2013
FUNDAMENTALS OF INSURANCE
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) Premium is the share of profit payable by the insurer to the insured.
2) Insuring a life or a property with two insurance companies simultaneously called re-insurance.
3) General Insurance business was nationalized in the year 1972.
(B) Fill in the blanks: 1x4=4
1) The question of third party administrator (TPA) arises in respect of _______ insurance.
2) Material facts should be disclosed during _______ stage of the policy.
3) Principle of indemnity does not apply to _______ insurance.
4) The head office of United India Insurance Co. Ltd. is situated at _______.
(C) Select the correct answer: 1x3=3
1) Who is termed as national reinsurer?
a) National Insurance Co. Ltd.
b) The Oriental Insurance Co. Ltd.
c) United India Insurance Co. Ltd.
d) General Insurance Corporation of India.
2) In which year IRDA Act was passed?
a) 1956.
b) 1972.
c) 1999.
d) 2000.
3) The head office of GIC is situated at:
a) Kolkata.
b) Mumbai.
c) Delhi.
d) Chennai.
2. Write brief answer to the following question: 2x5=10
a) State the meaning of surrender value.
b) What is meant by nomination?
c) Define reinsurance.
d) State two features of unit-linked policy.
e) What is pension plan?
3. Write short notes on any four of the following: 5x4=20
a) Group insurance.
b) Moral hazard.
c) Insurance broker.
d) Surveyor and loss assessor.
e) Personal accident insurance.
f) Insurance ombudsman.
g) Revival of lapsed policy.
4. What are the basic principles of insurance? Explain each of them briefly. 10
Or
Discuss the advantages of insurance to a business concern. 10
5. Distinguish between: 5+5=10
1) Whole life policy and endowment policy.
2) Insurance and wagering agreement.
Or
Define ‘material facts’. State the material facts that must be disclosed by a proposer of an insurance contract. 2+8=10
6. Explain the procedure of claims settlement under a fire insurance policy. 10
Or
Discuss the procedure of taking out a marine insurance policy.
7. State organizational pattern of GICI. Name three private sector insurance companies operating in Assam. 10
Or
State the essential qualities of a successful insurance salesman. Under what circumstances a licence of an agent is cancelled?
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