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INS Answer Key

Origins of modern insurance business can be traced to Lloyds. The LIC of India Act was passed in June 1956 but came into force on Sept. 1, 1956. Every insurer carrying on business in India shall invest no more than 35% of their funds in other capital market investments. On 20th January 1956 all Life Insurance Companies operating in India were taken over by 43 nominated custodians.

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762 views

INS Answer Key

Origins of modern insurance business can be traced to Lloyds. The LIC of India Act was passed in June 1956 but came into force on Sept. 1, 1956. Every insurer carrying on business in India shall invest no more than 35% of their funds in other capital market investments. On 20th January 1956 all Life Insurance Companies operating in India were taken over by 43 nominated custodians.

Uploaded by

उमेश गावंडे
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Origins of modern insurance business can be traced to ________.

Lloyds
LIC of India Act was passed in June 1956 but it came into force on
Sept. 1, 1956
Every Insurer carrying on business in India shall invest and at all time
keep invested an amount not exceeding ________ of their funds in other
capital market Investments.
35%
On 20th January 1956 all Life Insurance Companies operating in India
were taken over by ______ nominated custodians.
43
Which among the following is a method of Risk Transfer?
Insurance
Which of the following statements is true?
Insurance is a method of sharing the losses of a ?few? by ?many?
Insurance is a mechanism that helps reduce adverse consequences
through ___________.
Pooling, spreading and sharing of risk
Employees State Insurance Act 1948 provides for:
Medical aid to workers and their families working in Industries located in
certain notified areas
Pradhan Mantri Jeevan Jyoti Bima Yojana is to benefit people in case of
death. This scheme with a premium of Rs. 330 and coverage of Rs.2 lakh is
available to persons in the age group of ______.
18 to 50
General Insurance means___________.
All the above
An insurer is bound to furnish details regarding
All the above three
How breach of Utmost Good faith occurs in a contract of insurance?
Through both of the above
In property insurance Insurable interest must exist at the time of _
Inception and Loss both
Generally a person seeking insurance writes a form to the insurer and
applies for insurance. This form is known as _____.
Proposal form
In any contract if there is an offer and acceptance, what is the third
condition that must be fulfilled to make it a complete contract?
Consideration
A fact that influences a prudent underwriter?s decision to accept the risk
or not is known as ______.
Material Fact
Gautama gets his tractor insured for a sum saying that the tractor is two
years old. But in an accident, when the tractor becomes a total loss, the
insurer comes to know that the said tractor was 10 years old. The insurer
can reject the claim stating_____
Non-Disclosure of material fact
Indemnity means a guarantee or an assurance to put the insured in the
same position in which he was immediately prior to the happening of the
contingency insured. That means the insurer undertakes to ______.
Make good the loss.
Ram fell from a horse while riding and got his leg fractured. He kept lying
on a wet land for a long time before he was taken to the hospital where he
was diagnosed of pneumonia and he died of the pneumonia. The
proximate cause was_______.
Accidental fall from the horse
Conventionally Insurance has been classified in to ____________.
Life Insurance and General Insurance
Miscellaneous Insurance business means affecting insurance contracts on
all kinds of risks other than _______.
All of the three
Some insurance cannot be categorized as a standard group and are a part
of ?Others? insurance like_____.
All the above.
All the Insurers in India are governed by the rules and regulations framed
by IRDAI except_____.
Postal Life Insurance
A Household insurance means _____.
Both of the above
Life Insurance provides the products like_______.
Both of the above

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