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Insurance Management-1

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SKU: AMSEQ-122 Category:

Assignment – A

Q1: What is risk and how risk is determined in life insurance?

 

Q2: What are the various assumptions underlying the calculation or premium.

 

Q3: How is reserve created and for what is it created?

 

Q4: What is fund and why the fund is invested?

 

Q5: Explain in detail (a) Proposal Form, (b) Medical Examination, (c) Proof of age, and (d) Insurance of female lives.

 

Assignment – B

 

 

Q1: What are the various factors affecting the calculation of premium.

 

Q2: Critically examine the various factors affecting risk. From where this information of risk is obtained?

 

Q3: Give the various solutions of the problems of investment

 

CASE STUDY

1. Calculate the value of an anticipated endowment assurance for a person aged 25 with the following benefits.

(i) A sum of Rs. 100 at the end of 2nd year.

(ii) A sum of Rs.200 at the end of 3rd year

(iii) A sum of Rs.300 at the end of 5* year if the life assured is alive at the end of respective years,

(iv) A sum of Rs.600 whenever the dies during the 5 years period Use the data given above with 5 percent rate of interest

2. Calculate on the basis of mortality table given below, net annual premium at 5% rate of interest for a 5 years Term Insurance for Rs. 1,000 effective at the age of 60 years.

Number
Age Number Living Dying
60 1000 20
61 980 22
62 958 25
63 933 33
64 900 40
65 860 45

 

 

 

 

 

 

 

 

 

 

 

 

 

Assignment – C

Q1. Risk is the possibility of an unfortunate_____________

a) Recurrence

b) Occurrence

c) Event

d) None of the above

Q2. Risk is a combination of______________

a) Events

b) Losses

c) Hazards

d) Doubts

Q3. Certainty is a state of being free from____________

a) Touts

b) Doubts

c) Hazards

d) Loss

Q4. Risk gives rise to_______ .

a) Clarity

b) Certainty

c) Uncertainty

d) Doubt

Q5._________ is a condition in which there is a possibility of an adverse deviation from a desired outcome that is expected or hoped for.

a) Risk

b) Certainty

c) Uncertainty

d) Doubt

 

Q6. _____is defined as the relative variation of actual loss from expected loss.

a) Subjective risk

b) Risk

c) Objective Risk

d) None of the above

Q7._______ is defined as uncertainty based on a person’s mental condition or state of mind.

a) Subjective risk

b) Risk

c) Objective Risk

d) None of the above

Q8.________ refers to the long run relative frequency of an event based on the assumptions of an infinite number of observations and of no change in the underlying conditions.

a) Objective probability

b) Subjective Probability

c) Probability

d) Chance

Q9.________ is the individual’s personal estimate of the chance of loss

a) Objective probability

b) Subjective Probability

c) Probability

d) Chance

 

Q10. A peril refers to cause of_____ or________ that may cause a loss.

a) Loss, contingency

b) Doubt, contingency

c) Loss, doubt

d) Doubt, hazard

 

Q11. Risk is a condition in which there is a possibility of______ from a ______ that is expected or hoped for.

a) Desired outcome, adverse deviation

b) Adverse deviation, desired outcome

c) No outcome, deviation

d) Exposure, Outcome

 

Q12. Two aspects of probability are________ and___________ .

a) Objective, financial

b) Subjective, financial

c) Objective, subjective

d) None of the above

Q13. Dynamic risks are those resulting from______ in the_________

a) Change, economy

b) Change, financial position

c) Finalization, business

d) None of the above

Q14. A fundamental risk is a risk that affects the entire_____ or large number of____________.

a) Organization, members

b) Country, citizens

c) Business, employees

d) Economy, persons

Q15. Actuarial modeling involves a___________ mechanism.

a) Temporary

b) Permanent

c) Feedback

d) Revert back

Q16. Hazards can be classified as follows:-

i) Physical

ii) Morale

iii)Financial

iv)Monetary

v) Moral

a) i, ii and iii

b) ii, iii and iv

c) iii, iv and v

d) i, ii and v

 

Q17. Certification of risk include:

i) Financial and non financial risk

ii) Objective and subjective risk

iii) Static and dynamic risk

iv) Acceptable and unacceptable risk

v) fundamental and particular risk

vi) Pure and speculative risks

a) All of the above

b) i,iii,iv,v,vi

c) i,ii,iii,iv,v

d) i, ii,iii,iv,vi

 

Q18. Which of the statements are true:

i) Risk is the possibility of an unfortunate occurrence

ii) Risk is a combination of hazards

iii) Risk is predictable

iv) Risk is certainty of loss

v) Risk is possibility of loss

a) All of the above

b) i, ii, and iv

c) ii, iii and v

d) i,ii and v

 

Q19. Pure risks include:

i) Personal risks

ii) Fundamental risks

iii) Property risks

iv) Liability risks

v) Technological risks

a) i, ii and iii

b) i, iii and iv

c) ii, iv and v

d) ii, iii,and v

 

Q20. Personal risks include: i) Risk of premature death ii) Risk of property

iii) Risk of insufficient income during retirement

iv) Risk of poor health

v) Risk of unemployment

a) All of the above

b) i, iii, iv and v

c) ii, iii, iv and v

d) None of the above

 

Q21. Insurance is defined as a co-operative device to____ the loss caused by a particular risk over a number of persons who are exposed to it and who agree to ensure themselves against that risk.

a) Reduce

b) Stop

c) Spread

d) Divide

 

Q22. Risk is uncertainty of a financial loss.

a) True

b) False

 

Q23. Insurance protects ____ property.

a) Personal

b) Public

c) Registered

d) Mortgaged

 

Q24. Insurance eliminates

a) Fear

b) Dependency

c) Protection

 

d) Capital

Q25. Insurance policies are from tax.

a) Subtracted

b) Deducted

c) Adjusted

d) Exempted

 

Q26. The business can obtain loan by______ the policy.

a) Hedging

b) Pledging

c) Lending

d) None of the above

 

Q27. Insurance may provide_______ indemnification to business.

a) Keyman

b) Lockman

c) Chairman

d) None of the above

 

Q28._____ was made to provide workers and their families, working in the industries located in certain notified areas.

a) Motor vehicle act, 1988

b) Public liability act, 1991

c) Workman compensation act, 1923

d) Employee state insurance act, 1948

Q29.______ made the liability of the employer fixed and he is now required by law to pay compensation to victims of accidents while on duty.

a) Employee state insurance act, 1948

b) Public liability act, 1991

c) Workman compensation act, 1923

d) Motor vehicle act, 1988

 

Q30. As per______ no uninsured vehicle is allowed to ply the roads in any public place in India.

a) Employee state insurance act, 1948

b) Public liability act, 1991

c) Workman compensation act, 1923

d) Motor vehicle act, 1988

Q31. A contract of_______ means the insured must accept the entire

contract with all of its items and conditions

a) Peril

b) Bailment

c) Adhesion

d) Indemnity

Q32. Principal of Uberrima Fides or Utmost good________ .

a) Insurance

b) Faith

c) Control

d) Protection

Q33. Rescission is an agreement by both parties to______ a contract.

a) End

b) Start

c) Carry forward

d) None of the above

Q34. A condition precedent is something that must be done by one party to the other partie’s duty to perform.

a) Deactivate

b) Activate

c) End

d) Terminate

Q35. Majority of products and services are produced only if______ is available to them.

a) Marine Insurance

b) Fire Insurance

c) Theft Insurance

d) Liability Insurance

 

Q36 IRDP stands for:

a) Integrated Rural Development Programme

b) International Rural Development Programme

c) Indian Rural Development Programme

d) None of the above

Q37________ insurance is offered through some form of government,

usually on a compulsory basis.

a) Private

b) Public

c) Social

d) Personal

Q38. The increase in GDP is positively co related with the growth of trade and commerce in the economy.

a) False

b) True

Q39. The definition of insurance can be__________ and___________

a) Objective, subjective

b) Functional, contractual

c) Ancient, modern

d) None of the above

Q40 Insurance provides______ of payment against the_____ of loss.

a) Uncertainty, certainty

b) Certainty, uncertainty

c) Option, certainty

d) Option, uncertainty

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