2015
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) There are only two types of General Insurance. i.e. fire and marine.
2) Marine insurance covers risk in the air.
3) Insurance in India is governed by the Banking Regulation Act, 1949.
(B) Fill in the blanks: 1x4=4
1) In India suicide is not considered as _______.
2) The principle of subrogation arises from the principle of _______.
3) In life insurance, insurable interest must prevail at the time of _______ a policy.
(C) Select the most appropriate option: 1x4=4
1) What is life insurance?
a) Protection.
b) Investment.
c) Both (a) and (b).
d) None of these.
2) Fire insurance policy period is usually for
a) One year.
b) Two years.
c) Five years.
d) Ten years.
3) Insurance Regulatory and Development Act was passed in the year
a) 1998.
b) 1999.
c) 2001.
d) 2002.
4) General Insurance Corporation of India now carry which one of the following business?
a) Reinsurance.
b) Life Insurance.
c) Miscellaneous insurance.
d) General insurance.
2. Write brief answer to the following: 2x5=10
a) Principle of utmost good faith.
b) Surrender value.
c) Third party policy.
d) Bank assurance.
e) Burglary insurance.
3. Write short notes on any four of the following: 5x4=20
a) Write down the importance of insurance.
b) Give five features of life insurance.
c) Distinguish between reinsurance and double insurance.
d) Distinguish between nomination and assignment.
e) What is a average policy in connection with fire insurance?
f) When can an insurance agent be terminated?
g) Name five private sector general insurance companies operating in India.
4. Discuss the origin and development of insurance in India. 10
Or
Describe briefly the objectives and advantages of Insurance. 10
5. What are the different types of life insurance policies? Describe in brief. 10
Or
Describe the procedure of settlement of life insurance claim. 10
6. What is fire insurance policy? What is the procedure of taking a fire insurance policy? 4+6=10
Or
What do you mean by warrant in a marine insurance? Describe the important warranties in marine insurance. 4+6=10
7. Write note on objectives and organization structure of the Life Insurance Corporation of India. 10
Or
Who can be appointed as an insurance agent? What are his functions? 4+6=10
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