Q-11- Insurance companies who band tohether as self-insurers and form an organization, that is chartered and licensed as an insurer.
- Risk groups
- LIyod group
- Risk Retention group
- Risk Managers group
Option-3 A risk retention group is a state-chartered insurance company that insures commercial businesses and government entities against liability risks.
Q-12- An Insurance cover aims to protect borrowing of a borrower through an insurance arrangement
- Retrocession
- Risk retention group
- Credit Life insurance
- none of above
Option-3 Credit life insurance is a type of life insurance policy designed to pay off a borrower’s outstanding debts if the borrower dies.
Q-13- Which of the following refer to damage property, through which an insurer reduces its share of claim?
- Salvage
- Retention
- Facultative
- Retrocession
Option-1 Salvage is called remnant of the damage property portion, which an insuer takes charge and use its value to reduce its total portion of claim.
Q-14- A Broker who deals in both Life and General insurance services is called
- An Agent
- An Intermediary
- Composite broker
- An individual broker
Option-3 Composite Broker deals in both Life and General Insurance services and products.
Q-15- Policies mentioned each covered Perils is called as
- Umbrella policy
- Named peril policy
- All risk cover policy
- Comprehensive policy
Option-2 Named peril policy mentioned all covered perils specifically in policy document.
Q-16- Which is an example of unnamed peril policy
- IAR policy
- Fire policy
- Multi peril policy
- Machinery insurance
Option-1 An Industrial all risk(IAR) policy is a comprehensive unnamed peril policy, which provide an umbrella protection to an industrial set up.
Q-17- what is top-up cover in Health insurance?
- It is a seperate policy
- It is an additional cover
- This cover use first before one’s main sum insured
- This cover use for other ailments mentioned in policy document
Option-2 Top-up cover is an additional cover over and above the basic sum insured. It will use after the exhausation of basic sum insured.
Q-18- Insurance policy which cover the claims arising out of during policy period but filed many years later on
- Fixed term Insurance
- Occurence based policy
- Consequential loss policy
- None of above
Option-2 Such policies are Occurence based policy, where claims could cover later years filing too.
Q-19- Risks which affect a large population at same time are called as
- Pure risk
- Liability risk
- Property risk
- Physical risk
Option-3 Property risks affect large population at same time like flood, strom etc.
Q-20- _________ is the amount which an insured receives at the time of claim.
- Insured benefit
- Escrow benefit
- Earned benefit
- Cumulative benefit
Option-1 Insured benefit is the amount which an insurer receives at the time of claim.
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