Insurance: life and non-life, risk management, reinsurance, IRDA regulation - Question Bank
1. The principle of indemnity is most strictly applied in:
2. Which of the following is a key function of reinsurance?
3. Underwriting aims to balance the risk accepted by the insurer with the:
4. The 'insurable event' is the:
5. Which type of insurance policy typically offers a maturity benefit if the insured survives the policy term?
6. A 'deductible' in an insurance policy is the:
7. Which regulatory body oversees the insurance sector in India and ensures policyholder protection?
8. The 'claims settlement ratio' is a metric used to assess:
9. Which of the following is a responsibility of the policyholder?
10. The 'cedant' in a reinsurance contract is the:
11. An annuity is a financial product that provides:
12. Which of the following is a common type of hazard in fire insurance?
13. The 'insurable interest' in property insurance must exist:
14. A 'claim' in insurance refers to:
15. IRDAI's role in product approval ensures that:
16. Excess of Loss Reinsurance covers losses that exceed a predetermined:
17. Which type of reinsurance involves the reinsurer paying a proportion of the losses incurred by the cedent (ceding company)?
18. The 'retention' level in risk management refers to:
19. Actuarial science is primarily used in insurance to:
20. Which of the following is NOT a type of non-life insurance?
21. The 'grace period' in a life insurance policy allows the policyholder to:
22. A 'policy lapse' in life insurance occurs when:
23. The 'Sum Assured' in a life insurance policy represents:
24. What is the purpose of underwriting in insurance?
25. Motor insurance is a mandatory type of non-life insurance in India covering:
26. Fire insurance covers financial losses arising from:
27. Marine insurance typically covers risks associated with:
28. Which type of life insurance policy offers coverage for the entire life of the insured?
29. An endowment policy combines:
30. A life insurance policy that pays out a sum assured upon the death of the insured during the policy term is called:
31. The IRDAI's primary objective includes protecting the interests of:
32. Which of the following is a key function of IRDAI?
33. IRDAI is now known as:
34. The Insurance Regulatory and Development Authority of India (IRDA) was established to:
35. In facultative reinsurance, the reinsurer:
36. Which type of reinsurance involves the reinsurer automatically accepting a share of the insurer's business?
37. What is the primary reason for an insurance company to seek reinsurance?
38. Reinsurance is essentially insurance for:
39. Subrogation allows the insurer, after paying a claim, to:
40. An insurable interest must exist at which point in time for a life insurance policy?
41. The principle of 'Utmost Good Faith' in insurance is also known as:
42. Which insurance principle states that the insured should be compensated only to the extent of their actual loss?
43. In risk management, the process of identifying, assessing, and controlling threats is known as:
44. Moral hazard in insurance refers to:
45. A condition that increases the likelihood of a peril occurring is called a:
46. Which of the following is an example of a peril in insurance?
47. The possibility of loss or damage is known as:
48. Non-life insurance is also commonly referred to as:
49. Which type of insurance covers the financial loss arising from the death of the insured?
50. What is the primary purpose of insurance?