2014
FUNDAMENTALS OF INSURANCE
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. (A) State whether the following statements are true or false: 1x3=3
1) Insurance is an agreement between two parties – the insured and insurer.
2) Insurance is a subject matter of solicitation.
3) Insurance is a kind of gambling.
(B) Fill in the blanks: 1x4=4
1) Life insurance contract is not a contract of _______.
2) In life insurance, insurable interest must exist, when the contract is _______.
3) Fire insurance contract is a contract of _______.
4) Any complaints, grievances against any insurance can be lodged with insurance _______.
(C) Select the correct answer: 1x3=3
1) The head office of LICI is situated at:
a) Kolkata.
b) Mumbai.
c) Delhi.
d) Chennai.
2) Assignment of Life Insurance Policy is:
a) Sale of life insurance policy.
b) To acquire additional life insurance policy.
c) Transfer a Life Insurance Policy to a third party.
d) Gift a life insurance policy to a third party.
3) Re-insurance refers to –
a) Insurance contract between one or more insured persons.
b) Insurance contract between insured person and one or more insurance companies.
c) Insurance contract between insurer and one or more insured persons.
d) Insurance contract between insurer and one or more insurance companies.
2. Write a brief answer to the following in about 100 words each: 2x5=10
a) Principles of utmost good faith.
b) Revival of lapse policy.
c) Insurance Ombudsman.
d) Marine Insurance.
e) Organizational Structure.
3. Write short note on any four of the following: 5x4=20
a) Insurance and Wagering agreement.
b) General Insurance.
c) Benefits of Life Insurance.
d) Kinds of Endowment Policies.
e) Agent as an insurance intermediary.
f) Private sector insurance organisation in India.
g) Livestock Insurance.
4. What do you mean by Insurance? Discuss how insurance and economic developments are related to each other. 4+6=10
Or
Discuss the fundamental principles of Insurance. 10
5. What do you understand by Double Accidental Benefit? Explain the different types of Insurance Premium Plan. 5+5=10
Or
Explain the procedure for taking life insurance. 10
6. Define Fire Insurance. What are the various characteristics of fire insurance? 10
Or
Describe the different kinds of Marine Insurance Policy and its major contents. 10
7. Describe various forms of Insurance Organisation. Explain the Organizational Structure of General Office of Life Insurance Corporation of India. 5+5=10
Or
Write down the procedures for becoming an insurance agent. 10
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