Integral University 2009 Diploma Insurance Management Licentiate - Principles of Insurance - Question Paper
2009
MAY, 2009
LICENTIATE EXAMINATION PRINCIPLES OF INSURANCE
THTCT : 3 ] [cpT 3T37 : 100
Time: 3 Hours] [Total Marks : 100
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State with reasons, whether the following statements are true or false :- 2 tach
a) Excesses are compulsory in insurance policies.
b) Insurance is the first step in risk management, cj Facts of law need not be disclosed.
d) Insurable interest in marine hull policies must exist at the time of a claim only.
e) An Insurance Agent represents the insurers and not the insured.
f) Term Assurance policies generally have surrender or loan values.
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Give one word :- 1 Vi each
a) Cancellation of Insurance Contract.
b) Policy taken for Husband and Wife.
c) Remuneration to Agent/Broker.
d) Sharing of Risk with other companies.
e) Transfer of right, title and interest in policy.
f) Primary underwriter of Insurance Pol icies.
g) Document issued under Group Life Insurance.
h) Amount received on death of life assured.
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5. Fill in the blanks :- ' j foi- each bIank
i) An agreement enforceable by law is called_.
ii) Solvency margin is defined as the surplus of_ on
iii) In commercial insurance, the cover will be mostly under three headings
viz._._and_.
i v) The policy is only an_of the contract.
v) The amount of risk re-insurers give away is termed_.
vi) The perils named in the policy as insured are called_perils.
vii) The life insurance business was nationalized in the year__,
in India.
viii )__and_are two methods of reinsuring.
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6. a) What are the essentials of Insurable interest? 6 each
b) Facts v/hich need not be disclosed.
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7. a) What are the aims and objectives of Insurance Regulation? 6 each
What are different areas regulated by Insurance Regulation?
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8. What are the essentials of a Valid Contract? Explain in brief each one 12
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9. What are the objectives of Reinsurance ? 12
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10. Distinguish between 4 each
a) Absolute Assignment and Conditional Assignment
b) Insurance and Wager
c) Moral hazards and Morale hazards
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| Earning: Approval pending. |
