Q-11- Which one of the following documents will be issued by the Insurance company on receipt of subsequent premiums after the first premium?
- Revival Premium Receipt
- Restoration Premium Receipt
- Reinstatement Premium Receipt
- Renewal Premium Receipt
Option-4 Renewal Premium Receipt
Q-12- Identify the circumtances under which the policy holder would need to appoint an appointee
- Insured is Minor
- Nominee is Minor
- Policy holder is not of sound mind
- Policy holder is not married
Option-2 When Nominee is Minor, in such case policy holder would need to appoint an appointee.
Q-13- Below mentioned are the IRDAI’s authority to frame regulations relevant to prime issues related to the functioning of the industry. Select ODD ONE out from these.
- Training of Agents
- Appointment of Actuary
- Protection of Policyholders’ Rights
- Guidelines on Investments and Expenses
Option-2 Appointment of Actuary
Q-14- Who among the following decides whether insurance cover is to be granted or not ?
- Agents
- Actuaries
- Underwriters
- Development Officers
Option-3 Underwriters
Q-15- The term Underwriter was developed in the early days of ___________ insurance in the ___________ of London.
- Life ; Restaurant
- Fire ; Restaurant
- Marine ; Coffee House
- Motor ; Coffee House
Option-3 The term Underwriter was developed in the early days of Marine insurance in the coffee House of London.
Q-16- Risk Engineers are also known as ______________
- Risk Surveyors
- Risk Consultants
- Risk Control advisors
- Risk Control surveyors
- All of the above
Option-5 All of the above
Q-17- Who is the also known as the “Eyes of the Underwriters”?
- Agents
- Actuaries
- Risk Surveyors
- Medical Examiners
Option-3 Risk Surveyors are known as the “Eyes of the Underwriters”.
Q-18- Which is the department where service is most important and can affect the relationship between the insurer and its customer?
- Claims
- Underwriting
- New Business
- Policy Service
Option-1 Claims
Q-19- Which activities of the Claims handler does not comes under the process of investigation?
- Checking for fraud indicators
- Checking the validity of a claim
- Investigate the areas of Recovery
- Liasioning with the police and lawyers
Option-3 Investigate the areas of Recovery
Q-20- Which of the following is included in the task of recovery in the claims process?
- Salvage
- Subrogation
- Contribution
- All of the above
Option-4 All of the above
These Insurance GK questions are based on Risk Management and Practices followed in the industry. Awareness of e-IA and practices followed in managing and maintaining various accounting standards.
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