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Exam 4: Insurance Principles and Regulations

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Question 1

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…………are independent professionals appointed by an insurance company to assess the loss or damage when a claim is notifed under a policy issued by them.

A) surveyors
B) loss assessors
C) agents
D) both a and b

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Question 2

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The ……………discovered by Jakob Bernoulls around 1700 forms the basis of modern insurance.

A) law of insurance
B) law of large numbers
C) law of modern insurance.
D) none of these

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Question 3

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……….. was constituted as an autonomous body to regulate and develop the business of insurance and reinsurance in India.

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

IAIS stands for……

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

The ………….,has allowed cooperative societies to carry on insurance business.

RPG rule 1988 set up an institution for building the confidence of the policy holders in insurance.

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

The Sanskrit term …………..,the name of LIC of India corporate headquarters,is found in Rig Veda.

The insurance industry till august 2000 had only two nationalised players ,LIC and ….

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

Dr.Nicholas Barbon set up in 1967 the first fire insurance company known as the ………..

Objective of IRDA includes

The first insurance contract was entered into by European maritime nations in 1347 to accept ……..insurance as a practice.

An ombudsman is entrusted with………..functions

The …………..company was the first insurance company to be set up in India to help the widows of the Europian community.

The ……….associated with the insurance business are agents, surveyors, loss assessors, brokers, third party administrators and banks.

………… principle in insurance mention the assured must have insurable interest in the life or property insured.

The oldest life insurance company in existence today is the society for the equitable assurance of lives and survivorship, known as ………