InsuRAnCE qUIz...

roshcrazy

MP Guru
frnzz ..now tht we hv quizzes on diff. topics why shd 1 leave "insurance"...so frns lets hv a quiz on ins. n gain more knowledge....:tea:

here cumes d 1st quest......
q: whch of d foll. documents is not relevant to bodily injury claims for processing 3rd party claims under motor policies?

a. Medical certificate
b. Coroner's report
c.Driving licence
d. Police report
 

roshcrazy

MP Guru
hey frnzz no 1 here from d field of ins.or wht??friend reply and lets gain more knowledge abt ins. too.....!!lukin fwd. for replies cumin in soon..!!!!
 

saquib

Par 100 posts (V.I.P)
the ans. to ur question is coroners report n heres d next question
which of d foll. statement is true?
STATEMENT A:Seller cannot mislead buyer
STATEMENT B:In ins. contract proposer has legal duty to disclose all material info. about the subject matter
a)statement. A only
b)statement. B only
c)both statements
d)Neither of the statements:SugarwareZ-299:
 

roshcrazy

MP Guru
the answer is [c]

nxt question:Cover notes are issued in respect of____ insurance.
1. Fire
2.Burglary
3.Marine
4.All of the above......
 

roshcrazy

MP Guru
no frn, u r wrong...d ans. is all of the above...

here cumes the nxt quest: transfer of rights and liabilities of an insured person to another person who becomes the insured is called _____

1.subrogation
2. consideration
3.endorsement
4.assignment......
 

roshcrazy

MP Guru
no max, its assignment....

here cumes d nxt question....

question:"when thr r several policies on the same subject matter, each insurer pays pro-rata of the loss.this is known as ____"
1. Contribution
2.Subrogation
3.Pro-rata average
4.Salvage
 

roshcrazy

MP Guru
no frn, the answer is contribution

heres the next question:
"renewal of personal accident policies, wen the insured completes 70 years, is subject to _____"
1. medical examination

2. restriction of cover for "death" only

3. loading of premium

4. reduction of capital sum insured
 

ruvi_143

Par 100 posts (V.I.P)
could u plzzzzzzzzzz justify ur answers..................y contribution..

d answer to the last quest is nos.2
 

roshcrazy

MP Guru
ruvi_143 heres ur justification...
contribution clause \coinsurance clause :A clause which requires the policyholder to maintain at all times a certain percentage of insurance to the actual value of the property insured. If they fail to maintain the required percentage, they have to pay part of every loss themselves.

Pro Rata Reinsurance
A generic term describing all forms of reinsurance in which the reinsurer shares a proportional part of the original losses and premiums of the ceding company. Also known as Participating Reinsurance and Proportional Reinsurance

Subrogation
Subrogation is the right of recovery of one party against another party. This refers to the rights of the HMO or provider group to recover additional monies from a second insurance policy. In managed care, it refers mostly to an obligation of the provider group to use all legal remedies to repay the reinsurer for any claims paid, and whatever else they can collect.



Quota Share or (Pro Rata)
Quota Share reinsurance sometimes referred to as "Proportional" or "Pro Rata" is coverage providing a specified percentage of premiums, expenses and claims losses between the primary insurer (ceding company) and the Reinsurer. Risk transfer can assume up to 100% of the total premium risk. It is typically a first dollar coverage, where the reinsurer receives the same percentage of premium as it funds claims.
 

roshcrazy

MP Guru
n haan, d answer to the last question is also wrong ...its "loading of premium"

next question:
an agent , if his licence is cancelled by the designated person, can apply for a fresh licence after a period of __ yrs from d date of such cancellation
1. 3
2.2
3.5
4.4
 

ruvi_143

Par 100 posts (V.I.P)
rosh.....................is the ans 2 yrs........................

thanks for the justification.......................if u don mind, cud u kus justify the previous ans too.........................i guess im too bad at insurance contests.
 

roshcrazy

MP Guru
heres the next question:the most imp. duty of a surveyor is:
1. to protect the insurer
2. to protect the salvage
3.to minimise the losses
4.to determine the cause and extent of losses
 

roshcrazy

MP Guru
the answer is:4.to determine the cause and extent of losses

next question:subject to no claim, health check-up is payable under mediclaim policy once in every __ years.
1.3
2.2
3.4
4.5
 

ruvi_143

Par 100 posts (V.I.P)
subject to no claim, health check-up is payable under mediclaim policy once in every __ years.

i guess its 5 years.

(i hope its correct......)
 

roshcrazy

MP Guru
no frn, its every 4 yrs

_______ is not considered as permanent total disablement under personal accident policy.
1.loss of sight in both eyes
2.loss of hearing in both years
3.loss of 1 limb n 1 eye
4.paralysis
 
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