Assignments

OMBF402_IRM Assignment Submission Last Date Time: Feb 15 2023 11:59PM

1
Which principle in insurance mention the cause of loss must be direct and an insured one in order to claim for compensation.
Subrogation
Causa Proxima
Indemnity
Uberrima Fides
2
The success of whole process of risk management depends on its ?
Identification
Risk analysis
Assessment of risk
Evaluation of risk
3
It refers to distribution of insurance products through banking institutions.
Bancassurance
company
Co-operatives
Sole trader
4
Which of the below statement is correct with regards to endowment assurance plan?
It has a death benefit components only
It has a survival benefit component only
It has both a death benefit and survival benefits
It is similar to a term plan
5
Which hazard increases the probability of loss due to dishonesty or character defects of an insured
Moral
Morale
Legal
Physical
6
Select the expanded form of SV as commonly used in life Insurance.
selected value
stamp value
surrender value
survivor value
7
Which principle in insurance mention the assured must have insurable interest in the life or property insured.
Subrogation
Causa Proxima
Insurable interest
Uberrima Fides
8
It increases the frequency of loss.
Peril
Subjective Risk
Hazard
Objective Risk
9
 In which Policy, if the policyholder survives till the end of this period, the risk cover lapses, and no insurance benefit payment is made to him/her?
Money Back Plan
Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
10
Which principle means that the insured is not entitled to make a profit on his loss?
Subrogation
Causa Proxima
Indemnity
Uberrima Fides
11
In which Policy, the insurer agrees to pay the assured or his nominees a specified sum of money on his death or on the maturity of the policy whichever is earlier
Money Back Plan
Unit-linked insurance plan
Endowment Plans
Annuity Plans
12
Which of the below is an example of an endowment asurance plan?
Mortgage Redemption Plan
Credit Line Insurance Plan
Money Back Plan
Whole Life Plan
13
Which among the following is not a pure risk?
Personal risk
Property risk
Loss of income risk
Strategic risk
14
Which of the following risk has three outcomes with possibility of gain is?
pure
speculative
static
dynamic
15
____shall mean and include, All: Important, Essential, and Relevant Information, in the Context of Underwriting the Risk, to be Covered by the Insurer.
Cover
Proposal_Form
Material
Declaration Form
16
The Insurance is a ____
Contract
Uncertainty
Peril
Hazard
17
The risk manager maybe able to identify the new ventures involved in______
Pure risk
Group risk
Speculative risk
 Particular risk
18
The things or property insured is called ________ of the insurance.
subject matter
Insurable Interest
policy
claimed property
19
The LIC of India was set up in ____ to take over 245 life companies.
1955
1956
1957
1958
20
_______committee suggested the re-opening up of the insurance sector to private players.
Nrasimham
R.N.Malhotra
Goyal
K.N.Malhotra
21
The purpose of _____are to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss.
Subrogation
Causa Proxima
Indemnity
Uberrima Fides
22
Health insurance provides protection against ______
unexpected medical charges
expected medical charges
health charges
other charges
23
The Insurance Broker represents the client’s interest?
True
False
24
Agents should pursue a ‘solutions based’ approach to selling, rather than a ‘push’ strategy.
True
False
25
A policy where the policyholder makes a one-time payment of premium, is known as a single premium policy?
True
False
26
Underwriting department has to assess risk and determine premium?
True
False
27
Prospectus gives details about underwriting of the issues?
True
False
28
Waiver of Premium Rider provides benefit in the form of premium waiver in case of accidental disability.
True
 False
29
Rider benefits are additional benefits attached to the basic policy.
True
False
30
The contract of insurance is usually applicable only to pure risks.
True
False
Assignment: 2

Over a period, companies have realized that their employees are integral to their success and one of their most important assets. And like every other asset, companies should look
insuring this asset as well. With the rise of the internet, the boom in the smartphone industry, and the emergence of digital-first insurers, companies have a good option in this reg
Health Insurance. Companies are not required to provide health insurance for their workers. However, when a potential employee considers working for a particular company, h
insurance is a significant factor. While it may be beneficial for employers, offering healthcare packages to employees could prove problematic due to its high cost. Employer-based
helps in preventing unauthorized absence in the workplace. Companies that offer healthcare insurance to their workers must consider all the pros and cons of such benefits. As fo
potential candidates will find career opportunities that include healthcare coverage to be more attractive. For example, a potential worker will even take a job with a lower salary
health insurance, which can also benefit a company in the long run. A company that depends on labour efficiency will always witness the benefit of strong, healthy workers. Comp
receive tax benefits by offering its employees a health package. In terms disadvantages, the constant increase in the cost of health insurance is also a factor to consider. Insurance
workers are factored into the cost of labour which may fluctuate depending on the coverage purchased by the company as well as conditions in the market. There is also the issue
whether companies may be liable for any mistakes, increasing the probability of fines or lawsuits, and thereby increasing their financial burdens. Small businesses suffer even mo
administrative cost for health package benefits are significantly disproportionate to their profits compared to major corporations. Health insurance is effective for deterring work
absent for illness-related reasons. In such situations, employees are required to provide a medical certificate, and paid sick leave is only determined by the employer, which also h
absenteeism. However, if sick leave exceeds the allotted paid period, a worker must submit the required medical certificates that explain the reason. In cases when a company refu
further sick leave, an employee has the right to sue an employer; thus, a company may face a fine or lawsuit. Companies providing healthcare insurance must consider both legal
advantages and disadvantages before purchasing coverage to their employees .

2 A potential worker will even take a job with _____ offer if it includes _____, in the above case study.

a lower salary
healthy insurance
high salary
life insurance

3 What are the benefits to the companies after offering health packages to workers?

Perfect auditing
monetary benefits
loyalty from employees
tax benefits

4 Insurance premiums for workers are factored into the cost of labour which may fluctuate depending on _________by the company as well
as________.

the coverage purchased

workers financial positions
conditions in the market
atmosphere around

5 For an employee to join a company offering health care insurance is beneficial because of ______ & _______.

financial security
medical assurance
holiday offers
 training seminars

6 Companies providing healthcare insurance must consider both ____ and____ advantages and disadvantages before purchasing coverage to their
employees.

personal
spiritual
cost
legal
Unit 1 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point

The success of whole process of risk management depends on its ?

Identification
Risk analysis
Assessment of risk
Evaluation of risk
Yes, the answer is correct.
Score: 1
Feedback:

The success of whole process of risk management depends on Risk Identification.

Accepted Answers:
Identification

1 point

It refers to distribution of insurance products through banking institutions.

Bancassurance
Company
Co-operatives
Sole trader
Yes, the answer is correct.
Score: 1
Feedback:

The selling of life assurance and other insurance products and services by banking institutions.
Accepted Answers:
Bancassurance

1 point

It increases the frequency of loss.

Peril
 Subjective Risk
Hazard
Objective Risk
Yes, the answer is correct.
Score: 1
Feedback:

Hazard increases the frequency of loss.

Accepted Answers:
Hazard

1 point

Which hazard increases the probability of loss due to dishonesty or character defects of an
insured
Moral
Morale
Legal
Physical
Yes, the answer is correct.
Score: 1
Feedback:

A moral hazard is an idea that a party protected from risk in some way will act differently than if they didn't h
Accepted Answers:
Moral

1 point

Which among the following is not a pure risk?

Personal risk
Property risk
Loss of income risk
Strategic risk
Yes, the answer is correct.
Score: 1
Feedback:

Strategic risk is the risk that failed business decisions may pose to a company.
Accepted Answers:
Strategic risk

1 point

The Insurance is a _______

 Contract
Uncertainty
Peril
Hazard
Yes, the answer is correct.
Score: 1
Feedback:

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection
company.
Accepted Answers:
Contract

1 point

Losses arising due to a risk exposure retained or assured is known as ________

Risk Reduction
Risk Financing
Risk Retention
Risk Sharing
Yes, the answer is correct.
Score: 1
Feedback:

Risk retention is the practice of setting up a self-insurance reserve fund to pay for losses as they occur, rather
instruments.
Accepted Answers:
Risk Retention

1 point

The risk manager maybe able to identify the new ventures involved in_______.
Pure risk
Group risk
Speculative risk
Particular risk
Yes, the answer is correct.
Score: 1
Feedback:

The risk manager maybe able to identify the new ventures involved in Pure risk.
Accepted Answers:
Pure risk
1 point

The contract of insurance is usually applicable only to pure risks.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

Insurance contract is the insuring agreement, which specifies the risks that are covered, the limits of the polic
Accepted Answers:
TRUE

1 point

Speculative risks are insurable?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

Gambling and investments are the most typical examples of speculative risk.
Accepted Answers:
FALSE

Check Answers and Submit

Your score is: 10/10

Unit 2 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point

Which of the following risk has three outcomes

with possibility of gain is?
Pure
Speculative
Static
Dynamic
Yes, the answer is correct.
Score: 1
Feedback:

Gambling and investments are the most typical examples of speculative risk. Speculative risk has a chance of
Accepted Answers:
Speculative

1 point

Which principle in insurance means maximum

truth?
Subrogation
Causa Proxima
Insurable interest
Uberrima Fides
Yes, the answer is correct.
Score: 1
Feedback:

Uberrima fides phrase meaning "utmost good faith" . It is the name of a legal doctrine which governs insuran

Accepted Answers:
Uberrima Fides

1 point
Which principle means that the insured is not
entitled to make a profit on his loss?
Subrogation
Causa Proxima
Indemnity
Uberrima Fides
Yes, the answer is correct.
Score: 1
Feedback:

Indemnity is a contractual obligation of one party (indemnifier) to compensate the loss incurred to the other p
other party.

Accepted Answers:
Indemnity

1 point
Which principle in insurance mention the cause of loss must be direct and an insured one in
order to claim for compensation.

Subrogation
Causa Proxima
Indemnity
Uberrima Fides
Yes, the answer is correct.
Score: 1
Feedback:

Causa proxima means that the cause of the loss must be proximate or immediate and not remote.

Accepted Answers:
Causa Proxima

1 point
Which principle in insurance mention the assured must have insurable interest in the life or
property insured.

Subrogation
Causa Proxima
Insurable interest
Uberrima Fides
Yes, the answer is correct.
Score: 1
Feedback:

Insurable interest is simply defined as the level of hardship a person will suffer from the loss of something or

Accepted Answers:
Insurable interest

1 point
The purpose of ………. Are to hold the negligent person responsible for the loss and prevent the
insured from collecting twice for the same loss.

Subrogation
Causa Proxima
Indemnity
Uberrima Fides
Yes, the answer is correct.
Score: 1
Feedback:

Subrogation is a term describing a right held by most insurance carriers to legally pursue a third party that cau

Accepted Answers:
Subrogation

1 point
The LIC of India was set up in ……..to take over 245 life companies.

1955
1956
1957
1958
Yes, the answer is correct.
Score: 1
Accepted Answers:
1956

1 point
……….committee suggested the re-opening up of the insurance sector to private players.

K.N.Malhotra
R.N.Malhothra
Nrasimham
Goyal
Yes, the answer is correct.
Score: 1
Feedback:

A committee was set up in 1993 under the chairmanship of R.N. Malhotra.

Accepted Answers:
R.N.Malhothra

1 point
The principle of utmost good faith applies only to life insurance?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

This principle applies to both life insurance and general insurance policies.
Accepted Answers:
FALSE

1 point
The principle of utmost good faith is operative only for two years?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

The Insurance Laws (Amendment) Act, 2015, the Section 45 has been amended to the extent that a policy can
years.
Accepted Answers:
FALSE

Check Answers and Submit

Your score is: 10/10

Unit 3 - Self Assessment Questions
Your last recorded submission was on 2022-12-10, 15:17 IST
Previous Score: 30%

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
In which Policy, if the policyholder survives till the end of this period, the risk cover lapses, and
no insurance benefit payment is made to him/her?

Money Back Plan

Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

Term insurance is a life insurance plan offered by an insurance company that provides comprehensive financi
Accepted Answers:
Term Insurance Plans

1 point
In which Policy, the insurer agrees to pay the assured or his nominees a specified sum of money
on his death or on the maturity of the policy whichever is earlier?

Money Back Plan

Endowment Plans
Annuity Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

An endowment policy is the life insurance agreement that is mapped out to pay the lump sum after a specified
Accepted Answers:
Endowment Plans

1 point
Select the expanded form of SV as commonly used in life Insurance.

Selected Value
Surrender Value
Stamp Value
Survivor Value
Yes, the answer is correct.
Score: 1
Feedback:

The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value
Accepted Answers:
Surrender Value

1 point
Which of the below statement is correct with regards to endowment assurance plan?

It has a death benefit components only

It has a survival benefit component only
It has both a death benefit and survival benefits
It is similar to a term plan
Yes, the answer is correct.
Score: 1
Feedback:

An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured,
on the policy maturity in case he/she survives the policy term.
Accepted Answers:
It has both a death benefit and survival benefits

1 point
Which of the below is an example of an endowment asurance plan?

Mortgage Redemption Plan

Credit Line Insurance Plan
Money Back Plan
Whole Life Plan
Yes, the answer is correct.
Score: 1
Feedback:

In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of gett
Accepted Answers:
Money Back Plan
1 point
The things or property insured is called ________ of the insurance.

Subject matter
Insurable Interest
Policy
Claimed Property
Yes, the answer is correct.
Score: 1
Feedback:

Subject matter of contract is the insured's financial interest in the subject matter of insurance.
Accepted Answers:
Subject matter

1 point
In the case of group insurance the amount of premium is depends upon_______.

Types of Insurance
Amount of Insurance
Terms of Insurance
Period of Insurance
Yes, the answer is correct.
Score: 1
Feedback:

Amount of Insurance
Accepted Answers:
Amount of Insurance

1 point
________product offered by insurance companies that, unlike a pure insurance policy, gives
investors both insurance and investment under a single integrated plan?

Money Back Plan

Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

A Unit-Linked Insurance Plan is essentially a combination of insurance and an investment vehicle.

Accepted Answers:
Unit-linked insurance plan

1 point
Life insurer provides guarantee for unit values?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

Unit Linked Insurance Plans (ULIPs) are long term investment products that do not provide guaranteed return
Accepted Answers:
FALSE

1 point
A policy where the policyholder makes a one-time payment of premium, is known as a single
premium policy?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

A Single Premium Policy works in a more evolved way, it needs the insured to pay once and offers a coverag
Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 3 - Self Assessment Questions

Your last recorded submission was on 2022-12-10, 15:17 IST
Previous Score: 30%

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
In which Policy, if the policyholder survives till the end of this period, the risk cover lapses, and
no insurance benefit payment is made to him/her?

Money Back Plan

Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

Term insurance is a life insurance plan offered by an insurance company that provides comprehensive financi
Accepted Answers:
Term Insurance Plans

1 point
In which Policy, the insurer agrees to pay the assured or his nominees a specified sum of money
on his death or on the maturity of the policy whichever is earlier?

Money Back Plan

Endowment Plans
Annuity Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

An endowment policy is the life insurance agreement that is mapped out to pay the lump sum after a specified
Accepted Answers:
Endowment Plans

1 point
Select the expanded form of SV as commonly used in life Insurance.

Selected Value
Surrender Value
Stamp Value
Survivor Value
Yes, the answer is correct.
Score: 1
Feedback:

The surrender value is the actual sum of money a policyholder will receive if they try to access the cash value
Accepted Answers:
Surrender Value

1 point
Which of the below statement is correct with regards to endowment assurance plan?

It has a death benefit components only

It has a survival benefit component only
It has both a death benefit and survival benefits
It is similar to a term plan
Yes, the answer is correct.
Score: 1
Feedback:

An endowment policy is essentially a life insurance policy which, apart from covering the life of the insured,
on the policy maturity in case he/she survives the policy term.
Accepted Answers:
It has both a death benefit and survival benefits

1 point
Which of the below is an example of an endowment asurance plan?

Mortgage Redemption Plan

Credit Line Insurance Plan
Money Back Plan
Whole Life Plan
Yes, the answer is correct.
Score: 1
Feedback:

In a money back plan, the insured person gets a percentage of sum assured at regular intervals, instead of gett
Accepted Answers:
Money Back Plan

1 point
The things or property insured is called ________ of the insurance.

Subject matter
Insurable Interest
Policy
Claimed Property
Yes, the answer is correct.
Score: 1
Feedback:
Subject matter of contract is the insured's financial interest in the subject matter of insurance.
Accepted Answers:
Subject matter

1 point
In the case of group insurance the amount of premium is depends upon_______.

Types of Insurance
Amount of Insurance
Terms of Insurance
Period of Insurance
Yes, the answer is correct.
Score: 1
Feedback:

Amount of Insurance
Accepted Answers:
Amount of Insurance

1 point
________product offered by insurance companies that, unlike a pure insurance policy, gives
investors both insurance and investment under a single integrated plan?

Money Back Plan

Endowment Plans
Term Insurance Plans
Unit-linked insurance plan
Yes, the answer is correct.
Score: 1
Feedback:

A Unit-Linked Insurance Plan is essentially a combination of insurance and an investment vehicle.

Accepted Answers:
Unit-linked insurance plan

1 point
Life insurer provides guarantee for unit values?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:
Unit Linked Insurance Plans (ULIPs) are long term investment products that do not provide guaranteed return
Accepted Answers:
FALSE

1 point
A policy where the policyholder makes a one-time payment of premium, is known as a single
premium policy?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

A Single Premium Policy works in a more evolved way, it needs the insured to pay once and offers a coverag
Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 5 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Following are the middlemen in the healthcare delivery chain in insurance sector.

Surveyors
Loss assessors
Brokers
TPAs
Yes, the answer is correct.
Score: 1
Feedback:

A TPA is responsible to expedite the claim as soon as it is intimated by the insured.

Accepted Answers:
TPAs

1 point
ICICI prudential Life insurance company sent 50,000 direct mailers to office –goers in Mumbai
through their lunch boxes.It is a

Worksite marketing
Direct marketing
Retail Marketing
Indirect Marketing
Yes, the answer is correct.
Score: 1
Feedback:

Direct marketing consists of any marketing that relies on direct communication or distribution to individual c
mass media.
Accepted Answers:
Direct marketing

1 point
Broker’s Association of India was granted recognition by IRDA on?
 Dec 11, 2001
Dec 11, 2002
Dec 11, 1999
Dec 11, 2003
Yes, the answer is correct.
Score: 1
Feedback:

Dec 11, 2001

Accepted Answers:
Dec 11, 2001

1 point
The concept of bancassurance originated in?

France
USA
England
Italy
Yes, the answer is correct.
Score: 1
Feedback:

France
Accepted Answers:
France

1 point
The premium actually paid by the policy holder depends upon?

Wealth of the person to be insured

The level of risk assessed by the insurer
Tthe tables of rates printed by the insurer.
Agents report
Yes, the answer is correct.
Score: 1
Feedback:

The premium actually paid by the policy holder depends upon the agents report.
Accepted Answers:
Agents report

1 point
______is insurance companies tying up with banks to sell insurance products.

Franchising
Merger
Bancassurance
Insuranced linked banking
Yes, the answer is correct.
Score: 1
Feedback:

the selling of life assurance and other insurance products and services by banking institutions.
Accepted Answers:
Bancassurance

1 point
…………..in the insurance are just like the retailers of any consumer product who help in selling
and distributing the product.

Surveyors
Loss assessors
Agents
Banks
Yes, the answer is correct.
Score: 1
Feedback:

An insurance agent is a professional who sells an insurance company's products to consumers for a commissi
Accepted Answers:
Agents

1 point
………are agents but they can sell policies of several life and non-life insurance companies at a
time.

Surveyors
Loss assessors
Brokers
Banks
Yes, the answer is correct.
Score: 1
Feedback:

Insurance Brokers represent you, the customer, and are licensed to give you policies from any insurance comp
Accepted Answers:
Brokers

1 point
The Insurance Broker represents the client’s interest?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

Insurance Brokers represent you, the customer, and are licensed to give you policies from any insurance com
Accepted Answers:
TRUE

1 point
Agents should pursue a ‘solutions based’ approach to selling, rather than a ‘push’ strategy.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

TRUE

Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 6 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
A person is “presumed to be dead” only after?

3 years
5 years
7 years
9 years
Yes, the answer is correct.
Score: 1
Feedback:

7 years is to be presumed dead.

Accepted Answers:
7 years

1 point
What is called the right of the an insurer to refuse admittance of the claim by the insured ?

Reinsurance
Indemnity
Repudiation
Actuarial valuation
Yes, the answer is correct.
Score: 1
Feedback:

Repudiation occurs when one party illustrates that they no longer intend to be bound to their obligations unde
Accepted Answers:
Repudiation

1 point
As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the
Issue of Policy, What Does the Beneficiary Receive as the Claim?
 Nothing
Premium, Paid by the Life-Assured
(2 × Premium), Paid by the Life-Assured.
Full Face-Amount of the Policy.
Yes, the answer is correct.
Score: 1
Feedback:

Full Face-Amount of the Policy.

Accepted Answers:
Full Face-Amount of the Policy.

1 point
As per the Suicide Clause, if the Life-Assured Dies, as a Result of Suicide, After 3 Years of the
Issue of Policy, What Does the Beneficiary Receive as the Claim?

Proposal Form
Claims Form
Nomination Form
Policy Document
Yes, the answer is correct.
Score: 1
Feedback:

Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all th
Accepted Answers:
Policy Document

1 point
ABC Insurance Company has offered an Insurance-Plan to Mr. Krishna, with a Provision of
Survival-Claim. How will the Company ascertain the Survival-Claim? Choose the Most
Appropriate Option.

Claim will be ascertained, as per the Conditions, stipulated in the Policy.

Claim will be ascertained, based on the Dates, which are determined, at the Beginning of
the Contract, it-self.
Claim will occur, when the Policy-Holder decides to cancel the Contract.
Claims will be ascertained, based on the Medical and Other Records, provided by the
Policy-Holder, in Support of His Claim.
Yes, the answer is correct.
Score: 1
Feedback:
Policy document is a detailed document and it is the Evidence of the insurance contract which mentions all th
Accepted Answers:
Claim will be ascertained, as per the Conditions, stipulated in the Policy.

1 point
When the Insurer promises to pay the Insured, a Specified Amount at the End of the Term, if the
Insured survives the Plan’s Entire Term, then the Claim will be known as________

Survival-Benefit Payment
Surrender of Policy
Death-Claim
Maturity-Claim
Yes, the answer is correct.
Score: 1
Feedback:

It simply means that when the policy completes its tenure, a certain amount of money called Maturity Claim a
Accepted Answers:
Maturity-Claim

1 point
A ______is a Demand, that, the Insurer should Make Good the Promise, Specified in the
Contract.

Claim
Repudiation
Fore-Closure
Grievance
Yes, the answer is correct.
Score: 1
Feedback:

An insurance claim is a formal request to an insurance company asking for a payment based on the terms of t
Accepted Answers:
Claim

1 point
_______ Claims, can be Payable, Only to the Assignee or Nominee.

Death Claim
Maturity Claim
Survival-Benefit
Surrender-Value
Yes, the answer is correct.
Score: 1
Feedback:

Death Claim is a formal request made by the nominee* in a life insurance policy to the life insurance compan
Accepted Answers:
Death Claim

1 point
Rider benefits are additional benefits attached to the basic policy.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

A rider is an insurance policy provision that adds benefits to or amends the terms of a basic insurance policy
Accepted Answers:
TRUE

1 point
Waiver of Premium Rider provides benefit in the form of premium waiver in case of accidental
disability.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

A waiver of premium rider is an insurance policy clause that waives insurance premium ... Applicants with pr
obtain benefits.
Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 4 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Why non-medical underwriting is resorted to?

To verify the income of prosper

To save on cost of conducting medical exam
To chech the antecedents of person
To satisfy about the health of the prosper
Yes, the answer is correct.
Score: 1
Feedback:

Non-medical life insurance policies do not require a medical exam, blood test, or an assessment of your vitals
Accepted Answers:
To save on cost of conducting medical exam

1 point
Many Proposals are Underwritten and Accepted for Insurance, without calling for a Medical
Examination. This Form of Underwriting, is referred to as
 Healthy Underwriting
Non-Medical Underwriting
Non-Adverse Underwriting
General Underwriting
Yes, the answer is correct.
Score: 1
Feedback:

Non-medical life insurance or life insurance without a medical exam refers to the fastest-growing category of
Accepted Answers:
Non-Medical Underwriting

1 point
Which is the Process, an Insurance Company uses, to recover the Claim-Amounts, paid to a
Policy-Holder, from a Negligent Third-Party.

Underwriting
Nomination
Subrogation
Contract
Yes, the answer is correct.
Score: 1
Feedback:

Underwriting is the process through which an individual or institution takes on financial risk for a fee.
Accepted Answers:
Underwriting

1 point
What is full form of FPA in the context of marine underwriting?

Foreign Policy Association

Free of Particular Average
Free Port Association
Food and Perishable Accounting
Yes, the answer is correct.
Score: 1
Feedback:

Free Port Association

Accepted Answers:
Free Port Association
1 point
____shall mean and include, All: Important, Essential, and Relevant Information, in the Context
of Underwriting the Risk, to be Covered by the Insurer.

Cover
Proposal_Form
Material
Declaration Form
Yes, the answer is correct.
Score: 1
Feedback:

material facts are used to determine the amount of coverage and the cost of the premium that will be charged.
Accepted Answers:
Material

1 point
The Need for Careful Underwriting and Risk Classification in Insurance, arises from the Simple
Fact, that______

All the risks are equal

All the risks are not equal
Many risks are not equal
Every risk is equal
Yes, the answer is correct.
Score: 1
Feedback:

All the risks are not equal

Accepted Answers:
All the risks are not equal

1 point
If Insurance Firm accepts such Applicants, Who are at a Greater Than Normal Risk or are Not
Insurable, but conceal or falsify the Information about their Actual Condition or Situation, so that,
they get Insurance, then this will be known as _____-. Choose the Most Appropriate Option.

Insurance-Screening
Adverse Selection
Underwriting Lapse
Proposal Review
Yes, the answer is correct.
Score: 1
Feedback:

Underwriting Lapse
Accepted Answers:
Underwriting Lapse

1 point
______are independent professionals appointed by an insurance company to assess the loss or
damage when a claim is notified under a policy issued by them.

Surveyors
Loss assessors
Agents
Underwriter
Yes, the answer is correct.
Score: 1
Feedback:

A loss assessor is appointed by the policyholder manage the insurance claim on their behalf.
Accepted Answers:
Loss assessors

1 point
Underwriting department has to assess risk and determine premium?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

Underwriting, whether it be for an insurance policy or a loan, revaluates the riskiness of a proposed deal or ag
Accepted Answers:
TRUE

1 point
Prospectus gives details about underwriting of the issues?

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:
A prospectus is a document that is required by and filed with the SEC that provides details about an investme
the public.
Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 7 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Label the Interest, that the Insured has, in the Subject-Matter of Life Assurance. Choose the
Most Appropriate Option.

Speculative Interest
Wager Interest
Insurable Interest
Indemnity Interest
Yes, the answer is correct.
Score: 1
Feedback:

A person or entity has an insurable interest in an item, event or action when the damage or loss of the object w
hardships.
Accepted Answers:
Insurable Interest

1 point
A Form, to be filled-in by the Proposer for Insurance, furnishing All Material Information, required
by the Insurer, is called?

Material
Cover
Proposal Form
Declaration Form
Yes, the answer is correct.
Score: 1
Feedback:

Proposal form is the most important and basic document required for life insurance contract between the insu
Accepted Answers:
Proposal Form

1 point
Insurance Contract, whether in the Form of a Policy or a Cover-Note, is called?

Proposal Form
Cover
Material
Prospectus
Yes, the answer is correct.
Score: 1
Feedback:

Insurance coverage is the amount of risk or liability that is covered for an individual or entity by way of insur
Accepted Answers:
Cover

1 point
Following Legal Rules provide the Guide-Lines to Decide: Whether the Loss is caused by an
Insured-Peril or an Excluded-Peril.

Loss-Assessment
Loss-Minimization
Proximate Cause
Loss-Protection
Yes, the answer is correct.
Score: 1
Feedback:

a proximate cause is an event sufficiently related to an injury that the courts deem the event to be the cause of
Accepted Answers:
Proximate Cause

1 point
Subrogation follows from the Principle of ?

Indemnity
Insurance
Risk-Coverage
Risk-Mitigation
Yes, the answer is correct.
Score: 1
Feedback:

Indemnity means making compensation payments to one party by the other for the loss occurred.
Accepted Answers:
Indemnity

1 point
An Insurance Contract generally becomes Void, when there is____, with Intent to Deceive.

Abetment
Mis-Representation
Concealment
Fraud
Yes, the answer is correct.
Score: 1
Feedback:

Concealment is the act of hiding or not putting forward any relevant fact in front of the insurer that need to be
Accepted Answers:
Concealment

1 point
The Principle of Indemnity is Applicable to________.

Life Assurance
General Insurance
Life Assurance and General Insurance
Neither Life Assurance, Nor General Insurance.
Yes, the answer is correct.
Score: 1
Feedback:

A policy or agreement between the policyholder and the insurer which is considered only after realization of
Accepted Answers:
General Insurance

1 point
______can also be defined as Surrender of Rights, by the Insured, to an Insurance Company,
that has paid a Claim against the Third-Party.

Subrogation
Contract
Nomination
Underwriting
Yes, the answer is correct.
Score: 1
Feedback:
Subrogation is a term describing a right held by most insurance carriers to legally pursue a third party that cau
Accepted Answers:
Subrogation

1 point
Accounting systems of the insured indicates presence of moral hazard in fidelity guarantee class
of insurance.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:

FALSE
Accepted Answers:
FALSE

1 point
A cover note is a temporary and limited agreement.

TRUE
FALSE
Yes, the answer is correct.
Score: 1
Feedback:
TRUE
Accepted Answers:
TRUE

Check Answers and Submit

Your score is: 10/10

Unit 8 - Self Assessment Questions
Assignment not submitted

Instructions:

Self Assessment Questions for Practice (Non-Graded)

Number of Questions: 10

Attempts: Multiple

1 point

"Which One of the Following Documents, is an Additional Document, required to be submitted for
Claim, in Case of Accidental Death, as compared to Natural Death?"

Certificate of Burial or Cremation

Treating Physician’s Certificate

Post-Mortem Report

Employer’s Certificate
Yes, the answer is correct.
Score: 1
Feedback:
Post Mortem Report is a mandatory document for processing of any PA death claim.
Accepted Answers:
Post-Mortem Report

1 point

A Commercial Enterprise will not need One of the Following Types of Insurance:

Anti-Money-Laundering Insurance

Fire Insurance

"Consequential Loss Insurance "

Banker's Indemnity Insurance

Yes, the answer is correct.
Score: 1
Feedback:
Insurance regulator IRDA has issued Anti Money Laundering (AML) guidelines that include strict
adherence of KYC norms by insurance companies.
Accepted Answers:
Anti-Money-Laundering Insurance

1 point

"Distinguish between the Reasons, behind an Insurance being taken by a Commercial Enterprise, as
compared to those by an Individual. "

"The Demand for Insurance in a Large Enterprise, is, often, mandated by Certain Legal
Requirements. "

"The Insurance, Taken by an Individual, is, for Future Financial Planning."

"Both take Insurance Cover, to minimize the Set-Back, caused by the Perils."

"Monetary Damages, caused to a Large Enterprise, is, Larger Than that of an Individual."
Yes, the answer is correct.
Score: 1
Feedback:
The Demand for Insurance in a Large Enterprise, is, often, mandated by Certain Legal Requirements.
Accepted Answers:
"The Demand for Insurance in a Large Enterprise, is, often, mandated by Certain Legal Requirements.
"

1 point

A Marine Insurance Underwriter must be Aware about:

Causes of Fire

"Problems encountered by Cargo or Goods, in Transit or Storage "

Process involved in an Industry

Likely Causes of Fire

Yes, the answer is correct.
Score: 1
Feedback:
A marine underwriter therefore needs to be aware of not just rules and regulations of the country to
which the ship belongs but also about other countries where potential incidents could occur.
Accepted Answers:
"Problems encountered by Cargo or Goods, in Transit or Storage "
1 point

The Clause of Arbitration does not apply to following Insurance.

Goods

Marine

Automobile

Agricultural
Yes, the answer is correct.
Score: 1
Feedback:
The Clause of Arbitration does not apply to marine Insurance.
Accepted Answers:
Marine

1 point

"Marine policy covers any loss or damage to ships, tankers, bulk carriers, smaller vessels, fishing
boats and sailing vessels. "

True

False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point

"The Standard Fire And Special Perils Policy covers all properties on land (excluding cost of land),
moveable or immoveable, at various locations against named perils. "

True

False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
In the case of motor insurance policy Form A is commonly known as_______.

Act policy

Package policy

Act and Package policy

liability policy
Yes, the answer is correct.
Score: 1
Feedback:
Act policy
Accepted Answers:
Act policy

1 point

Personal accident insurance is highly attractive for ………………

Individuals

Partners

Industrialists and businessmen

Senior citizens
Yes, the answer is correct.
Score: 1
Feedback:
Personal accident insurance is highly attractive for Industrialists and businessmen.
Accepted Answers:
Industrialists and businessmen

1 point

______is popular among industrial workers.

Fidelity guarantee insurance

cash in transit insurance

social insurance

Un employment insurance
Yes, the answer is correct.
Score: 1
Feedback:
social insurance is popular among industrial workers.
Accepted Answers:
social insurance

Check Answers and Submit

Your score is: 10/10

Unit 9 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
When was General insurance business nationalized?

1962
1972
1982
1992
Yes, the answer is correct.
Score: 1
Accepted Answers:
1972

1 point
Which is not the kind of fire insurance policy?

Valued policy
Average policy
Floating policy
Hull policy
Yes, the answer is correct.
Score: 1
Feedback:
A hull means the body of the vessel and that is exactly what is covered by this insurance policy.
Accepted Answers:
Hull policy

1 point
Following policy covers home assets for the agreed sum assured against perils such as fire,
burglary etc.

Home Insurance
 TPA
Contractor’s All Risk Policy
Mediclaim
Yes, the answer is correct.
Score: 1
Feedback:
Homeowners insurance is a form of property insurance that covers losses and damages to an
individual's house and assets in the home.
Accepted Answers:
Home Insurance

1 point
Which one of the following does not belong to the main products of life insurance?

Endowment
Personal accident insurance
Term
Whole life
Yes, the answer is correct.
Score: 1
Feedback:
Personal accident insurance is a policy that can reimburse your medical costs, provide
compensation in case of disability or death caused by accidents.
Accepted Answers:
Personal accident insurance

1 point
When was the General Insurance Council formed?

1938
1957
1973
1971
Yes, the answer is correct.
Score: 1
Accepted Answers:
1957

1 point
In case of Liability, claim Form duly filled in along-with copies of Registration Certificate, Diving
License, FIR are to be submitted.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
In case of accidental damage to the vehicle, vehicle will be surveyed by a Surveyor.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Third party covers the liability of ____

Life Insurance
General Insurance
Third party
Health Insurance
Yes, the answer is correct.
Score: 1
Feedback:
Third-party insurance, which is also sometimes referred to as 'act-only' insurance is a statutory
requirement for all vehicle owners as per the Motor Vehicle Act.
Accepted Answers:
Third party

1 point
Motor insurance policy was introduced to cover____.

Individuals
Group policy
Social group
 Third party policy
Yes, the answer is correct.
Score: 1
Feedback:
Third-party insurance, which is also sometimes referred to as 'act-only' insurance is a statutory
requirement for all vehicle owners as per the Motor Vehicle Act.
Accepted Answers:
Third party policy

1 point
Health insurance provides protection against ______.

Unexpected medical charges

Expected medical charges
Health charges
Other charges
Yes, the answer is correct.
Score: 1
Feedback:
Health insurance is personal insurance that provides coverage for the cost of hospital and
medical expenses arising from illness or injury.
Accepted Answers:
Other charges

Check Answers and Submit

Your score is: 10/10

Unit 10 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
The first step in risk management process is?

Risk avoidance
Risk Indentification
Risk control
Risk evaluation
Yes, the answer is correct.
Score: 1
Feedback:
Risk Indentification is the first step in Risk management process.
Accepted Answers:
Risk Indentification

1 point
Which of the following steps in the risk management process helps in determining sum insured
under policies?

Risk Identification
Risk retention
Risk transfer
Risk evaluation
Yes, the answer is correct.
Score: 1
Feedback:
Risk evaluation is the process to determine the significance of each risk.
Accepted Answers:
Risk evaluation

1 point
Main emphasis of risk management is on
 Risk retention
Reduction of cost of handling risk.
Risk transfer
Insurance
Yes, the answer is correct.
Score: 1
Feedback:
The purpose of risk management is to identify potential problems before they occur so that risk-
handling activities may be planned and invoked as needed across the life of the product or
project to mitigate adverse impacts on achieving objectives.
Accepted Answers:
Reduction of cost of handling risk.

1 point
When the subject is partially lost by a peril insured against, it is called?

"General average loss. "

Constructive total loss.
Actual total loss.
Particular average loss
Yes, the answer is correct.
Score: 1
Feedback:
Particular Average loss is a partial loss of the subject matter insured caused by a peril insured
against, and which is not a General Average loss.
Accepted Answers:
Particular average loss

1 point
Following is concerned with the conversion of a firm’s asset and earning power against risks of
accidental loss.

Risk retention
Risk management
Risk control
Risk Identification
Yes, the answer is correct.
Score: 1
Feedback:
Risk management is the process of identifying, assessing and controlling threats to an
organization's capital and earnings.
Accepted Answers:
Risk management

1 point
Which of the following method reduces the chance of loss to zero?

Risk Transferring
Risk avoidance
Risk retention
Risk reduction
Yes, the answer is correct.
Score: 1
Feedback:
Risk avoidance is the elimination of hazards, activities and exposures that can negatively affect
an organization's assets.
Accepted Answers:
Risk avoidance

1 point
"Retrospective risks are those that have previously occurred, such as incidents or accidents. "

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Loss exposure checklist is a tool for risk identification?

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Risk management follows a systematic process which involves _______ steps.

2
3
4
5
Yes, the answer is correct.
Score: 1
Accepted Answers:
5

1 point
Risk insured against death is a contract of _________?

Assurance
Agreement
Indemnity
Disagreement
Yes, the answer is correct.
Score: 1
Feedback:
Assurance refers to financial coverage that provides remuneration for an event that is certain to
happen.
Accepted Answers:
Assurance

Check Answers and Submit

Your score is: 10/10

Unit 11 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Risk-Inspection is conducted, when the Sum-Insured is?

Large
Small
Moderate
Medium
Yes, the answer is correct.
Score: 1
Feedback:
Risk-Inspection is conducted, when the Sum-Insured is Large.
Accepted Answers:
Large

1 point
Risk-Inspection is Done, for Deciding the Rates of?

Premium
Bonus
Salary
Remuneration
Yes, the answer is correct.
Score: 1
Feedback:
Risk assessment is an important activity carried out by the insurers while determining the
premium.
Accepted Answers:
Premium

1 point
Following policy covers the risk during all situations
 Floating
Wagering
Valued
Mixed
Yes, the answer is correct.
Score: 1
Feedback:
It covers the risks during a period of time within which several voyages could be completed.
Accepted Answers:
Mixed

1 point
Notification of Alteration in Risk is a condition called?

precedent to liability
subsequent to liability
precedent to the contract
subsequent to the contract
Yes, the answer is correct.
Score: 1
Feedback:
An alteration of the risk occurs when there is a change in the circumstances which, according to
the contract, are to form the basis of the insurance, and the risk is thereby altered contrary to the
implied conditions of the contract.
Accepted Answers:
subsequent to the contract

1 point
One who shares the risk under an insurance policy or policies is known as?

Assurer
Insurer
Co-insurer
Agent
Yes, the answer is correct.
Score: 1
Feedback:
A co-insurer refers to an entity that acts as an insurer with another insurer.
Accepted Answers:
Co-insurer

1 point
Hedging involves the transfer of a speculative risk.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Risk transfer involves payment by one party (the transferor) to another (the transferee, or risk
bearer)

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Non-Life Insurers must ensure that, they do not insure the Assets, that are______.

Bought, Out of Public Money

Bought, Using the Bank Loan
Bought, Out of Illegal Funding
Bought, By Mortgaging the Property
Yes, the answer is correct.
Score: 1
Feedback:
Bought, Out of Public Money
Accepted Answers:
Bought, Out of Public Money

1 point
Insurance is based on Transfer of Risk to the______

Agent
Insured
 Insurer
Profit
Yes, the answer is correct.
Score: 1
Feedback:
Risk transfer is a risk management and control strategy that involves the contractual shifting of a
pure risk from one party to another. One example is the purchase of an insurance policy, by
which a specified risk of loss is passed from the policyholder to the insurer.
Accepted Answers:
Insurer

1 point
As the Value of a Lost Life or a Lost Limb, cannot be estimated or indemnified, the Amounts,
Payable for such Disabilities, are termed as______.

Benefits
Loss
Maturity
Payment due
Yes, the answer is correct.
Score: 1
Feedback:
Benefits
Accepted Answers:
Benefits

Check Answers and Submit

Your score is: 10/10

Unit 12 - Self Assessment Questions
Your last recorded submission was on 2022-12-10, 22:07 IST
Previous Score: 40%

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
What is the type of annuity that does not have a fixed time span but continues indefinitely or
forever ?

Ordinary annuity
"Perpetuity "
Annuity due
Deferred Annuity
Yes, the answer is correct.
Score: 1
Feedback:
A perpetuity is a type of annuity but extremely rare and not commonly offered by insurance
companies. The value of a perpetuity tends to decrease over time. Perpetuities pass on to
beneficiaries at the time of the holder's death and continue to make payments as before.
Accepted Answers:
"Perpetuity "

1 point
What is the type of annuity where the first payment does not begin until some later date in the
cash flow ?

Ordinary annuity
"Perpetuity "
Annuity due
Deferred Annuity
Yes, the answer is correct.
Score: 1
Feedback:
A deferred annuity is a contract with an insurance company that promises to pay the owner a
regular income, or a lump sum, at some future date.
Accepted Answers:
Deferred Annuity

1 point
Which is not an essential element of an ordinary annuity ?

The amounts of all payments are equal.

The payments are made at equal interval of time.
The first payment is made at the beginning of the first period.
Compound interest is paid on all amounts in the annuity.
Yes, the answer is correct.
Score: 1
Feedback:
The first payment is made at the beginning of the first period.
Accepted Answers:
The first payment is made at the beginning of the first period.

1 point
What is the type of annuity where the payments are made at the beginning of the each period
starting from the first period ?

Ordinary annuity
"Perpetuity "
Annuity due
Deferred Annuity
Yes, the answer is correct.
Score: 1
Feedback:
Annuity due is an annuity whose payment is due immediately at the beginning of each period.
Accepted Answers:
Annuity due

1 point
In an ordinary annuity, payments or receipts occur at?

Beginning of each period

End of each period
Mid of each period
 Quarterly basis
Yes, the answer is correct.
Score: 1
Feedback:
In an ordinary annuity, payments or receipts occur at the end of each period.
Accepted Answers:
End of each period

1 point
A series or stream of payments, also called annuity?

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Variable annuity is a type of annuity linked to the performance of an investment portfolio?

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
Amount of money today which is equal to series of payments in future is called_____

Normal value of annuity

Sinking value of annuity
Present value of annuity
Future value of annuity
Yes, the answer is correct.
Score: 1
Feedback:
The present value of an annuity refers to how much money would be needed today to fund a
series of future annuity payments.
Accepted Answers:
Present value of annuity

1 point
Rental payment of apartment is an example of______

Annuity due
Perpetuity
Ordinary annuity
Installment
Yes, the answer is correct.
Score: 1
Feedback:
"Perpetuity "
Accepted Answers:
Perpetuity

1 point
______is a series of constant cashflows over a limited period of time.

"Perpetuity "
Annuity
Present value
Future value
Yes, the answer is correct.
Score: 1
Feedback:
An annuity is a contract between you and an insurance company in which you make a lump-sum
payment or series of payments and, in return, receive regular disbursements, beginning either
immediately or at some point in the future.
Accepted Answers:
Annuity

Check Answers and Submit

Your score is: 10/10

Unit 13 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
The main reason an insurer would purchase reinsurance is because

it allows risks to be underwritten that could be unprofitable.

it allows risks to be spread reducing the impact of potential losses.
it delegates all underwriting decisions to the reinsurer
regulations always require facultative reinsurance to be obtained.
Yes, the answer is correct.
Score: 1
Feedback:
The main reason for opting for reinsurance is to limit the financial hit to the insurance company's
balance sheet when claims are made.
Accepted Answers:
it allows risks to be spread reducing the impact of potential losses.

1 point
Reinsurance pools are comprised of reinsurers that

accept a predetermined percentage of all qualifying treaties.

accept the same financial limit on each layer of a reinsurance programme.
accept the same percentage participation on each layer of a reinsurance programme.
are obliged to always accept the same financial limit of every qualifying treaty.
Yes, the answer is correct.
Score: 1
Feedback:
accept a predetermined percentage of all qualifying treaties.
Accepted Answers:
accept a predetermined percentage of all qualifying treaties.

1 point
Which type of reinsurance is most likely to charge the total premium at contract inception?
 Facultative
Quota Share
Stop loss
Surplus
Yes, the answer is correct.
Score: 1
Feedback:
Facultative reinsurance is coverage purchased by a primary insurer to cover a single ris or a
block of risks held in the primary insurer's book of business.
Accepted Answers:
Facultative

1 point
A reinsurer may request a letter of credit on behalf of a reinsured to

assess the suitability of a potential insured.

demonstrate financial security to a rating agency.
prove that a reinsurance claim has been fully settled.
satisfy the requirements of a loss reserve clause.
Yes, the answer is correct.
Score: 1
Feedback:
satisfy the requirements of a loss reserve clause.
Accepted Answers:
satisfy the requirements of a loss reserve clause.

1 point
Catastrophe modelling is widely used by reinsurers because it

estimates its exposure to major events.

gives certainty to its exposure to major events.
justifies final settlements for natural peril claims.
sets individual treaty reserves for natural peril claims.
Yes, the answer is correct.
Score: 1
Feedback:
Catastrophe models are now widely used by insurers and reinsurers to assess their potential
losses and in the case of reinsurance brokers, to assist in the design of reinsurance
programmes, and with the Dynamic Financial Analysis of an insurers balance sheet.
Accepted Answers:
estimates its exposure to major events.

1 point
Reinsurance is an insurance of insured risk where the insurer retains a part and cedes the
balance of a risk to the reinsurer.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
A Direct insurer needs reinsurance to be protected in case of catastrophe.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
The main reason a reinsurer requires material information from an insurer before participating in
its reinsurance programme is to________.

assess the adequacy of its own retrocession arrangements.

assess the risk.
file the required information with its regulator.
seek its retrocessionnaire’s permission to participate.
Yes, the answer is correct.
Score: 1
Feedback:
Assess the risk.
Accepted Answers:
assess the risk.

1 point
When an insurer exchanges proportional reinsurance business with another insurer, this is
known as__________.
 alternative risk transfer.
reciprocity
retrocession
vertical placement
Yes, the answer is correct.
Score: 1
Feedback:
Reciprocal insurance exchanges are a form of insurance organization in which individuals and
businesses exchange insurance contracts and spread the risks associated with those contracts
among themselves.
Accepted Answers:
reciprocity

1 point
When a rating agency gives a reinsurer a high financial strength rating, this indicates that a
reinsurer will most likely___________

offer alternatives to conventional reinsurance.

only underwrite short-tail reinsurance business.
remain solvent in difficult economic times.
settle all submitted claims.
Yes, the answer is correct.
Score: 1
Feedback:
remain solvent in difficult economic times.
Accepted Answers:
remain solvent in difficult economic times.

Check Answers and Submit

Your score is: 10/10

Unit 14 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Which One of the Following Bodies, can issue the License to work as Individual Agents, in India?

Finance Ministry
Government of India
Life Insurance Corporation (L.I.C.) of India and General Insurance Corporation (G.I.C.) of
India, Jointly.
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
Yes, the answer is correct.
Score: 1
Feedback:
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
Accepted Answers:
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)

1 point
"As per Insurance Regulatory and Development Authority of India (I.R.D.A.I.) (Protection of
Policy Holders' Interests) Regulations, 2017, What is the Stipulated Period, within which, Claim
under a Life Assurance Policy, shall be paid or shall be disputed, provided that, the Company
has received All Relevant Papers?"

Within 15 days
Within 20 days
Within 30 days
Within 3 months
Yes, the answer is correct.
Score: 1
Accepted Answers:
Within 30 days

1 point
What is the maximum amount of award that Insurance Ombudsman can pass?

10 Lakh
15 Lakh
20 Lakh
25 Lakh
Yes, the answer is correct.
Score: 1
Accepted Answers:
20 Lakh

1 point
Which section of Insurance Act, 1938 grants power to IRDA to frame regulations?

Section 114A
Section 111B
Section 110A
Section 112B
Yes, the answer is correct.
Score: 1
Accepted Answers:
Section 114A

1 point
The board of IRDAI consists of how many members?

10
5
6
8
Yes, the answer is correct.
Score: 1
Feedback:
IRDAI is a 10-member body including the chairman, five full-time and four part-time members
appointed by the government of India.
Accepted Answers:
10

1 point
Which One of the Following Bodies, can issue the License to work as Individual Agents, in India?
 Finance Ministry
Government of India
LIC & GIC
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
Yes, the answer is correct.
Score: 1
Feedback:
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)
Accepted Answers:
Insurance Regulatory and Development Authority of India (I.R.D.A.I.)

1 point
An insurance agent needs to disclose the scales of commission in respect of the insurance
product offered for sale, if asked by the prospect;

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
A solvency margin is an amount that insurers need to keep aside for every policy they sell,
ensuring they have sufficient reserves to meet unexpected payments.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
"The Insurance Regulatory and Development Authority (I.R.D.A.) was established in the Year: -
______, under The Insurance Regulatory and Development Authority (I.R.D.A.) Act, 1999. "

1999
2000
2002
 2003
Yes, the answer is correct.
Score: 1
Accepted Answers:
2002

1 point
Insurance Act, 1938, prohibits the Use of Rebates, as an Inducement to take an Insurance
Policy, under_______.

Section 38
Section 41
Section 45
Section 45
Yes, the answer is correct.
Score: 1
Accepted Answers:
Section 41

Check Answers and Submit

Your score is: 10/10

Unit 15 - Self Assessment Questions
Assignment not submitted

Instructions:
Self Assessment Questions for Practice (Non-Graded)
Number of Questions: 10
Attempts: Multiple
1 point
Most companies begin the process of establishing organizational ethics programs by
developing?

Ethics training program

Codes of Conduct
Ethics enforement mechanism
Hidden agends
Yes, the answer is correct.
Score: 1
Feedback:
The objective of this code is to set standards of business practice that are good for the image of
the insurers and in the best interests of their policyholders.
Accepted Answers:
Codes of Conduct

1 point
Which One of the Following, can form the Basis for a Valid Consumer-Complaint?

"Shop-Keeper, Not Giving Any Discounts on the Product. "

"Price, Charged by Shop Keeper, is as per Maximum Retail Price (M.R.P.) on Package. "
Shop-Keeper fails to provide a Certain Product.
The Goods, Bought by Consumer, suffers from One or More Defects.
Yes, the answer is correct.
Score: 1
Feedback:
The Goods, Bought by Consumer, suffers from One or More Defects.
Accepted Answers:
The Goods, Bought by Consumer, suffers from One or More Defects.

1 point
Which One of the Following, is a Tool for Monitoring the Grievance-Redressal in the Insurance-
Industry

National Commission
Ombudsman
Integrated Grievance Management-System (I.G.M.S.)
State Commission
Yes, the answer is correct.
Score: 1
Feedback:
The Ombudsman is a person in the insurance industry, civil or judicial services, and is appointed
by the insurance council.
Accepted Answers:
Integrated Grievance Management-System (I.G.M.S.)

1 point
Which One of the Following Consumer-Disputes' Redressal-Agencies, has Supervisory
Jurisdiction over State Commission?

District Forum
National Commission
Ombudsman
Local area forum
Yes, the answer is correct.
Score: 1
Feedback:
National Commission
Accepted Answers:
National Commission

1 point
Who among the Following, is Not included in the Definition of 'Consumer', as per Consumer
Protection (Amendment) Act, 2002?

Any Person, who buys Any Goods, for a consideration; and includes Any User of such
Goods.
Any Person, who hires or avails of Any Services, for a Consideration.
"Any Person, who avails Any Service; and is also the Beneficiary of that Service. "
A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.
Yes, the answer is correct.
Score: 1
Feedback:
A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.
Accepted Answers:
A Person, who obtains the Goods, for Re-Sale or for Any Commercial Purpose.

1 point
Presently how many Insurance Ombudsman are there in India?

11
15
17
19
Yes, the answer is correct.
Score: 1
Accepted Answers:
17

1 point
Insurance Agent keeping silent on the charges that get deducted from the premium paid by the
customer cannot be considered as unethical behaviour.

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
False

1 point
"Placing the best interests of the client above one’s own direct or indirect benefits; is a sign of
good ethical behaviour "

True
False
Yes, the answer is correct.
Score: 1
Accepted Answers:
True

1 point
An Insurance Ombudsman shall be appointed for a term of _____ years.

3
4
5
6
Yes, the answer is correct.
Score: 1
Accepted Answers:
3

1 point
You can approach Insurance Ombudsman if your Insurance Company did not respond to your
complaint within ___ days.

15 days
30 days
45 days
60 days
Yes, the answer is correct.
Score: 1
Accepted Answers:
30 days

Check Answers and Submit

Your score is: 10/10