Insurance and Risk Management Question Paper 2023 Gauhati University BCOM 2nd SEM

Insurance and Risk Management Question Paper 2023
Gauhati University BCOM 2^nd SEM

COMMERCE (Honours Generic)
Paper: COM-HG-2026

Full Marks: 80
Time: 3 hours

The figures in the margin indicate full marks for the questions.

1. Choose the most appropriate answer for the following questions:    1x10=10

(a) Which of the following is not an objective of loss control?

(i) Loss prevention.

(ii) Loss reduction.

(iii) Loss retention.

(iv) None of the above.

(b) Which of the following is an example of systematic risk?

(i) Inflationary risk.

(ii) Interest rate risk.

(iii) Foreign exchange risk.

(iv) All of the above.

(c) Total number of whole time directors in IRDAI is

(i) 4.

(ii) 5.

(iii) 7.

(iv) 10.

(d) IRDAI was established in the year

(i) 1995.

(ii) 1999.

(iii) 2000.

(iv) 2001.

(e) Which of the following entities are regulated by IRDAI?

(i) General insurance companies.

(ii) Re-insurance companies.

(iii) Insurance intermediaries.

(iv) All of the above.

(f) Accepting two or more insurance in respect of the same subject matter and from the same insurer is called

(i) Re-insurance.

(ii) Double insurance.

(iii) Co-insurance.

(iv) None of the above.

(g) The main function of actuary is management of risk and uncertainly. The statement is

(i) True.

(ii) False.

(h) “Life insurance contract is a contract of indemnity.” The statement is

(i) True.

(ii) False.

(i) “Fire insurance is a contract of uberrimae fidei. The statement is

(i) True.

(ii) False.

(j) “Hull insurance is the main subject matter of life insurance contract.” The statement is

(i) True.

(ii) False.

2. Give brief answer to the following questions:       2x5=10

(a) Explain the concept of risk.

(b) State any two differences between fire insurance and marine insurance.

(c) State two objectives of re-insurance.

(d) What is meant by insurable interest?

(e) State two advantages of insurance.

3. Answer any four questions from the following in about 150 words each:       5x4=20

(a) Explain the concepts of systematic and unsystematic risk with suitable examples.

(b) State the differences between co-insurance and re-insurance.

(c) Write a short note on insurance ombudsman.

(d) Explain the main features of life insurance.

(e) Write a detailed note on different types of motor vehicle insurance policies.

(f) What are the conditions of indemnity under a contract of insurance? Explain.

4. Answer any four of the following questions in about 600 words each:   10x4=40

(a) What is meant by risk management? Elaborately discuss the risk management process.  2+8=10

(b) Explain in detail the essentials of a valid insurance contract.

(c) What are different types of insurance? Write a detailed note on (i) fire and (ii) marine insurance.      4+(3+3)=10

(d) Discuss the regulatory framework of insurance sector in India.

(e) Explain the impact of globalisation on Indian insurance sector.

(f) Discuss the steps taken by IRDAI for protecting the interest of policy holders.   10

(g) What is meant by measurement of risk? Explain in detail about different methods used for measurement of risk. 2+8=10

(h) Discuss the importance of insurance in our day-to-day life.

***