Quiz Summary
0 of 25 Questions completed
Questions:
Information
You have already completed the quiz before. Hence you can not start it again.
Quiz is loading…
You must sign in or sign up to start the quiz.
You must first complete the following:
Results
Results
0 of 25 Questions answered correctly
Your time:
Time has elapsed
You have reached 0 of 0 point(s), (0)
Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)
Categories
- Not categorized 0%
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12
- 13
- 14
- 15
- 16
- 17
- 18
- 19
- 20
- 21
- 22
- 23
- 24
- 25
- Current
- Review
- Answered
- Correct
- Incorrect
-
Question 1 of 25
1. Question
Payment of fraudulent or inflated claims results in __________ to all insured.
CorrectIncorrect -
Question 2 of 25
2. Question
Select the expanded form of FPA as used in insurance
CorrectIncorrect -
Question 3 of 25
3. Question
What does the term “premium” denote in relation to an insurance policy?
CorrectIncorrect -
Question 4 of 25
4. Question
The sum assured under key man insurance policy is generally linked to which of the following?
CorrectIncorrect -
Question 5 of 25
5. Question
Who among the following is considered as primary stakeholder in insurance claim process?
CorrectIncorrect -
Question 6 of 25
6. Question
Are there any fee / charges that need to be paid for lodging the complaint with the Ombudsman?
CorrectIncorrect -
Question 7 of 25
7. Question
Most experts agree that you should keep between __________months worth of your living expenses set aside in your emergency fund.
CorrectIncorrect -
Question 8 of 25
8. Question
How much amount of gratuity is payable for each year of completed service to the monthly rated employees?
CorrectIncorrect -
Question 9 of 25
9. Question
In insurance, the contingency insured against is usually the
CorrectIncorrect -
Question 10 of 25
10. Question
For dependent parents, the least important risk to be covered is through
CorrectIncorrect -
Question 11 of 25
11. Question
What refers to those risks which involves the potential loss of income as a result of an individual’s loss of ability to earn an income?
CorrectIncorrect -
Question 12 of 25
12. Question
Which of the following intermediaries do not require IRDA’s license/approval to operate in India?
CorrectIncorrect -
Question 13 of 25
13. Question
An Actuary is expected to
CorrectIncorrect -
Question 14 of 25
14. Question
Which of the below is the most appropriate explanation for the fact that young people are charged lesser life insurance premium as compared to old people?
CorrectIncorrect -
Question 15 of 25
15. Question
Human Life Value (HLV) is nothing but the present value
of total monetary surplus available to an individual’s family members excludingCorrectIncorrect -
Question 16 of 25
16. Question
According to the principle of indemnity, the insured is paid for
CorrectIncorrect -
Question 17 of 25
17. Question
The underwriting process is completed when
CorrectIncorrect -
Question 18 of 25
18. Question
The duty of disclosure arises
CorrectIncorrect -
Question 19 of 25
19. Question
Supposing that the risk premium which would be sufficient to provide protection is Rs.200 and the insurer expects to earn 5% p.a. interest on the premium ‘to be charged’ from the insured person, what would be the pure premium?
CorrectIncorrect -
Question 20 of 25
20. Question
If expenses are 27% of the gross (office) premium and the Pure premium is Rs. 1,800 then what would be the Office premium
CorrectIncorrect -
Question 21 of 25
21. Question
Rakesh Sharma has recently being diagnosed with diabetes. He is only 38 years old. Rakesh is very keen to get insurance cover and is willing pay a high premium. Rakesh Sharma’s main intention in taking out an insurance plan is to transfer the cost of the medical expenses that are likely to occur in the near future to the insurance company. Also, in case he dies, the claim from the life insurance company should be sufficient for his family to maintain a decent lifestyle. If people like Rakesh Sharma are selected by the insurance company in large numbers, this could lead to
CorrectIncorrect -
Question 22 of 25
22. Question
A comprehensive health insurance policy of Rs. 3 lakh is purchased by insured person in a given underwriting class. They generate incurred losses and loss adjustment expenses of Rs. 85 lakh within a year. If expenses are 40% of the gross rate, calculate the final gross premium by pure premium method.
CorrectIncorrect -
Question 23 of 25
23. Question
One line of business has incurred losses and loss adjustment expenses amounting to Rs. 4 lakh and earned premium of Rs. 6 lakh. Expected loss ratio is 55%. Calculate the rate of change in the existing premium.
CorrectIncorrect -
Question 24 of 25
24. Question
Anirudh Singh has a savings policy. The following are the details of the policy: Policy term 20 years Date of commencement of policy 4 June 2001 Sum insured Rs. 5,00,000 Premium payment mode Annually Last premium paid 4 June 2008 Number of premiums paid 8 Total number of premiums due 20 Vested bonus Rs. 50,000 As seen from the data above, Anirudh Singh stopped premium payment after the Eighth year. The policy will not be fully cancelled. Instead the sum insured will be reduced in proportion to the premiums paid. What is the paid up value.
CorrectIncorrect -
Question 25 of 25
25. Question
Mr. Atul is the MD of Star Investments Ltd. His contribution to the company’s profit is estimated at 40% of the total profit. The shareholders of the company believe that they will get a return of 4% if there is no management. They can place their money in bank deposits at 4% pa., if there is no management. It is also estimated that 5 years term is required to find a comparable replacement for Mr. Atul. Pretax profit and networth for the last 5 years is Rs. 60,00,000 and 2,85,00,000 respectively . Calculate key man value of Mr Atul.
CorrectIncorrect