Assignment: 1
Instructions:
Number of Questions: 30
Maximum Marks: 30
Each question carries 1 Mark.
All questions are compulsory.
Attempts: 1
1
______ committee suggested the re-opening up of the insurance sector to private
players.
Nrasimham
R.N.Malhotra
Goyal
K.N.Malhotra
2
________product offered by insurance companies that, unlike a pure insurance policy,
gives investors both insurance and investment under a single integrated plan?
Money Back Plan
Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
3
A person is “presumed to be dead” only after?
3 years
5 years
7 years
9 years
4
Broker’s Association of India was granted recognition by IRDA on?
12/11/2001 12:00:00 AM
12/11/2002 12:00:00 AM
12/11/2003 12:00:00 AM
12/11/1999 12:00:00 AM
5
Following are the middlemen in the healthcare delivery chain in insurance sector.
surveyors
Loss assessors
brokers
TPAs
6
In the case of group insurance the amount of premium is depends upon_______.
Types of Insurance
Amount of Insurance
Terms of Insurance
Period of Insurance
7
In which Policy, if the policyholder survives till the end of this period, the risk cover
lapses, and no insurance benefit payment is made to him/her?
Money Back Plan
Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
8
In which Policy, the insurer agrees to pay the assured or his nominees a specified sum
of money on his death or on the maturity of the policy whichever is earlier?
Money Back Plan
Unit-linked insurance plan
Endowment Plans
Annuity Plans
9
It refers to distribution of insurance products through banking institutions.
Bancassurance
company
Co-operatives
Sole trader
10
It increases the frequency of loss.
Peril
Subjective Risk
Hazard
Objective Risk
11
Life insurer provides guarantee for unit values?
True
False
12
Losses arising due to a risk exposure retained or assured is known as ________
Risk reduction
Risk financing
Risk retention
Risk sharing
13
Many Proposals are Underwritten and Accepted for Insurance, without calling for a
Medical Examination. This Form of Underwriting, is referred to as
Healthy Underwriting
Non-Medical Underwriting
Non-Adverse Underwriting
General Underwriting
14
Select the expanded form of SV as commonly used in life Insurance.
selected value
stamp value
surrender value
survivor value
15
Speculative risks are insurable?
True
False
16
The concept of bancassurance originated in?
France
USA
England
Italy
17
The contract of insurance is usually applicable only to pure risks.
True
False
18
The Insurance Broker represents the client’s interest?
True
False
19
The Insurance is a ____
Contract
Uncertainty
Peril
Hazard
20
The LIC of India was set up in_____to take over 245 life companies.
1955
1956
1957
1958
21
The premium actually paid by the policy holder depends upon?
Wealth of the person to be insured
The level of risk assessed by the insurer
the tables of rates printed by the insurer
Agents report
22
The principle of utmost good faith applies only to life insurance?
True
False
23
The principle of utmost good faith is operative only for two years?
True
False
24
The success of whole process of risk management depends on its ?
Identification
Risk analysis
Assessment of risk
Evaluation of risk
25
What is called the right of the an insurer to refuse admittance of the claim by the
insured ?
reinsurance
indemnity
repudiation
Actuarial valuation
26
What is full form of FPA in the context of marine underwriting?
Foreign Policy Association
Free of Particular Average
Free Port Association
Food and Perishable Accounting
27
Which among the following is not a pure risk?
Personal risk
Property risk
Loss of income risk
Strategic risk
28
Which hazard increases the probability of loss due to dishonesty or character defects
of an insured?
Moral
Morale
Legal
Physical
29
Which is the Process, an Insurance Company uses, to recover the Claim-Amounts,
paid to a Policy-Holder, from a Negligent Third-Party.
Underwriting
Nomination
Subrogation
Contract
30
Which of the below is an example of an endowment asurance plan?
Mortgage Redemption Plan
Credit Line Insurance Plan
Money Back Plan
Whole Life Plan
Assignment: 2
Instructions:
Assignment 2 is based on the following text/paragraph of case study/situational exercise etc. You first
need to read this text and then answer the following MCMR i.e. Multiple choice multiple response
questions.
Number of Questions: 5
Each question carries 2 Mark
All Five Questions are Mandatory.
Attempts: 1
Over a period, companies have realized that their employees are integral to their success and one of
their most important assets. And like every other asset, companies should look forward to insuring
this asset as well. With the rise of the internet, the boom in the smartphone industry, and the
emergence of digital-first insurers, companies have a good option in this regard—Employee Health
Insurance. Companies are not required to provide health insurance for their workers. However, when
a potential employee considers working for a particular company, healthcare insurance is a
significant factor. While it may be beneficial for employers, offering healthcare packages to
employees could prove problematic due to its high cost. Employer-based healthcare also helps in
preventing unauthorized absence in the workplace. Companies that offer healthcare insurance to
their workers must consider all the pros and cons of such benefits. As for its advantages, potential
candidates will find career opportunities that include healthcare coverage to be more attractive. For
example, a potential worker will even take a job with a lower salary offer if it includes health
insurance, which can also benefit a company in the long run. A company that depends on labour
efficiency will always witness the benefit of strong, healthy workers. Companies can also receive tax
benefits by offering its employees a health package. In terms disadvantages, the constant increase in
the cost of health insurance is also a factor to consider. Insurance premiums for workers are factored
into the cost of labour which may fluctuate depending on the coverage purchased by the company as
well as conditions in the market. There is also the issue of negligence and whether companies may be
liable for any mistakes, increasing the probability of fines or lawsuits, and thereby increasing their
financial burdens. Small businesses suffer even more since the administrative cost for health package
benefits are significantly disproportionate to their profits compared to major corporations. Health
insurance is effective for deterring workers from being absent for illness-related reasons. In such
situations, employees are required to provide a medical certificate, and paid sick leave is only
determined by the employer, which also helps to reduce absenteeism. However, if sick leave exceeds
the allotted paid period, a worker must submit the required medical certificates that explain the
reason. In cases when a company refuses to provide further sick leave, an employee has the right to
sue an employer; thus, a company may face a fine or lawsuit. Companies providing healthcare
insurance must consider both legal and cost advantages and disadvantages before purchasing
coverage to their employees.
1
2 A potential worker will even take a job with _____ offer if it includes _____, in the above case study.
a lower salary
health insurance
high salary
life insurance
3 What are the benefits to the companies after offering health packages to workers?
perfect auditing
monetary benefits
loyalty from employees
tax benefits
4 Insurance premiums for workers are factored into the cost of labour which may fluctuate depending on
_________by the company as well as________.
the coverage purchased
the workers financial positions
conditions in the market
atmosphere around
5 For an employee to join a company offering health care insurance is beneficial because of ______ &
_______.
financial security
medical assurance
holiday offers
training seminars
6 Companies providing healthcare insurance must consider both ____ and____ advantages and
disadvantages before purchasing coverage to their employees.
personal
spiritual
cost
legal
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