Podcast
Questions and Answers
What is the key difference between mutual insurance and life/general insurance?
What is the key difference between mutual insurance and life/general insurance?
- Insurance of houses vs insurance of persons
- Annual losses vs contribution per person
- Exposure to common risk vs exposure to individual risk
- Managed by individuals vs managed by a company (correct)
What is the total annual loss due to fire in the example provided?
What is the total annual loss due to fire in the example provided?
- Rs. 50,00,000
- Rs. 1,00,000
- Rs. 2,50,000
- Rs. 2,00,000 (correct)
What is the economic value of loss suffered by the family of each dying person in the example?
What is the economic value of loss suffered by the family of each dying person in the example?
- Rs. 1,200/-
- Rs. 500/- (correct)
- Rs. 2,00,000/-
- Rs. 1,00,000
What does the assumption of 'exposure to common risk' mean in the context of insurance?
What does the assumption of 'exposure to common risk' mean in the context of insurance?
In mutual insurance, who manages the pool according to the provided text?
In mutual insurance, who manages the pool according to the provided text?
What is the main difference between risk avoidance and risk reduction?
What is the main difference between risk avoidance and risk reduction?
Which method involves changing materials used in an activity to achieve risk avoidance?
Which method involves changing materials used in an activity to achieve risk avoidance?
Why is risk avoidance limited in practical application?
Why is risk avoidance limited in practical application?
In terms of financial impact, how does the size of a risk relate to its frequency?
In terms of financial impact, how does the size of a risk relate to its frequency?
What is the primary focus of risk reduction?
What is the primary focus of risk reduction?
How does risk avoidance differ from other risk management methods?
How does risk avoidance differ from other risk management methods?
How many days does an insurer have to offer a settlement of the claim to the insured upon receipt of the survey report?
How many days does an insurer have to offer a settlement of the claim to the insured upon receipt of the survey report?
If an insurer decides to reject a claim under the policy, when must they communicate this decision to the insured?
If an insurer decides to reject a claim under the policy, when must they communicate this decision to the insured?
What is the timeframe within which the insurer must make the payment of the settlement amount once the insured accepts the offer?
What is the timeframe within which the insurer must make the payment of the settlement amount once the insured accepts the offer?
In case of a delay in payment, how much interest is the insurer liable to pay above the bank rate prevalent at the beginning of the financial year?
In case of a delay in payment, how much interest is the insurer liable to pay above the bank rate prevalent at the beginning of the financial year?
How long does an insurer have to respond to policyholders' communications on matters like recording change of address or noting a new nomination under a policy?
How long does an insurer have to respond to policyholders' communications on matters like recording change of address or noting a new nomination under a policy?
How can one register for the NCFM?
How can one register for the NCFM?
When must an insurer furnish an additional report after receiving a communication from the insurer as per the text?
When must an insurer furnish an additional report after receiving a communication from the insurer as per the text?
What facilities can a candidate avail of after registering for the NCFM?
What facilities can a candidate avail of after registering for the NCFM?
Which organization regulates insurance in India?
Which organization regulates insurance in India?
What is the purpose of the Insurance Act of 1938?
What is the purpose of the Insurance Act of 1938?
What does the deductible excess in the policy refer to?
What does the deductible excess in the policy refer to?
What is the role of Third Party Administrators (TPA) in health insurance?
What is the role of Third Party Administrators (TPA) in health insurance?
What does IRDA stand for?
What does IRDA stand for?
How can a major breakdown in machinery affect a businessman financially?
How can a major breakdown in machinery affect a businessman financially?
What is the main reason why the cost of repairs for machinery is usually high?
What is the main reason why the cost of repairs for machinery is usually high?
What type of machinery can be insured under machinery insurance policies?
What type of machinery can be insured under machinery insurance policies?
Why are fertilizer plants mentioned specifically in relation to machinery insurance?
Why are fertilizer plants mentioned specifically in relation to machinery insurance?
What is included when determining the sum insured for machinery under the policy?
What is included when determining the sum insured for machinery under the policy?
