2011
FUNDAMENTALS OF INSURANCE
Full Marks: 80
Time: 3 hours
(The figures in the margin indicate full marks for the questions)
1. Answer the following as directed: 1x10=10
a) Life insurance is a contract of indemnity. (State true or false)
b) Insurance is a subject matter of solicitation. (State true or false)
c) Surrender value of a life insurance policy is always _______ than the total premium paid. (Fill in the blank)
d) Any complaints, grievances against an insurer can be lodged with insurance _______. (Fill in the blanks)
e) Any commitment or act done by an insurance agent is not binding upon the insurer. (State true or false)
f) A marine insurance policy covers three items namely freight, cargo and _______. (Fill in the blanks)
g) The question of third party administrator (TPA) arises in respect of _______ insurance. (Fill in the blanks)
h) When a financial institution discharge two functions at a time namely banking and insurance, the arrangement is known as _______. (Fill in the blanks)
i) The general insurance business was nationalized in the year _______. (Fill the blanks)
j) LICI was set up under the _______ Act 1956. (Fill in the blanks)
2. Write brief answer to the following in about 100 words each: 2x5=10
a) State the meaning of premium.
b) State the benefits of life insurance.
c) Give the meaning of fire in case of fire insurance.
d) State the meaning of reinsurance.
e) State the meaning of surrender value.
3. Write short notes on any four of the following: 5x4=20
a) Employees liability insurance.
b) Burglary insurance.
c) Third party administrators.
d) Double insurance.
e) Insurance ombudsman.
f) Insurance and wagering agreement.
4. Discuss the fundamental principles of insurance. 10
Or
Elucidate the different kinds of life insurance policy and their special features. 10
5. Describe the different kinds of marine insurance policy and its major contents. 10
Or
Discuss the contents and the manner of preparing revenue account of a fire insurance business. 10
6. Describe the mechanism of settlement of claims in respect of a fire insurance policy. 10
Or
State the present structure and major functions assigned to public sector insurance organisation in India. 10
7. State the procedure of becoming an insurance agent and discuss his rights. 10
Or
Describe the functions and duties of surveyors and loss assessors. 10
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