Licentiate Exam IC 01 Mock Test

Insurance works on the principle of:

Political upheaval or government suddenly losing vote of confidence will be classified as which type of risk

How are the Risk Measured?

How did the Risk management ,formally evolved?

The total of Actual loss and consequential loss is known as ?

Separation and Duplication are example of ?

Probable Maximum Loss is determined using the maximum possible loss and which other factor?

If the cost of Damage is being met using interal resoures or funds ,How is the risk being Measured?

Spreading Risk across the AREAS, which may not be affected equally or at the same time is called --?

Insurers Protect the funds of the group by

The purpose of the insurance is to

What are agreement between insurance and reinsurance known as

Insurance manage the risk, in which of the following ways

where would an insurance company find guidelines to investing the fund?

In the reinsurance term a treaty condition,stating that the insurer's loss must exceed a certain limit for the re-insurer to get involved is called?

What is the treatment to be given to the difference between Revenues and Expences ?

In the case of Micro Insurance up to what amount can an insurer issue a Policy?

Process of Finding others who are exposed to a similar risk are willing to share the risk is ?

Export credit and Guarantee corporation (ECGC) is owned by

There are 100 persons in a village,On an average every year 4 persons dies. The ecoomic values of each person is Rs 25000/. How much will be the premium,required to be contributed by each one?

Which was the first company to conduct life assurance business in India?

Which of the following is a Re-Insurance Company?

Importers and Exporters, facing risks related to foreign Trade are covered by whom?

LIFE assurance companies cover,which type of RISK?

There are 700 car owners in a city ,On average ,it is expected that 2% of the car are likely to meet an accident.It is expected the loss suffered by 2%(14 cars) will be Rs 15000. How much will be the Premium to be contributed by each one of them?

How much FDI is allowed in the insurance sector?

The proposer pay a consideration to the insurance Company for bearing the risk on his/her behalf.What is this consideration known as?

In which of the family members mentioned below Can KARAN take health insurance?

A house was burnt and weakened by Fire . After many days there was a strom and it brought doun the house completely. In this case ,what will be considered the PROXIMATE cause?

According to Sec 45 of the Insurance Act, on finding out about Non-disclosure of meterial facts ,in how many years can the Insurance Company declare the contact as NULL and VOID?

Mr Snajay has given loan of Rs 15000 to Mr Mohit,After 4 yrs outstanding balance is Rs 2500.How much Insurable Interest of Mr Sanjay has on the life of Mr Mohit?

Which of the following events will be covered by an Insurance Company?

What makes customer happy?

What must business keep in Mind about their customers in order to be sucessful?

What is the foundation of Good Governance?

In which regulations are the code of Ethics directed towars ethical behaviour spelt out?

What is the Term ,used to discribe the work out of one department being an input for the work of another department in the same organisation and the inter relationship of the departments?

What are accountability and corporate governance togather called?

Maintening customer satisfation ,while policies are inforce is called

A customer is one who ...

How much minimum SHARE CAPITAL requirement for a Third Party Administrator (TPA) ?

As per the Insurance ACT for Non-life Insurance ,How much the CLAIM value exceeding which a report has to be obtained from a LICENCED SURVEYOR?

In which year IRDA was set up?

How much minimum prescribed Capital for a Composite Broker?

A person would like to buy a Car .Which is the insurance ,he should compulsary take before bringing the car to the road?

A person would like to cover his stocks,which he fears may be stolen ,Which policy should take?

Mr Arjun has taken a common health insurance policy for him-self and his spouse. Which type of Policy is this?

Motor Insurance Covers,Which of the folowing?

In a insurance Policy, "MATURITY BENEFIT" is also known as

In whch type of contact the annuitant makes a LUM sum payment to the insurance compay and the insurance company starts paying annuities soon after the policy commenses?

In the case of ULIP ,which fund invests a major portion of its funds in Govt bonds and securities?

Mr Rajes taken an Insurance ,SA 20 lac for 20yers tenure.The plan specifes that SA will be paid only if Mr Rajes does not die during policy tenure of 20 years .Which type of plan has Mr Rajesh opted for?

Amendments to standard policy conditions are called:

In life Insurance ,the difference between date ,a policy commences and the date of risk cover starts is called

The person who asses the risk is Called

Ratio that reflects the overall profitability of an Insurance Company is

I.B.N.R claims are ..

The ammount an insured must bear in any claim or contribute to a claim before an insurer pays the remaining amount is called

A policy Holder transfers his rights under a Policy to another person ,Process called

Process of applying for Insurance is Called?

Process of applying for Insurance is Called?