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August 18, 2015

Insurance One-Liners for Insurance Exams and Interviews

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Hi Friends, I am Sarath Chandra reddy. Here I am sharing Insurance One-liners. Happy reading :)
  • Insurance is a contract between------------Insurer & insured
  • In insurance policies the premium charged has to be paid----------- In advance
  • Insurance Works on the principal of ------------sharing Risk.
  • Insurance works on the principal of sharing of----------Losses
  • Insurance is taken for----------Investment and protection
  • To send renewal notice to the policyholders is the duty of----------Insurer
  • The detail in the proposal form regarding the customer's age and other features is beneficial to whom---------Insurer
  • Earthquake fall under act of god peril----------Catastrophic Risk
  • which is not covered under standard fire and special perils policy----------Earthquake
  • If a merchandise kept his all jewelery in one place in the evening than he can---------Retention of risk
  • If any person plan for his risk according to "self risk" mechanism then it is---------Risk reduction
  • If risk is not transferred by an individual and he decided to keep the same what does it shows---------Risk retention
  • A Sale is act of giving product in return of ------------ Premium.
  • In insurance policies the premium charged has to be paid----------- In advance
  • Premium charged in general insurance company is normally calculated for----------12 Months
  • Premium calculated for short duration-------Short period scales
  • what is Pure premium----------Premium sufficiently big enough to pay for losses only
  • The replacement claim is made to the complainants in reinstatement policy it is ---------Insurer’s liability
  • Which principal stops you from making profit out of losses--------Indemnity
  • which type of risk are insurable as in it only the chances of loss and insurance are to compensate for losses-------Pure risk
  • If any Unknown person forcefully enters your premises for the purpose of stealing, this type of risk is covered nunder--------- Burglary Insurance
  • When theft is done by employees /relatives then it is not covered under---------Burglary insurance
  • what do you mean by ethical behavior---------a behavior with persons moral value
  • In the case of disputes arising in claim settlement who settles the claim-------Arbitration
  • Provision for Arbitration does not apply in---------Marine
  • Arbitrator is appointed by-------------Mutually by both parties.
  • If there are more than one arbitrator than decision will be ----------Umpire appointed by both arbitrator
  • In the marketing the win win situation arises when ---------Negotiation
  • Insurance surveyor also undertakes the work of----------Investigation
  • What is the right for an insurer to pursue a third party that caused an insurance loss to the insured. This is done as a means of recovering the amount of the claim paid to the insured form the third party -------------Subrogation
  • Who is responsible to inform about the renewal of policy and intimate the expire date of policy------Insurer
  • The sharing of a claim b/w two insurers is called--------------Contribution
  • Duty of Disclosure is in the insurance contract called-------Obligation
  • If an agent has full knowledge regarding the product , clients renewal etc what does it shows--------Responsiveness
  • First Insurance Company is ----------------Oriental Life Insurance Co. Ltd.
  • First Insurance Company In India which city---------Calcutta
  • Which association is formed under Actuaries 2006--------Institutes of Actuaries
  • Which of the act deals with the risk of the companies dealing with hazardous substances--------Public liability act 1991
  • In which year Public Liability insurance act was passed----------1991
  • In which year ECGC (Export credit Guarantee Corporation) is formed------1957
  • Nomination fall under-----------section 39 of insurance act 1938
  • Assignment fall under----------section 38 of insurance act 1938
  • Consumers protection act passed in-----------24-Dec-86
  • When IRDAI is formed -----------2000
  • IRDAI Head office is located at-------------Hyderabad
  • In which section of IRDA 2000 its roles and duties are mentioned------------Section 14
  • IRDAI Stands for----Insurance Regulatory Development Authority Of India
  • Redressel of Public Grievance Rules 1998 passed on----------11 Nov 1998
  • General insurance business (nationalization) act pass in the---------year 1972
  • First non life insurance company comes in----------1956
  • Ombudsman is appointed under----------Public grievance rules
  • Health insurer and TPA works on behalf of who in the claims settlement of health insurance policies--------Non-life insurance
  • In the insurance contract "Uberrima Fides" means----------Meeting of minds
  • In the case of Temporary Partial Disablement in the personal accidents policies the weekly amount paid is------ Rs 1000/- perweek (max 3 week)
  • To cover the Unlimited liability for death, injury in the motor insurance what type of insurance cover is available------Motor third party insurance
  • In insurance the Revenue account, profit and loss account and balance sheet is signed by------------- Auditor
  • If a property is mortgaged to bank than at the time of claim settlement claim will be paid to------- Bank
  • In how many categories surveyor and loss assessors defined---------7 classes
  • Which documents is necessary with the vehicle when driving on the road----------Vehicle insurance
  • For disputes regarding claims where we go to when our amount is 100 lakh---------State forum
  • After state forum decision how many given to the insure company for the final decision--------30 Days
  • Insurance company issue another card other than identity card ----------Smart card for ashless Facility
  • How much is the minimum requirement for the starting insurance business in India---------Rs 100 Crore
  • Which type of Fire Policy cover stock at various location under one sum insured------------Floating policy
  • A subrogation claim is recovered from the third party and Or which other party--------- Client's Insurers
  • If any person loses Two eyes, Two legs etc in which policy--------personal accident policy
  • Investigation is done for which type of claim------------Non standard claims
  • When more than one members of the family are covered in a single plan which plan benefits them at the time of medical expenses-----------Health
  • If the claim is filled due to loss by cyclone which report in addition is required with claim form----------Meterialogical report
  • In personal accident, cover issued worldwide on which basis----------24 hrs
  • Total disability and death covers accident insurance are available in-------- Accident Insurace
  • Under micro insurance policy, the policy document provided on---------Vernacular language
  • Total disability Refers to-------------Permanent total disability
  • Who is work for both life and general Insurance Company-----------Composite Agent
  • EAR Stands for---------------Erection all risk policy
  • ALOP Stands for-------------Advance Loss of Profits Policy
  • CPM Stands for--------------Contractor Plants & Machinery Policy
  • MLOP Stands for------------Machinery Loss of Profits Policy
  • MCE Stands for--------------Marine Cum Erection Policy
  • CAR Stands for-------------Contractors All Risks Policy
  • TPA Stands for-------------Third party administrator
  • III Stands for----------------Insurance institute of India
  • TAT Stands for-------------Turnaround time
  • IGMS Stands for-----------Integrated grievances management system
  • IDV Stands for--------------Insured declared value
  • GIBNA Stands for--------General insurance Business Nationalization Act
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