Q-11- As per the Insurance Act, every insurer has to prepare at the end of financial year
- Balance Sheet
- Profit and Loss Account
- Revenue Account for each class of Insurance business
- Accounts of receipts and payments in respect of share-holders’ funds
- All of the above
Option-5 Every insurer has to prepare all above at the end of financial year.
Q-12-The Third Party Administrator’s(TPA) role mainly involves
- Sending renewal notices
- Arranging for reinsurance
- Canvassing business for the insurer
- Checking and paying insurance claims
- Issuing documents on behalf of the insurer
Option-4 TPA main role is to checking and paying claims.
Q-13-The Third Party Administrator’s(TPA) Provides which facility for claims?
- Cashless
- Reimbursement
- Both above
- None above
Option-3 TPA on behalf of Insurance company provides Cashless or Reimbursement facility.
Q-14- Can a single Hospitalization, claim from two mediclaim policy?
- No
- Yes
- Depends on Insurer
- None of above
Option-2 Single Hospitalization calim can be claimed under two mediclaim policies, subjected to principle of contribution by each insurer.
Q-15- Time Policies are related with
- Fire insurance
- Hull Insurance
- Motor vehicles insurance
- Personal Accident insurance
- Workmen’s Compensation insurance
Option-2 Time policies are related with Hull policies under Marine Insurance Act 1963.
Q-16- Which clause specifies the perils insured in a scheduled form of policy?
- Recital Clause
- Preamble Clause
- Operative Clause
- Attestation Clause
- Consideration Clause
Option-3 Insured peril details are mentioned in operative clause of policy.
Q-17- Which of the following types of insurance is mandatory?
- Product Liability
- Professional Liability
- Motor Own Damage
- Personal Accident Insurance
- Motor Third Party Legal Liability
Option-5 Motor Policy Third party legal liability is mandatory in India.
Q-18-The minimum paid up capital required for a General Insurance Company is Rs. _______
- 25 crores
- 50 crores
- 75 crores
- 100 crores
- 200 crores
Option-4 For any General insurance company minimum paid up capital requirement is 100 cr.
Q-19-In ‘Hit and Run’ cases, claims are settled from ___________
- Solatium Fund
- Motor Third Party Pool
- IRDA’s contingency Fund
- State Government’s funds
- Insuring Company’s reserves
Option-1 Solatium Fund.
Q-20- The full form of FPA as used in insurance
- Fire Perils Added
- Fixed Peripherals Added
- Freight Payable Assured
- Free of Particular Average
Option-4 Free of Particular Average
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