Material facts are those That are specified to be so in the proposal That are considered to be so by the proposer That would influence the decision of the underwriter in accepting the risk That are specified so in the Insurance Act 1938
Answers
Answer:
please mark me as a brilliant list
Explanation:
. Insurance is a mechanism of
a) Risk retention b) Pooling of risk
c) Risk transfer d) none of the above
2. Insurance relates to
a) Avoidance of risk b) Pooling of risk
c) Protection of economic value of assets d) Minimisation of risk
3. The insurance products designed by the insurance Companies may not
a) Take care of the needs of individuals in different life stages
b) Provide varied investment options.
c) Provide flexibility and add-on benefits
d) Guarantee capital appreciation.
4. Which of the following statement does not characterize the Professional Insurance market
a) Transparency in its dealings with customers.
b) It keeps the interest of its customers at the forefront of all that it does.
c) That the customers get what they are looking for.
d) Will have profit making as its only motive.
5. The first insurance company to transact life insurance business in India was
a) Oriental Life Insurance Company b) Bombay Mutual Life Insurance Co.
c) Empire of India d) Madras Equitable
6. I.R.D.A was incorporated as a Statutory body in
a) December 1999 b) June 1994
c) April 2000 d) June 2001
7. Bancassurance as envisaged in India means
a) Designing and marketing of insurance products by commercial banks.
b) Guaranteeing the benefits of insurance products of insurance companies by Banks.
c) Banks acting as corporate agents of insurance Companies to cross-sell insurance products to
their own customers.
d) Offering free insurance cover for its customers.
8. Reinsurance means
a) Purchase of additional insurance by an insured person.
b) Bringing into force, a lapsed policy.
c) Insurers seeking transfer of risk to shield themselves from over insurance
d) An individual insuring with different insurance companies.
9. Currently major percentage of insurance sales in India takes place through
a) Insurance Brokers b) Corporate agents.
c) Bancassurance channel d) Individual insurance agents
10. Which of the following does not form part of the regular function of I.R.D.A.?
a) Ensuring smooth running of the insurance sector.
b) Granting of licenses to insurance companies, agents, intermediaries and Loss adjusters/
Surveyors.
c) Monitoring the solvency position of the insurance companies.
d) Fixing up the premium rates for the products of the insurers.
11. Code of conduct for insurance agents are specified in the
a) Insurance Act 1938 b) I.R.D.A. (Licensing of Insurance Agents) Regulation 2000.
c) I.R.D.A. Act 1999 d) Consumer Protection Act 1986
12. Insurance Companies provide cover only for
a) Specified Risks b) Unspecified risks c) Excluded risks d) Speculative risks
13. A hazard can be defined as
a) A specific event which might cause a loss b) The chance of damage or loss
c) A condition that either increases the chance of a peril happening or cause its effect to be worse.
b) Uncertainty of an event happening.
14. Which of the following cannot be insured?
a) Financial risk b) Particular risk c) Pure risk d) Speculative risk
15. Risk transfer provides a sense of
a) Financial instability b) Financial distress c) Financial security d) Financial deficit
16. Level of risk is determined by
a) The probability of the occurrence of a certain event and the extent of losses likely to be
suffered due to the occurrence of the event.
b) Needs of the people for various types of protections.
c) Th