CUSTOMER_CODE
SMUDE
DIVISION_CODE
SMUDE
EVENT_CODE
SMUJAN15
ASSESSMENT_CODE MF0018_SMUJAN15
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
16595
QUESTION_TEXT
Explain some popular insurance plans.
Limited payment plans
Participating policies s
Convertible plans
SCHEME OF EVALUATION
Joint life policies s
Children plans
Variable insurance plans
QUESTION_TYPE DESCRIPTIVE_QUESTION
QUESTION_ID
16598
QUESTION_TEXT
Write short note on life insurance underwriting and non life insurance
underwriting.
SCHEME OF
EVALUATION
Life insurance underwriting: (5 M)
Life insurance underwriting is not merely the selling of life insurance
products. It involves a process to find out such individuals who qualify
to buy insurance. It assesses the proposers’ needs and paying capacity
to determine the price rate.---------------------------products and the risk.
In life insurance, underwriting is done by insurance agents or advisors
on the basis of disclosures of the proposal forms and medical
reports………………………………………….. expenses and interest .
Mortality
Expenses
Interest
Non life insurance underwriting : (5 M)
Underwriting needs a type of discipline that can exist on pure risk.
Commercial considerations are adjusted for the purpose.
…………………………………….expected moral hazards.
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
72858
QUESTION_TEXT Discuss about the different types of documents required to put up a claim.
SCHEME OF
EVALUATION
At the time of putting a claim, the following documents are required:
a. Certificate of the Policy of Insurance
b. Bill of Lading that indicates the scope of the contract of carriage
c. Bill or Invoice mentioning the terms and conditions of sale
d. Copy of Protest is also considered to be an important document. In the
event of stranding of or accident to the vessel, the master of the ship notes
‘protest’ before a counsel or a notary public. The protest states that
everything was done to bring to safety the ship and cargo and the loss or
damage was not due to the lack of diligence on the part of the master or
crew.
e. Certificate of survey is necessary to find out whether the necessary
franchise is reached or not in case of particular average.
f. Account sales or bill of sales is a similar document where goods have
been sold. The difference between gross sound value and the proceeds as
per accounts sale might be accepted as the amount of loss.
g. Letter of subrogation gives the underwriter to sue the third party and to
recover compensation where the same is due
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.