CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
OCTOBER15
ASSESSMENT_CODE MF0018_OCTOBER15
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
16593
QUESTION_TEXT
Explain the different forms of intermediaries operating in the
market place.
SCHEME OF
EVALUATION
Insurance agent
Insurance broker
Insurance consultant
Home service representative
Reinsurance broker
Underwriter
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
72852
QUESTION_TEXT
Explain any 5 P’s of marketing mix.
1.
2.
3.
SCHEME OF EVALUATION
4.
5.
6.
Product
Pricing
Place
Promotion
People
Process
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
72856
QUESTION_TEXT
Explain the duties to be performed by the agents of an insurance company?
SCHEME OF
EVALUATION
The agents are considered to be the frontline or grass-root workers of any
insurance company. The duties of the agents include the following:
a. To search and find out the prospective customers
b. To meet the prospective customers in order to explain the availability of
different products offered by the company as well as its pros and cons
c. To help the prospect to select the best suited one to meet the personalized
needs and to close the selling process
d. To forward the proposal to the designated branch of the company for the
acceptance of the proposal and also to issue the policy document following the
acceptance of the same.
e. To attend the requirements for the acceptance of the proposal by the
insurance company
f. To render after-sales services, if any, as required by the customer and also
to sell more and more number of policies to a satisfied one.
Insurance agents use to approach the businessman, employees, executives
and self-employed professionals to sell the various types insurance policies to
suit their personalized needs. For many of them, selling the insurance policies
may be considered as a matter of earning for the livelihood while some of
agents are working hard to have an additional source of income.
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126196
QUESTION_TEXT
What is pure risk? Mention different types of pure risk
The risk that can be insured is generally referred to as pure risk. The risk
management function has traditionally focused on the management of pure
risk. The major types of pure risk that affect businesses include:
(1) Property Risk: The risk of reduction in value of business assets due to
physical damage, theft, and expropriation (i.e., seizure of assets by foreign
governments).
SCHEME OF
EVALUATION
(2) Legal Liability Risk: The risk of legal liability for damages for harm to
customers, suppliers, shareholders, and other parties.
(3) Other Risks:
The risk associated with paying benefits to injured workers under workers’
¾compensation laws and the risk of legal liability for injuries or other
harms to employees that are not governed by workers’ compensation laws.
The risk of death, illness, and disability to employees (and sometimes family
members) ¾for; which businesses have agreed to make payments under
employee benefit plans, including obligations to employees under pension
and other retirement savings plans.
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126197
QUESTION_TEXT
What is causa proxima? Explain through examples.
This is applied to decide the amount of loss.
SCHEME OF
EVALUATION
If there are multiple causes to damage then only immediate cause and not
the distant cause is considered
Proximate cause is nearest cause of damage
Proximate cause means the most closely and directly connected of the
perils insured against with loss.
Thus the insurer is liable for loss, if the risk must be insured against is
the proximate or the last cause of loss occurred
If there is one cause of loss identified, it is not required to go further
into the cause of causes.
If there is a series of causes of damage or loss is identified in such the
nearest peril is the one insured against the principle of because
proxima is applied.
And also the insurer is bound to be responsible only if the closest
cause comes within the meaning of the risk insured
Thus the closest peril is the one insured against risk, the loss of the
subject matter would be compensated.
For examples related to marine or other policies
QUESTION_TYPE
DESCRIPTIVE_QUESTION
QUESTION_ID
126200
QUESTION_TEXT
SCHEME OF
EVALUATION
Who is an insurance ombudsman? What are his functions and powers?
Why and when a policyholder approaches him?
The Insurance Ombudsman scheme was created by Government of India
in 1998 for individual policyholders to have their complaints settled out
of the courts system in a cost-effective, efficient and impartial way.
Basically it involves redressal of grievances of policyholders
There are 12 Insurance Ombudsman in different locations and you can
approach the one having jurisdiction over the location of the insurance
company office that you have a complaint against.
Why policyholder approaches him?
For any complaint pertaining to grievances against insurer in relation to
Partial or total repudiation of claims by insurer
Dispute with regard to the premium payable
Dispute regarding legal construction of policy terms
Delay in settlement of claims
Non issue of insurance docements
When One can approach the Ombudsman with complaint if:
You have first approached your insurance company with the complaint
and
They have not resolved it
Not resolved it to your satisfaction or
Not responded to it at all for 30 days
Your complaint pertains to any policy you have taken in your capacity
as an individual and
His functions and powers are
The Ombudsman will act as
1. conciliation and
2. Aware making
Arrive at a fair recommendation based on the facts of the dispute
If you accept this as a full and final settlement, the Ombudsman will
Inform the company which should comply with the terms in 15 days
The value of the claim including expenses claimed is not above Rs 20
lakh