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    INSURANCE Short Questions Only

    Uploaded by

    Basanta K Sahu
    This document contains short questions and answers related to various types of insurance. It addresses key terms and concepts for life insurance, marine insurance, fire insurance, and miscellaneous insurance. Specifically, it explains terms, identifies important types of each insurance, and outlines essential elements, parties involved, coverage provided, and principles that govern different insurance policies. Over 150 questions in total are defined concisely regarding the nature and purpose of various insurance products and industry.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd

    INSURANCE Short Questions Only

    Uploaded by

    Basanta K Sahu
    36 views7 pages
    This document contains short questions and answers related to various types of insurance. It addresses key terms and concepts for life insurance, marine insurance, fire insurance, and miscellaneous insurance. Specifically, it explains terms, identifies important types of each insurance, and outlines essential elements, parties involved, coverage provided, and principles that govern different insurance policies. Over 150 questions in total are defined concisely regarding the nature and purpose of various insurance products and industry.

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    This document contains short questions and answers related to various types of insurance. It addresses key terms and concepts for life insurance, marine insurance, fire insurance, and miscellaneous insurance. Specifically, it explains terms, identifies important types of each insurance, and outlines essential elements, parties involved, coverage provided, and principles that govern different insurance policies. Over 150 questions in total are defined concisely regarding the nature and purpose of various insurance products and industry.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    36 views7 pages

    INSURANCE Short Questions Only

    Uploaded by

    Basanta K Sahu
    This document contains short questions and answers related to various types of insurance. It addresses key terms and concepts for life insurance, marine insurance, fire insurance, and miscellaneous insurance. Specifically, it explains terms, identifies important types of each insurance, and outlines essential elements, parties involved, coverage provided, and principles that govern different insurance policies. Over 150 questions in total are defined concisely regarding the nature and purpose of various insurance products and industry.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 7

    SHORT QUESTIONS

    Explain the following terms serially in not more than two sentences each :-

    1. Insurance

    2. Utmost Good faith

    3. Risk

    4. Premium

    5. Insurable Risk

    6. Indemnity

    7. Insurable Interest

    8. Cause Proxima

    9. Subrogation

    Answers the following questions serially in not more than two sentences each :-

    Q1. Name the important kinds of Insurance.

    Q2. Name the oldest form of Insurance.

    Q3. What is the subject matter of Insurance ?

    Q4. What is risk ?

    Q5. Name some types of risk.

    Q6. Does insurance eliminate the risks ?

    Q7. Who is an insurer ?

    Q8. Who is an insured ?

    Q9. What is the difference between assurance and insurance ?

    Q10. Write the full form of LIC and GIC.

    Q11. What is the primary function of Insurance ?

    Q12. What is the secondary function of Insurance ?

    Q13. In which year Insurance was nationalized in India ?

    Q14. What is Llyod’s Association ?


    Q15. Does the principle of Indemnity apply to Insurance ?

    Q16. Define Insurance Contract.

    Q17. What is Insurance Policy ?

    Q18. What is Policy money ?

    Q19. What is Premium ?

    Q20. What is days of grace ?

    Q21. What do you mean by Assurance ?

    Q22. What is self Insurance ?

    Q23. Write 2 basic principles of Insurance ?

    Q24. What is good faith ?

    Q25. What is a material fact ?

    Q26. Give 3 examples of material facts of Life Insurance.

    Q27. What is “Caveat Emptor” ?

    Q28. Write 2 cases where insurable interest is present.

    Q29. What do you mean by Re-Insurance ?

    Q30. At what time Insurable Interest must exist ?

    Q31. Give two cases where insurable interest does not exist.

    Q32. In which type of Insurance principle of indemnity is not applicable ?

    Q33. What is Mitigation of loss ?

    Q34. When does the risk begin ?

    Q35. What do you mean by Double Insurance ?

    Q36. Who is a Co-insurer ?

    Q37. What is a contingent contract ?

    Q38. Which type of insurance contains contingent contract ?

    Q39. Name two types of hazards.

    Q40. Name two insurance Organization.


    Q41. Is insurance a Wagering Contract ?

    Q42. “Insurance is not Gambling”. Explain.

    Q43. What do you mean by guarantee Insurance ?

    Q44. What is beauty Insurance ?

    Q45. Why did the Government refuse to nationalize GIC in 1956 ?

    Q46. Write the name of two subsidiary companies of GIC.

    Q47. What is the socio-economic significance of Insurance ?

    ********

    UNIT - 2
    LIFE INSURANCE

    SHORT QUESTIONS :-

    Explain the following terms serially in not more than two sentences each :-

    1. Life Insurance Contract

    2. Premium Table

    3. Proposal form

    4. Claim form

    5. Whole life Policy

    6. Endowment Policy

    7. Single Life Annuity

    8. Annuity Certain

    9. Mortality Table

    10. Assignment

    11. Life Fund

    Answer the following questions serially in not more than two sentences each :-

    Q1. Does Life Insurance provide peace of mind ?

    Q2. Where is head of LIC located ?


    Q3. What is meant by three-tier structure of LIC ?

    Q4. Give examples of material facts in a contract of Life Insurance.

    Q5. Write two utilities of Life Insurance.

    Q6. In which year Life Insurance was nationalized ?

    Q7. Write two essential elements of Life Insurance.

    Q8. Which insurance contains elements of investments protection ?

    Q9. What is a Occupational Hazard ?

    Q10. What are the sources of knowing proof of age incase of life policy ?

    Q11. What is Standard Life ?

    Q12. What is sub-standard life ?

    Q13. what is Un-Insurable Life ?

    Q14. What is lien ?

    Q15. What are residential hazards ?

    Q16. Which life policy contains less payment of premium ?

    Q17. Which life Policy entitles the holder to share profits of the company ?

    Q18. What is Pure Endowment Policy.

    Q19. What is Double Endowment Policy ?

    Q20. What is Convertible term policy?

    Q21. What is an annuity ?

    Q22. Who is an annuitant ?

    Q23. What is consideration ?

    Q24. What is immediate annuity ?

    Q25. What is deferred annuity ?

    Q26. What is Natural Premium Plan ?

    Q27. What is level Premium Plan ?

    Q28. What is mortality rate ?


    Q29. Why Life Policy is lapsed?

    Q30. Name two documents that are necessary for proving title.

    ******

    UNIT - 3
    MARINE INSURANCE

    Explain the following terms :-

    1. Voyage Policy

    2. Implied Warranties

    3. SLT clause

    4. Sea worthiness

    5. Inch mare clause

    6. General Average loss

    Answers the followings Questions :-

    Q1. What do you mean by cargo insurance ?

    Q2. What does hull insurance cover ?

    Q3. What is the subject matter of marine insurance ?

    Q4. Name the duration clause.

    Q5. Name two types of marine losses.

    Q6. Write the full form of FGA and RDC.

    Q7. Does the principle of cause proxima applied to marine insurance ?

    FIRE INSURANCE

    Explain the following terms :-

    1. Ignition

    2. Fire Insurance

    3. Friendly fire

    4. Hostile Fire
    5. Cover note

    6. Under Insurance

    7. Valued Policy

    8. Floating Policy

    9. Comprehensive Policy

    Answer the following Questions :-

    Q1. What do you mean by Physical hazard in Fire Insurance ?

    Q2. Name the 2 companies which conduct Fire Insurance.

    Q3. Name the essential conditions which an insurable interest in fire insurance must fulfill.

    Q4. Name a loss which is not being to have been cause by fire.

    Q5. What do you mean by fire in fire insurance ?

    Q6. Write 2 rights of the insurer after fire in fire insurance.

    Q7. What is meant by assignment of policy ?

    Q8. Is fire insurance a contract of indemnity ?

    Q9. When insurable interest should exist in fire insurance.

    Q10. Does insurable interest apply to fire insurance ?

    Q11. Name important fire insurance policies .

    Q12. What type of policy is suitable for exporters and importers ?

    Q13. Which clause is intended to penalize for under insurance ?

    Q14. What is retention ?

    Q15. What is moral hazard ?

    MISCELLANEOUS INSURANCE

    Answer the following Questions :-

    Q1. Give the classification of motor vehicles for its insurance.

    Q2. What kind of risks are covered under motor vehicle insurance ?

    Q3. What does personal accident insurance provide ?


    Q4. Name some cases in which the insurance company is not liable to indemnify the insured.

    Q5. What does Burglary insurance cover ?

    Q6. What do you mean by Baggage Policy ?

    ****

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