Insurance Reinsurance Quiz

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Up to which limit is the insurer prepared to lose on risks in a 10/10 class?

Financial limit

Retention limit

Reinsurance limit (correct)

Risk limit

What is the main basis of calculation of premium of life insurance policies?

Medical history of the insured

Age of the insured (correct)

Income of the insured

Health of the insured

Who is the insurer transferring the business in under reinsurance?

Guarantor

Agent

Principal (correct)

Sub-Agent

What determines the retention limit?

All of the above Signup and view all the answers

What type of insurance typically does not require a proposal form?

Health Insurance Signup and view all the answers

What is the term for the answers given by an applicant while taking a policy?

Representations Signup and view all the answers

Which clause outlines mutual responsibility and obligations in a contract of Insurance?

Recital clause Signup and view all the answers

What is the meaning of indemnity?

Make good the loss Signup and view all the answers

What type of cause has no effect on the happening of losses?

Remote cause Signup and view all the answers

What type of insurance policy provides financial cover for contingency like death, accident, and retirement?

Life Insurance Signup and view all the answers

In which type of insurance does insurable interest not arise?

Life Insurance Signup and view all the answers

Which insurance policy is a package policy?

Home owner Insurance Signup and view all the answers

Insurance Reinsurance Quiz

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Questions and Answers

Up to which limit is the insurer prepared to lose on risks in a 10/10 class?

What is the main basis of calculation of premium of life insurance policies?

Who is the insurer transferring the business in under reinsurance?

What determines the retention limit?

What type of insurance typically does not require a proposal form?

What is the term for the answers given by an applicant while taking a policy?

Which clause outlines mutual responsibility and obligations in a contract of Insurance?

What is the meaning of indemnity?

What type of cause has no effect on the happening of losses?

What type of insurance policy provides financial cover for contingency like death, accident, and retirement?

In which type of insurance does insurable interest not arise?

Which insurance policy is a package policy?

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