14 Questions
Which organization is the regulator for the insurance industry in India?
Insurance Regulatory and Development Authority of India
Which of the following is a secondary burden of risk?
Setting aside reserves as a provision for meeting potential losses in the future
Which of the following is a method of risk transfer?
Insurance
Risk transfer through risk pooling is called:
Insurance
Which scenario warrants insurance?
The sole breadwinner of a family might die untimely
Which insurance scheme is run by an insurer and not sponsored by the Government?
Jan Arogya
Which of the following statements about insurance is true?
Insurance reduces possibilities of loss
In insurance context, what does 'risk retention' indicate?
One decides to bear the risk and its effects
Why do insurers arrange for survey and inspection of the property before acceptance of a risk?
To assess the risk for rating purposes
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
Which of the following best describes the process of insurance?
Sharing the losses of many by a few
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
Identify the scenario where a debate on the need for insurance is not required.
Motor insurance for third party liability
The origins of modern insurance business can be traced back to which of the following?
Bottomry
Test your knowledge of insurance industry regulations and risk burdens with this question bank. Learn about the regulator for the insurance industry in India and the different types of risk burdens.
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