INSURANCE PRODUCTS

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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