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?

  • 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?

    <p>All of the above</p> Signup and view all the answers

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

    <p>Health Insurance</p> Signup and view all the answers

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

    <p>Representations</p> Signup and view all the answers

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

    <p>Recital clause</p> Signup and view all the answers

    What is the meaning of indemnity?

    <p>Make good the loss</p> Signup and view all the answers

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

    <p>Remote cause</p> Signup and view all the answers

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

    <p>Life Insurance</p> Signup and view all the answers

    In which type of insurance does insurable interest not arise?

    <p>Life Insurance</p> Signup and view all the answers

    Which insurance policy is a package policy?

    <p>Home owner Insurance</p> Signup and view all the answers

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