Which of the following details are not included in a list of bordereaux?
I. Name of insured
II. Territorial scope III. Class of risk IV. Ceding insurer’s retention
I. Name of insured
II. Territorial scope III. Class of risk IV. Ceding insurer’s retention
Anonymous Quiz
4%
I
29%
II
8%
III
58%
IV
ABC insurer wants to protect his whole book of business. Hence he enters into
an arrangement where a single composite cover is installed for protection of its
whole business, incorporating all classes of business. This arrangement is known as ____
an arrangement where a single composite cover is installed for protection of its
whole business, incorporating all classes of business. This arrangement is known as ____
Anonymous Quiz
7%
Excess of loss
21%
Aggregate excess of loss
32%
Whole account excess of loss
39%
Umbrella excess of loss
Which of the following is correct with regards to catastrophe cover?
Anonymous Quiz
33%
It protects the insurer against known accumulations arising out of one event.
17%
At least one risk has to be involved in a single loss before the excess of loss is affected.
38%
The retention is normally more than the amount retained under each individual risk.
13%
The retention is normally less than the amount retained under each individual risk.
Which of the following is a normal method of reinsurance in miscellaneous
accident business?
I. Per risk basis II. Per event basis III. Excess of loss basis IV. Surplus basis
accident business?
I. Per risk basis II. Per event basis III. Excess of loss basis IV. Surplus basis
Anonymous Quiz
24%
A
20%
B
32%
C
24%
D
Which of the following is an example of a ‘high risk’ area due to frequent occurrence of bush fires?
A.The USA
B.Europe C Japan D. Australia
A.The USA
B.Europe C Japan D. Australia
Anonymous Quiz
19%
A
13%
B
28%
C
41%
D
The magnitude of an earthquake is measured on the
______________.
I. Richter scale II. Beufort scale III. Moment magnitude scale IV. Modified magnitude scale
______________.
I. Richter scale II. Beufort scale III. Moment magnitude scale IV. Modified magnitude scale
Anonymous Quiz
73%
I
12%
II
9%
III
6%
IV
In a year of catastrophe, the reinsurance programme
should be designed in such
a manner that ________________
should be designed in such
a manner that ________________
Anonymous Quiz
24%
I. The strain on the resources of the insurer must be maximum
50%
II. The strain on the resources of the insurer must be minimum
15%
III. The invested funds have a cash loss estimation facility
12%
IV. The invested funds manage a good cash flow
The primary objective of reinsurance is that it should reduce the insurer’s probability of ‘ruin’ at a price acceptable to it . In what context is the word ‘ruin’ used by an actuary?
Anonymous Quiz
45%
I. Loss
39%
II. Bankruptcy
11%
III. Deficit
5%
IV. Debit
IC-14 Quiz will Start from Today - All Book MCQs will be covered. Explanatory videos will be posted on YT.
General Insurance Business (Nationalisation)
Act, ___________ was enacted in which year ?
Act, ___________ was enacted in which year ?
Anonymous Quiz
8%
1969
69%
1972
17%
1973
6%
1975
Oriental Life Insurance Company was established in which year?
Anonymous Quiz
10%
1814
12%
1816
71%
1818
8%
1820
Oriental Life Insurance Company was established in which city?
Anonymous Quiz
28%
Bombay
22%
Madras
48%
Calcutta
2%
Nagpur
The first statutory measure in India to regulate the life insurance business
was in which year with the passing of the Indian Life Assurance Companies Act ______?
was in which year with the passing of the Indian Life Assurance Companies Act ______?
Anonymous Quiz
18%
Act of 1909
9%
Act of 1910
13%
Act of 1911
60%
Act of 1912
The Life Insurance Corporation (“LIC”) was formed in ___________ by
the Life Insurance Corporation Act, _____ (“LIC Act”) which granted LIC the
exclusive privilege to conduct life insurance business in India.
the Life Insurance Corporation Act, _____ (“LIC Act”) which granted LIC the
exclusive privilege to conduct life insurance business in India.
Anonymous Quiz
8%
September 1955
86%
September 1956
4%
September 1957
2%
September 1958
GIC undertakes mainly __________ business apart from aviation insurance ?
Anonymous Quiz
8%
Crop Insurance
65%
Re insurance
25%
Miscellaneous Insurance
2%
Engineering Insurance
Which organisation is the licensing authority for insurance companies to operate in India?
Anonymous Quiz
4%
SEBI
96%
IRDA
0%
RBI
0%
None of the above
The first general insurance company established by an "Indian" was Indian
Mercantile Insurance Company Ltd. in Bombay in _________?
The word to be noticed is "Indian"
Mercantile Insurance Company Ltd. in Bombay in _________?
The word to be noticed is "Indian"
Anonymous Quiz
21%
1905
38%
1906
27%
1907
15%
1908
These questions are asked regularly in IC 14 Exams.
Head Quarters of National Insurance Company Limited ?
Anonymous Quiz
25%
Delhi
42%
Mumbai
31%
Kolkata
2%
Chennai
In India the ________ is empowered to regulate the insurance industry.
A. Central Legislature
B. State Legislature C. State and Central Legislature combine. D. The Supreme Court of India
A. Central Legislature
B. State Legislature C. State and Central Legislature combine. D. The Supreme Court of India
Anonymous Quiz
58%
A
11%
B
20%
C
11%
D