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Tuesday, May 21, 2019

Gauhati University Question Papers:Fundamentals of Insurance (Nov-Dec’ 2016)

Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. (A) State whether the following statements are true or false:                1x3=3

1)         General insurance is a contract of indemnity.
2)         Premium is the share of profit payable by the insurer to the insured.
3)         Life Insurance Corporation of India was nationalized in the year 1972.
(B) Fill in the blanks:                                                                 1x4=4
1)         Any complaints, grievance against an insurer can be lodged with insurance.
2)         In life insurance, insurable interest must exist, when the contract is _______.
3)         _______ is an important element of valid insurance contract.
4)         Principle of indemnity does not apply to _______ insurance.
(C) Select the correct answer:                                            1x3=3
1)         Which of the following is not a principle of insurance?
a)         Utmost good faith.
b)         A desired to do insurance.
c)          An insurable interest.
d)         A contract of indemnity.
2)         Mention where the insurable interest does not exist.
a)         Debtor – creditor.
b)         Husband – wife.
c)          Father – son.
d)         Teacher – student.
3)         Which of the following is not a general Insurance Company constituted in the year 1972?
a)         New India Insurance Co. Ltd.
b)         Reliance General Insurance Co.
c)          Oriental Fire & General Insurance Co.
d)         National Insurance Co. Ltd.
e)         United India Fire & General Insurance Company Ltd.
2. Write brief answers to the following about 100 words each:               2x5=10
a)         Insurable Interest.
b)         Principles of Life Insurance.
c)          Personal Accident Insurance.
d)         Insurance Ombudsman.
e)         Insurance Salesmanship.
3. Write short notes on any four of the following:                             5x4=20
a)         Essentials of Insurance.
b)         Economic Nature of Life Insurance.
c)          Meaning of Fire Insurance.
d)         Insurance organization.
e)         Third party administrator.
4. Write down the differences between insurance and wagering agreement.                  10
Explain how insurance and economic development are related to each other.
5. Define ‘material facts’. State the material facts that must be disclosed by a proposer of an insurance contract.        10
Distinguish between endowment policies and term assurance plan of life insurance business.     10
6. In present day business environment, fire insurance has become very essential insurance policy. Examine the importance of fire insurance in the context of above statement.               10
Explain the procedure for taking Marine Insurance Policy.                   10
7. Discuss the differences between the organisation structure of LICI and GICI.         10
Discuss the procedure of becoming an insurance agent and discuss his rights.    10


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