You are on page 1of 2

1. Question :- What is Risk Management.

Answer :- The real objective of Risk Management is to reduce fear of the unknown and unexpected events and to create confidence in future. 2. Question:- what is a Risk Answer :- Risk is a chance of loss , Risk is the possibility of loss, Risk is uncertainty, Uncertainty regarding a loss. Risk is probability of any outcome being different from the one expected. 3. Question :- Type of Losses Answer :PROPERTY , LIABILITY , PERSONNEL LOSSES , PECUNIARY LOSSES It is necessary to know the Financial aspects of various losses that can occur inspite of the fact that sufficient care has been taken 4. Question:- Why we need Risk Management. Answer:High Capital Intensive in nature. Risks beyond human control Element of uncertainty Protection & Security for growth. 5. Question:- what is risk planning Answer:Risk identification Risk Avoidance Risk Reduction Risk Retention Risk analysis / measurement Risk transfer (by Insurance) 6. Question:- What is Insurance Answer:Insurance is a contract whereby in return for the payment of premium by the insured ( the Owner), the insurers ( Company) pay the financial losses suffered by the insured as a result of the occurrence of unforeseen events. 7. Question: - what is principle of insurance. Answer:-

Utmost good faith Insurable interest Proximate cause. Indemnity 8. Question:- name of the Insurers Answers:In Public Sector there are two Insurance Companies L I C . Life Insurance Company .. Deals with Life Policy GIC General Insurance Company . Deals with Assests & Properties NICL. National Insurance Co. UIIC.. United India Insurance Co. OIC Oriental Insurance Co. NIAC .. New India Assurance Co. In Private Sector major names are IFFCO-TOKIO GEN. INS. CO. BAJAJ ALLIANZ GEN INS. CO. RELIANCE GEN. INS.CO.LTD. ICICI LOMB. GEN. INS.CO.LTD. TATA AIG GEN. INS.CO.LTD. ROYAL SUNDARAM INS CO.LTD. CHOLAMANDALAM MS GEN.CO.LTD HDFC CHUBB. GEN.INS CO.LTD. 9. Questions:- type of covers Answers:CONVENTIONAL COVERS CUSTOMISED COVERS 10. Question:- Name the TARIFF policies Answer :i) FIRE ii) MBD iii) CPM iv) MV v) BE vi) EEI vii) IAR ETC. viii) EAR Insu. ix) Public Liability Act policy