T.Y B.COM
SEMESTER - 6
INSURANCE PRODUCTS
(IP)
1. Business of insurance risk is
ans : Uncertainty
2. Who has said "Risk is uncertainty & uncertainty is one of the fundamental fact of life".
ans : Frank H. kinght
3. Insurance may be defined as a
ans : social device
4. Insurance is a devise to protection against _________.
ans : risks
5. Sir willam Bevridges The collective bearing of risk is ________.
ans : Insurance
6. insurance may be reduce or eliminate __________ to life & property.
ans : risk of loss
7. Business of Insurance is _________ to Risk.
ans : Transfer
8. The Objective of general Insurance is get.
ans : Protective against the financial loss
9. ___________ is system of protection against financial loss in which risk shifted in certain sum of money to loss occurs.
ans : Insurance
10. Principle of indemnity is applicable to
ans : Life Insurance
11. _________ is co-operative device from of distributing a certain risk over a group of person who are exposed to it.
ans : Insurance
12. For the purpose of ascertaining the insurance premium the volume of risk is evaluate, which forms the base of
ans : Insurance contract
13. The amount of payment in __________ depends on the nature of loss occured, subject to a maximum of the sum insured.
ans : Indemnity Insurance.
14. How many function of insurance
ans : Three
15. Prof. Hopkin observe
"Insurance is protection against economic loss by sharing the risk with other" he futher adds
"Insurance protection against __________.
ans : Economic loss
16. Insurance is a device where by the __________ rise may be made _________.
ans : uncertain, more certain
17. Risk is the basis for determining ___________.
ans : Premium rate
18. Insurance is a device which help to change from
ans : uncertainty to certainty
19. The function of insurance is primarily to _________ the uncertainty of events
ans : decrease
20. Insurance is the device for
ans : Spreading or distributing risk
21. _________ cautions individual and businessmen to adopt suitable device to prevent unfortunate consequences or risk by observing safty
instruction
ans : Insurance
22. ___________ formed by insurance alerts the people about future risk and uncertainties through publicity measures
ans : The loss prevention association of India
23. Sharing of risk is _________ function of insurance
ans :Primary
24. Insurance is a compulsory way of saving and it restricts the unnecessary expense by insured. True / false
ans : True
25. The LIC has made available more than ___________ to major financial institution in the country
ans : Rs.2,100 crore.
26. ________ play important role in socio-economic prosperity of country
ans : Insurance
27. Insurance is source of ___________.
ans : Investment
28. "A property effected insurance programme will contribute the maintenance of ____________".
ans : economic independence
29. Insurance premium is deducted from
ans : Gross income and this really investment
30. __________ facilitate planning for old-age and dependent's need like
marriage of children, their education, housing loan etc.
ans : life insurance plan
31. Life insurance posses ________ psychological advantage
ans : Tremendous
32. _________ also contribute towards increasing the goodwill of people
ans : Insurance
33. No business can survive without __________
ans : Insurance
34. Insurance companies can help supporting family of businessmen paid _________.
ans : Insurance claim
35. The cost of subject matter insured is determined in advance there by the cost of product can fixed
ans : Accidental Insurance
36. The employee interest can be secured by _________.
ans : Insurance
37. Insurance helps in the development of foreign trade by making insurance claim against
ans : losses of ship and cargo
38. _________ runs seven such centers in the country
ans : Life insurance corporation
39. Maximum people are employs in general insurance corporation and in four subsidies companies
ans : More then 70,000
40. _________ people are employed in life insurance corporation
ans : 1,25,000
41. The four subsidiary companies of general insurance corporation has set up 70% company known as _________.
ans : The loss prevention associate of India
42. Insurance is way of _________.
ans : earning and saving
43. Insurance can be an important power of
ans : Social change
44. in increase the National saving by way of the people toward insurance premium
ans : Small contribution
45. Insurance is a business used on principle of
ans : Co-operation
46. An insurable interest is an interest such a nature that the provisory would be financially injured by the _______ of the event insured against
ans : Occurrence
47. A contract of insurance is a contract based on
ans : Utmost good faith
48. information relating to structure of assets, nature of goods, condition of godown, activities of the firm
ans : Fire insurance
49. ________ the duty of disclosure ends with the completion of the contract
ans : Life insurance
50. Amount of indemnity =
ans : Policy amount x actual loss / Market value of subject matter on date of loss
51. Contribution =
ans : SA with individual insures / Total sum assured × loss
52. _____________ is condition that increase the chance of loss to the subject matter of insurance
ans : Hazzards
53. Classify the collected information based on
ans : Qualitative and quantitative
54. The original life insurance company __________.
ans : In 1818 in Calcutta
55. General insurance also has its origins in the
ans : kingdom
56. GIC
ans : General Insurance company
57. In 1993 govt of India appointed committee to lay down road map for opening up to the insurance sector to private sector participation
ans : R. N. Malhotra
58. FDI
ans : Foreign Direct Investment
59. MOF
ans : Ministry of finance
60. An organize of department of post, govt. of India which is discharged on behalf of ministry of finance
ans : Postal life insurance
61. ________ scheme is operate through post office insurance fund which forms part of public account
ans : Postal life Insurance
62. PAO's __________
ans : pay account offices
63. RPLI
ans : Rural postal life insurance
64. Rural postal life insurance come into recommendation of official committee for reform in insurance sector
ans : Malhotra Committee
65. Which gives the highest return with the minimum premium charged for any product of market
ans : Life insurance market
66. Money back policy with maximum sum assured of
ans : Rs.5,00,000
67. Who has eligibility of postal life insurance children policy
ans : Father/mother
68. The department has introduced ____________ under PLI/RPLI with effect from 20th January 2006
ans : Children policy
69. How many child in family will be eligible to take children policy
ans : Two
70. Malhotra Committee recommended FDI in insurance sector
ans : 49%
71. Prohibition of payment by way of commission or otherwise for purchasing business
ans : section 40
72. IRDA
ans : Insurance Regulatory and development Authority
73. Management of IRDA website address is ___________
ans : www.irda.gov.in
74. IRDA as on regulatory body regulate only life insurance
ans : False
75. If consists of all the members and associate members of the
association who carry on life insurance in India
ans : The life insurance council
76. How many person connected with general and life insurance business.
ans : Five
77. IRDA as on regulatory body of insurance industry was established in the year 1818. (True / False)
ans : False
78. Postal life insurance is covers only
ans : Central and state govt. employee
79. Nomination is not mandatory in life insurance,
ans : False
80. Establishment of Bombay mutual life assurance society in 1871 Indian were charged on extra premium upto _________ % as compare britishers.
ans : 20%
81. DDO's
ans : Drawing and Disbursing Offices
82. Submission of the statement of working expense of the PLI section to the
ans : Central PLI Office, Calcutta
83. How many percentage of rebate for payment of 12 month permiar in advance
ans : 2% rebate
84. Investment laid down that ________ of net liabilities of on british insurer should invested in Indian govt.
ans : 55%
85. Policy not to be called in question on ground of mis - statement before two years U/S 45
ans : False
86. Postal life insurance plan payment of arrears premium with rate of interest in santosh plan.
ans : 12%
87. AEA and joint life assurance for which __________ examination is compulsory
ans : medical
88. __________ shall maintain in addition to the register of member to be maintained under Indian companies Act
ans : Public company
89. Postal life insurance started in
ans : 1/2/1884
90. Postal life insurance scheme, whole country has been divided into postal circles
ans : 23
91. Eligibility for handicapped person maximum sum assured .
ans : Rs.1,00,000
92. Where the policy grants deferred annuity in consideration of more than one premium 5% of each renewal premium payable on the policy
ans : False
93. IRDA Act introduced in
ans : 1999
94. IRDA life insurance corporation Act in ________
ans : 1956
95 ___________ of the IRDA act 1999 lays down the duties powers C function of IRDA
ans : Section 14
96. According to sec. 64 C of insurance act 1938 consists of all the member and as social member of the association who carry on general insurance business in India
ans : General Insurance Council
97. Function of the executive committee of the general insurance council according to section __________.
ans : 64 L
98. Licensing of Insurance agent U/S __________.
ans : 42
99. Any person making default in complying with the provision of this section shall be punishable with fine extent to __________.
ans : Rs.500
100. A separate account of receipts and payment and for period covered account furnished
ans : Revenue Account
101. The GIC was established by central govt. in accordance with the provisions of companies act 1956 it commence business in
ans : 1973
102. The postal life insurance scheme is operate through _________ forms part of public a/c
ans : Post office insurance
103. Endowment scheme of RPLI are same as corresponding scheme of PLI expect that the minimum sum assured _________ and maximum sum assured ________
ans : Rs.10,000 and Rs.3 Lakhs
104. The non-medical policies the maximum limit of sum assured is _______ rural PLI policies
ans : Rs.25,000
105. The outside India shall be _________ furnished to controller four certificate copies in english language of every B/S, account report
ans : Sec 15 (1)
106. Authority of members of the association to act through agents U/S
ans : Section 64 d
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