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Tuesday, May 21, 2019

Gauhati University Question Papers:Fundamentals of Insurance (Nov-Dec’ 2012)

Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. Answer the following as directed:                                                    1x10=10

a)         General Insurance Corporation of India (GIC() now acts as a _______. (Fill in the blank)
b)         In life insurance, insurable interest must prevail at the time of _______ of a policy. (Fill in the blank)
c)          Third party administrator is applicable in case of marine insurance. (State true or false)
d)         Perils of the sea are not covered by a marine insurance policy. (State true or false)
e)         A boy or girl below the age of 18 years cannot be brought under a life insurance policy cover. (State true or false)
f)          National Insurance Company, New India Assurance Company, Oriental Insurance Company and United India Insurance Company now act as a subsidiary of GICI. (State true or false)
g)         In case of fire insurance policy, a fire claim is admissible only when the cause of fire or ignition is _______. (Fill in the blank)
h)         In case of marine insurance policy, a claim of loss arising from the reason of deviation of the usual course of route or path by the ship, is not admissible. (State true or false)
i)           Under the doctrine of subrogation, after the insured is fully indemnified for the loss of the goods he has sustained, the right of ownership of such property passes on to the insurer. (State true or false)
j)           To be eligible to become an insurance agent, a person must undergo a mandatory training and obtain a certificate from. (Find out the true option)
1)         GICI.
2)         TRDA
3)         LICI
4)         Ministry of Commerce, GOL.
2. Write brief answer to the following in about 100 words each:                  2x5=10
a)         State the meaning of risk insured against.
b)         State the meaning of insurance agent.
c)          Give the meaning of claim.
d)         What is premium?
e)         State the meaning of insurance.
3. Write short notes on any four of the following:                                5x4=20
a)         Livestock insurance.
b)         GICI’s mission and functions.
c)          Assignment and nomination in a life policy.
d)         Types of marine insurance policy.
e)         Reinsurance.
f)          Functions of an insurance agent.
4. Discuss the origin of insurance and its development.                            10
Explain the essential conditions of a valid insurance contract.                 10
5. Discuss the procedure of taking out a life insurance policy.                  10
Elaborate the procedure of settlement of claims in respect of marine insurance.            10
6. Discuss the entry of private sector insurance organizations in India and scope left for them.                    10
Explain the need for the procedure of motor vehicle insurance in India.                 10
7. Describe the services of surveyors and loss assessors in insurance sector.        10
What are the eligibilities to become an agent? How is agency terminated?      10


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