Insurance 101_
1___________ risk are insuable .(pure)
2 If a person whose vehicle as insured met an accident and claims insurance ,the
compensation paid by the insurance company is called_______(cover).
3 Insurance takes care of _________implications(financial)
4 Which conditions will normally include for collection of premium
a) premium amount
b) sum assured
c) when claims will be paid or not paid
d) all of the above
e) none of the above
5 Client and reinsurer are both ends of ________(insurance cycle)
6 _________person who decides weather to accept the risk or not?(underwriter)
7 Mutual insurance companies are owned by__________(policy holders)
8 Stock insurance companies _____
9 A company which covers insurance for all its employes _________(captive insurance
company)
10 __________is an example of Lloyd’s of London.(Syndicated insurance companies)
11 The huge loss on world trade center the insurer (insurance company ) should go for
_____(pools)
12 A person needs to insure auto and life insurance can go for ___type of
insurance(composite companies)
13 Which is the most affordable and least complicated type of insurance?________(term
life insurance)
14 Which is not a function of acturial department?(marketing)
15 If u occur a loss which department will take care of your returns/claims(claims
administration)
16 If you are in Europe which insurance company you will be covered by Wipro?
a)farmers
b)nationwide
c)marsh
d)sys….
17 A person in a company wants to insure related to all master degrees so he can go
for________(group insurance)
18 In which type of insurance aeroplanes are covered_______(specialist business)
19 A person wants to insure his machines which kind of insurance company he can go
for?_____
a)nationwide
b)marsh
c)farmer
d)sys
20 If a person has been covered by previous question what is the type of premium he is
paying
a) pure
b) actual
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c)proposed
d)respective
21 Which department will fix the premium based on the previous experience details?(
a) accounting
b)underwriting
c)claims
d)none of the above
.
Q) Which of the following could form part of the terms and conditions of an insurance policy?
a) Premium Amount B)Sum Assured C)Under which conditions acclaims will be paid or not be
paid D)All of the above
Ans) D
Q)Whom does an insurance company approach to safeguard itself from the heavy losses?
Ans) Reinsurer.
Q) While processing a claim which of the entities given below may play the most important role?
ANS) Loss Adjuster
Q)What are the two ends of a complete insurance cycle?
Ans) Client and Reinsurer
Q)In which form of insurance company will the customers have a dual relationship of customers
as well as owner with the company?
Ans) Mutual Insurance Company
Q) John's Life insurance policy ensures that his life is insured for the next 10 years. If he survives
the ten years term he doesn't get any benefit out of the policy. What kind of life insurance policy
does he hold?
Ans) Term Life insurance
Q) John is now promised a return on the premium paid should he survived the ten year term after
the expiry of the policy. What kind of insurance does he hold now?
Ans) Endowment Insurance
Q) What kind of life insurance policy will cover Mr.. Ahmed's family from his unexpected death for
his life span?
Ans) Whole Life Insurance
Q) A non- Life insurance comp. providing only Auto and Health/Accident insurance is into which
of he following lines of business?
Ans) Personal Lines
Q) Which of the following does not come under speciality lines of business for a non-life
insurance company?
Ans) Machinery
Q) If leon wants to save himself the trouble of approaching different insurance companies to get
comparable quotes for insuring machinery for his factory which of the Wipro's Clients should he
go to ?
Ans) Marsh
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Q) To assess the risk and determine suitable coverage and premium for a client are the primary
tasks of
Ans) Underwriting department.
and some on actuarial dept. and some other depts which are in the end of the script....
Do go thru them...
Q) Which of the following could form part of the terms and conditions of an insurance policy?
a) Premium Amount B)Sum Assured C)Under which conditions acclaims will be paid or not be
paid D)All of the above
Ans) D
Q)Whom does an insurance company approach to safeguard itself from the heavy losses?
Ans) Reinsurer.
Q) While processing a claim which of the entities given below may play the most important role?
ANS) Loss Adjuster
Q)What are the two ends of a complete insurance cycle?
Ans) Client and Reinsurer
Q)In which form of insurance company will the customers have a dual relationship of customers
as well as owner with the company?
Ans) Mutual Insurance Company
Q) John's Life insurance policy ensures that his life is insured for the next 10 years. If he survives
the ten years term he doesn't get any benefit out of the policy. What kind of life insurance policy
does he hold?
Ans) Term Life insurance
Q) John is now promised a return on the premium paid should he survived the ten year term after
the expiry of the policy. What kind of insurance does he hold now?
Ans) Endowment Insurance
Q) What kind of life insurance policy will cover Mr.. Ahmed's family from his unexpected death for
his life span?
Ans) Whole Life Insurance
Q) A non- Life insurance comp. providing only Auto and Health/Accident insurance is into which
of he following lines of business?
Ans) Personal Lines
Q) Which of the following does not come under speciality lines of business for a non-life
insurance company?
Ans) Machinery
Q) If leon wants to save himself the trouble of approaching different insurance companies to get
comparable quotes for insuring machinery for his factory which of the Wipro's Clients should he
go to ?
Ans) Marsh
Q) To assess the risk and determine suitable coverage and premium for a client are the
primary tasks of
Ans) Underwriting department.
and some on actuarial dept. and some other depts which are in the end of the script....
Do go thru them...
All the Best.....
3
(1) An agent with powers to bind the insurer is called _____________ (binder)
(2) ________ is a person who decides whether to accept the risk or not.
(underwriter)
(3) A _____________ is a person who assesses loss for insurance claims. (loss
adjuster)
(4) _____________ are representatives of insurance companies who are responsible
for marketing its products. (Agents)
(5) Ravi stays in a town where about 500 bicycles are stolen every year. There are
10000 bicycles in all in the village. All the people in the town decide to insure
their bicycles. What is the annual amount that Ravi will have to pay for insuring
his bicycle if every bicycle costs Rs.3000? (500*3000/10000= 150)
(6) In the previous problem, what is the amount paid by Ravi known as? (pure
premium)
(7) The theory of probability is applied in life insurance through the use of a
mathematical model known as a ______________. (mortality table)
(8) Mutual insurance companies are cooperatives owned by their __________
(policyholders).
(9) To insure against losses when the amount involved is very high in projects like
satellites and nuclear plants, insurance companies opt for _______ (pooling)
(10)
In an insurance company, its investment program is handled by the
___________ department (investment).
(11)
The _____________ department decides whether the risk in bringing out a
new insurance scheme is acceptable or not. (underwriting)
(12)
For a person making a claim from an insurance company, the _________
is the most important person in the company. (loss adjuster??)
(13)
Establishing premium rates and determining dividends is the function of
the ___________ department (actuarial)
(14)
_____________ is a contract in which an individual agrees to pay
premiums to an insurance company and receives, in exchange, a regular stream of
income payments from the issuer. (Annuity)
(15)
An executive in a major company complains one day that the single
master file is missing. What could the master file that he is referring to concern
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about?
a) Group insurance.
b) Life insurance
c) Payslip
d) Property insurance.
(16)
An insurance company hands out claims for losses due to automobile
accidents. What kind of an insurance company could it be ? (life/ non-life)
(17)
Insurance takes care of the ____________ implications of loss (financial)
(18)
In _________ policy, the insurance company will pay the stated benefit to
the policy owner if they are still alive when the policy expires. (endowment)
(19)
The amount of payouts that the insurance company will make in the event
of a peril depends on the _________ (insurance policy).
(20)
To insure a home on a replacement cost basis, one has to pay ________ of
its replacement cost for coverage. (atleast 80%)
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