils - Specific event which might cause a loss.

10 In insurance contract the principal of Utmost good faith aims to provide information - Voluntary

11 The intermediate who reach the insurance Market most Agents

12 An agent is responsible for his acts to the The insurer

13 Health insurer and TPA works on behalf of who in the claims settlement of health insurance policies.

Non-life insurance

14 In the Public liability policy if the claim of fatal accident arises which document is also needed? Police report

15 Premium charged in general insurance company is normally calculated for? 12 Months

16 In the insurance contract "Uberrima Fides" means? Meeting of minds

17 Which section of the consumer act deals with appealing in national commission? Section 19

18 Training hours for CA/CS/ICWA/MBA professionals prescribed by IRDA 25 Hrs

19 In insurance policies the premium charged has to be paid? In advance

20 In the case of Temporary Partial Disablement in the personal accidents policies the weekly amount paid is? Rs 1000/- per

week (max 3 week)

21 In the marketing the win win situation arises when ? Negotiation

22 To cover the Unlimited liability for death, injury in the motor insurance what type of insurance cover is available?

Motor third party insurnace

23 If any Unknown person forcefully enters your premises for the purpose of stealing, this type of risk is covered

under? Burglary Insurance

24 When theft is done by employees /relatives then it is not covered under? Burglary insurance

25 The replacement claim is made to the complainants in reinstatement policy it is ? Insurer’s liability

26 Which principal stops you from making profit out of losses Indemnity

27 The replacement value in case of Reinstatement policy is calculated ___ less depreciation. Market value

28 Premium calculated for short duration Short period scales

29 what do you mean by ethical behavior a behavior with persons moral value

30 Insurance works on the principal of sharing of Losses

31 which type of risk are insurable as in it only the chances of loss and insurance are to compensate for losses? Pure risk

32 The preliminary receipt in case of general insurance in the absence of policy which shows the risk cover? Cover note

33 In insurance the Revenue account, profit and loss account and balance sheet is signed by? Auditor

34 Arbitrator is appointed by Mutually by both parties.

35 If there are more than one arbitrator than decision will be ? Umpire appointed by both arbitrator

36 Earthquake fall under act of god peril Catastrophic Risk

37 Nomination fall under section 39 of insurance act 1938

38 Assignment fall under section 38 of insurance act 1938

39 To send renewal notice to the policyholders is the duty of __________. Insurer

40 Consumers protection act passed in _______. 24-Dec-86

41 ____________ is the right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a

means of recovering the amount of the claim paid to the insured form the third party . Subrogation

42 IRDA Head office is located at? Hyderabad

43 If a property is mortgaged to bank than at the time of claim settlement claim will be paid to the Bank

44 Health insurance is a contract between Insured and ___________ Insurer

45 If there is no proposal form signed by the policyholder and information are provided in orally than insurer will consider the

proposal on these information’s within……………. 15days

46 Overseas medical policy will start from ___________________ India,. the date to journey to back

47 If a merchandise kept his all jewelery in one place in the evening than he can Retention of risk

48 EAR Stands for? Erection all risk policy

49 ALOP Stands for? Advance Loss of Profits Policy

50 CPM Stands for? Contractor Plants & Machinery Policy

51 MLOP Stands for? Machinery Loss of Profits Policy

52 MCE Stands for? Marine Cum Erection Policy

53 CAR Stands for? Contractors All Risks Policy

54 TPA Stands for? Third party administrator

55 SEBI Stands for? Securities and Exchange Board of India

56 III Stands for? Insurance institute of India

57 CBDT Stands for? Central Board of Direct Taxes

58 TAT Stands for? Turnaround time

59 IRDA Stands for? Insurance Regulatory Development Authority

60 IGMS Stands for? Integrated grievances management system

61 PIL Stands for? Public Interest Litigation

62 IDV Stands for? Insured declared value

63 GIBNA Stands for? General insurance Business nationalization

64 RTI Stands for? Right to information

65 RTO Stands for? Regional transport office

66 In how many categories surveyor and loss assessors defined? 7 classes

67 Insurance surveyor also undertakes the work of? Investigation

68 Insurance is taken for _________. Investment and protection

69 Which documents is necessary with the vehicle when driving on the road Vehicle insurance

70 For disputes regarding claims where we go to when our amount is 100 lakh ? State forum

71 If a person wants to start sale works then he wants to know about? Target market

72 Section 64 VB of the Insurance Act Premium has to be paid in advance.

73 Validity of cover note is usually for a period of a fortnight and rarely up to 60 DYAS

74 Rate is ________________ Not same as premium

75 On how many loss we can appoint the surveyor Rs 20000/-

76 Insurance company issue another card other than identity card Smart card for Cashless Facility

78 In overseas medi claim policy if the claim arise abroad, loss of passport etc happen he should contact to?

Local Medical Advisor

79 what is Pure premium Premium sufficiently big enough to pay for losses only

80 Jewellery policy covers-gold ,silver ornaments, cash, pearls, precious stones etc

* Loss or damage to property whilst contained in the premises by fire, explosion, lighting Section -I

* All risk cover when property is in the custody of insured/his partners Section II

* All risk cover such property is in transit through registered post., air freight Section -III

* Cover for trade and office furniture and fitting in the premises against the risk. Section -IV

81 How much is the minimum requirement for the starting insurance business in India. Rs 100 Crore

82 In India the _____________ is empowered to regulate the insurance industry Central Legislature

83 the state commission president should be a ___________ High court judge

84 Which type of Fire Policy cover stock at various location under one sum insured? Floating policy

85 Section140 of the motor vehicles act 1988, provides for liability of the owner of the motor vehicles to pay compensation in

certain cases on the principal of no fault how much is the compensation payable for death in such cases. Rs 25000

86 In case of motor Insurance which document is considered as the only evidence of existence of valid insurance by

policeauthorities and RTO Certificate of Insurance

87 The sharing of a claim b/w two insurers is called ____________ Contribution

88 A subrogation claim is recovered from the third party and? Or which other party? Client's Insurers

89 After Independence how many year Non-Life company________ 25 Years

90 First Insurance Company In India which city. Calcutta

91 If any person loses Two eyes, Two legs etc____________ which policy personal accident policy

92 Section 201 under _________ Termination of agency

93 Who is responsible to inform about the renewal of policy for insurer and intimate the expire date of policy? Insurer

94 Free look-in period 15 days

95 Investigation is done for which type of claim Non standard claims

96 If the premium is charged for short term for short duration policies then it is calculated on? Short seals

98 What is as same as Workmen Compensation? Contractor's Compensation

99 Provision for Arbitration does not apply in? Marine

100 What is the full form of AML/CFT? Anti money laundering/counterfoil terrorism

101 When IRDA is formed ? 2000

102 In which section of IRDA 2000 its roles and duties are mentioned? Section 14

103 Fatal Act was passed in which year? 1855

104 Redressel of Public Grievance Rules 1998 passed on? 11 Nov 1998

105 What does in contract act the word caveat emptor means? Let the buyer be aware

106 Duty of Disclosure is an_________in the insurance contract Obligation

107 When more than one members of the family are covered in a single plan which plan benefits them at the time of medical

expenses? Health

108 Under which section of Jewelers block policy the immovable property in the premises covered? section 1

109 If there is situation of "Particular risk in the Insurance policy which of the following is not covered? Speculative risk

110 For insurance an asset must have_____________value? Economic

111 If an agent has full knowledge regarding the product , clients renewal etc what does it shows? Responsiveness

112 The Premium in fire insurance is calculate considering (i) market value(ii) reinstatement value(iii)sum insured (I) & (II)

113 Which of the following work also done by surveyor? Investigation

114 Under which standalone policy is issued? Health

115 If the claim is filled due to loss by cyclone which report in addition is required with claim form? Meterialogical report

116 Premium on annual policies is charged________________wheras ______________on short term policies. once, frequent

117 In personal accident, cover issued worldwide on___________basis. 24 hrs

118 If any person plan for his risk according to "self risk" mechanism then it is? Risk reduction

119 If risk is not transferred by an individual and he decided to keep the same what does it shows? Risk retention

120 In motor insurance renewal, the insured's attention is to be drawn to revise___________________insured(i.e the insured value

of vehicle) in the light of current requirements? Sum

121 At the time of claim in motor insurance _____________is also considered while calculating age of vehicle? Depreciation

122 In considering the rate mechanism in premium calculation is called? Ratemaking

123 In calculating the premium on occupation basis risk is charged_______dependent on hazards? risk 1,2,3

124 Surveyor is performing his duties taking care of the needs of? Interest of insurer and Insured

125 Under which section of insurance act 1938 there is mention of social security and also emphasis on need of insurance?

Section 32

126 If the vessel is spending on storage, repair and maintenance it is? Running expenses

127 While giving storage policy which of the following is not considered? Profit and sale of goods

128 The detail in the proposal form regarding the customer's age and other features is beneficial to whom? Insurer

129 In today’s time when one has_____________individuals increase theeeds of householders insurance? High net worth

130 Which of the following is only a works as a register for keeping clients information? Prospective client data

131 In cashless facility some insurance companies ask to inform________________before hospitalization? 48 hrs

132 Where a proposal form is not used the insurer shall record the information obtained orally or in writing and confirm it within

period of ? 15 Days

133 Ombudsman is appointed under Public grievance rules

134 Total disability and death covers accident insurance are available in ____________ Accident Insurace

135 When any person has long lasting interest in any asset or we can say attached till death then it shows he has?

Insurable Interest

136 No claim bonus in motor insurance recognizes which of the following? Moral hazard

137 To start a career in sales the salesman should start as? Agent

138 Under micro insurance policy, the policy document provided on? Vernacular language

139 What type of risk is not insurable ? Certain

140 NBFC stand for Non banking Finance corporation

141 General insurance business (nationalization) act pass in the year 1972

142 Agent who have Both license General and life is called Composite agent

143 Insurance is a contract between Insurer & insured

144 Surveyor is appointed for ____________________ of the property investigation and loss assessment

145 Public liberty act covers _______________________ No fault liability.

146 Total disability Refers to Permanent total disability.

147 A Sale is act of giving product in return of ______________ Premium.

148 First Insurance Company is _____________________ Oriental Life Insurance Co. Ltd.

149 Insurance Works on the principal of ___________________ sharing Risk.

150 Documentation is require for understanding between the _________________ insured and insurer.

151 Risk determines the _____________ of risk. level

152 Surveyor can appoint under section 64UM for amount __________________ Rs 20,000/-.

153 In cashless facilities the insured contact to Hospital network

154 _____________ is work for both life and general Insurance company Composite agent

155 First non life insurance company comes in _____________________ 1956

156 Many complicated surgical procedures have been simplified and do not require more than a day's stay in the hospital or less

than 24 hours at times; for e.g., lithotripsy, cataract etc. Centre where such procedures are carried are known as. Day Care Centre

157 After state forum decision __________ given to the insure company for the final decision. 30 Days

158 Fishing vessels , selling vessels, dredger and vessels in the course of construction fall under ___________Hull insurance

159 _____________ covers Death arising out of accident. Personal accident policy

160 _____________ is paid for the property by the insure under reinstatement policy Replacement

161 _____________ is not considered as permanent total disablement. Loss of hearing in both ears

162 Renewal Notice for motor insurance is issued by ____________ . the insurer before expiry of the policy.

163 _____________ is not covered under standard fire and special perils policy Earthquake

164 Communication process: Source - Encoding - Channel - Decoding –Receiver.