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IC 38 Insurance Industry Regulations and Risk Burdens

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IC 38 Insurance Industry Regulations and Risk Burdens

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Questions and Answers

Which organization is the regulator for the insurance industry in India?

Life Insurance Corporation of India

Insurance Authority of India

General Insurance Corporation of India

Insurance Regulatory and Development Authority of India (correct)

Which of the following is a secondary burden of risk?

Hospitalization costs as a result of heart attack

Business interruption cost

Setting aside reserves as a provision for meeting potential losses in the future (correct)

Goods damaged cost

Which of the following is a method of risk transfer?

Bank FD

Insurance (correct)

Equity shares

Real estate

Risk transfer through risk pooling is called:

Insurance Signup and view all the answers

Which scenario warrants insurance?

The sole breadwinner of a family might die untimely Signup and view all the answers

Which insurance scheme is run by an insurer and not sponsored by the Government?

Jan Arogya Signup and view all the answers

Which of the following statements about insurance is true?

Insurance reduces possibilities of loss Signup and view all the answers

In insurance context, what does 'risk retention' indicate?

One decides to bear the risk and its effects Signup and view all the answers

Why do insurers arrange for survey and inspection of the property before acceptance of a risk?

To assess the risk for rating purposes Signup and view all the answers

What should be the annual contribution of each house owner to make good the annual loss of Rs. 80,000 from 4 burnt houses, each valued at Rs. 20,000?

$100 Signup and view all the answers

Which of the following best describes the process of insurance?

Sharing the losses of many by a few Signup and view all the answers

What is meant by customer lifetime value in insurance?

Sum of economic benefits that can be achieved by building a long term relationship with the customer Signup and view all the answers

Identify the scenario where a debate on the need for insurance is not required.

Motor insurance for third party liability Signup and view all the answers

The origins of modern insurance business can be traced back to which of the following?

Bottomry Signup and view all the answers