PRINCIPLES OF INSURANCE 2004 (REGULAR)
Time : 3 Hours Max. Marks:100
Instruction: Attempt any FIVE questions.
1. a) Define insurance.
b) How does Insurance regulation protect interest of policyholder?
2. Briefly describe the role of independent loss Adjustment in General Insurance claims.
3. Briefly explain when should risks be retained rather than insured.
4. What are fundamental principles of insurance?
5. Describe the role of following in an insurance company. Underwriters Actuaries Marketing Agents and Brokers.
6. Explain the following terms with examples:
(a) Named peril Policies (b) Open Peril Policies
(c) Liability Insurance
7.a) What do you mean by risk in insurance.
b) For a risk to be insurable what criteria must be met?
8.a) Name the two broad categories into which the insurance business is historically divided?
b) What does property insurance usually covers and pays for it.