expain life assurance fund Related: Valuation Balance Sheet - Insurance Company accounts, Advanced Corporate Accounting?

reinsurance premium Related: Final accounts of life Insurance Companies - Advanced Corporate Accounting?

assurance and insurance difference Related: Chapter Notes - Business Services?

The ___________________ is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India.a)Life Insurance Corporation of Indiab)General Insurance Corporation of Indiac)Insurance Regulatory and Development Authority of Indiad)New India Assurance Co. LtdCorrect answer is option 'C'. Can you explain this answer?

Which of the following insurance companies has partnered with SatSure Analytics for Satellite-based Crop monitoring and analysis?a)General Insurance Companyb)Reliance General Insurancec)Cholamandalam General Insuranced)Acko General Insurancee)New India Assurance Company LimitedCorrect answer is option 'B'. Can you explain this answer?

Which insurance company launched E@Secure, a Cyber Insurance Policy for individuals.a)HDFC ERGO General Insurance Companyb)Bajaj Allianz General Insurancesc)Star Health and Allied Insuranced)Apollo Munich Health InsuranceCorrect answer is option 'A'. Can you explain this answer?

Airtel Payments Bank has partnered with which of the following to offer comprehensive car insurance to the payments bank’s customers?a)Bajaj Allianz General Insuranceb)IFFCO Tokio General Insurancec)Bharti AXA General Insuranced)United India Insurancee)New India AssuranceCorrect answer is option 'C'. Can you explain this answer?

Which among the following defines the model in which the banks sell the insurance products of their partner insurance company?a)Bancassuranceb)Banking Assurancec)Bank Assuranced)Insurance Bankinge)None of the aboveCorrect answer is option 'A'. Can you explain this answer?

Which Company has acquired Bharti AXA General Insurance Company Ltd?a)Bajaj Allianz General Insuranceb)ICICI Lombard General Insurancec)New India Assuranced)Life Insurance Corporation (LIC)e)General Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?

‘Chhavni Covid: Yodha Sanrakshan Yojana’, a life insurance scheme to provide a cover of Rs 5 lakhs each to more than 10,000 employees working in cantonment areas across India will be provided through which insurance c ompany?a)The New India Assuranceb)Life Insurance Corporationc)United India Insuranced)The Oriental Insurance CompanyCorrect answer is option 'B'. Can you explain this answer?

What is a type of life insurance policy that provides coverage for a certain period of time, or a specified “term” of years?a)Catastrophe Reinsuranceb)Excess of Loss Reinsurancec)Facultative Reinsuranced)Term Insurancee)None of theseCorrect answer is option 'D'. Can you explain this answer?

Bank assurance isa)an insurance scheme to insure bank depositsb)an insurance scheme exclusively for bank employeesc)a composite financial service offering both bank and insurance productsd)a bank deposit scheme exclusively for employees of insurance companiesCorrect answer is option 'C'. Can you explain this answer?

S N Rajeswari has been appointed as the chairman and managing director of which insurance company?a)United India Insurance Company Limitedb)Oriental Insurance Company Limitedc)New India Assurance Company Limitedd)Universal Sompo General Insurance Companye)TATA AIG General Insurance Company LimitedCorrect answer is option 'B'. Can you explain this answer?

Directions: Read the following passage and answer the question.Insurance is a contract between two persons, an insurer and insured; it is where one person indemnifies the other on payment of consideration which is the premium in the event of happening of uncertain events. There are many kinds of insurances and motor vehicles insurance is one of them and is governed by the Motor Vehicles Act 1939. Every vehicle plying on road has to have compulsory third party insurance so that the insurance company can indemnify the insured against the claims made by the injured person. This was done so that the injured person should not suffer in case the motorist fails to pay to the injured. Under such situations the insurer indemnifies the insured against his liability to third parties. It is known as third party insurance because the beneficiary in this insurance is someone other than the insured and insurer. The liability is fastened on the insurer, and it is unlimited liability in case death or bodily harm is suffered by the third party. Third party insurance is a compulsory insurance under a statute and no person shall use a motor vehicle, except as a passenger, in a public place unless unless there is a policy of insurance complying with the requirements of the MV Act. This has been made amply clear by section 146(1) of the motor vehicles Act, 1988. It will be applicable even when the vehicle is stationary and not moving. The use does not cease on vehicle being immobile or defective. The third party insurance should be from an authorized insurer who is carrying on motor insurance business in India. Third party insurance does not cover injuries to the insured himself but to the rest of the world who is injured by the insured. However, Gratuitous passengers too are not covered under third party insurance as that would render superfluous the intention of the legislature which has taken within its purview the owner of the goods or his authorized representative carried in the vehicle. Also, the persons traveling in a goods vehicle except owner of the goods or his authorised representative would not be covered by the compulsory third party insurance. Regarding transferability of third party insurance it was held in the year 1980 that motor vehicle insurance being a personal contract, the insured cannot transferred the benefits under the policy without the consent of the insurer, or unless there is a stipulation in the policy itself.Q. X was going towards his office and seeking to get a cab. A cab stopped by him. To X's surprise, his friend Y was driving the cab & already had a passenger Z who had to be dropped at the building adjacent to X's office. Y told X that he will drop him as he was already paid fare by Z. X sat on front seat next to Y. On the way Y got so entangled in talks with X that he overlooked the traffic light & jumped the red light resulting in a fatal collision with a bus. X, Y & Z died on the spot. Claim was made to the insurance company. Decide.a)Insurance company is liable to compensate X, Y & Z for third party insurance.b)Insurance company is liable to compensate X & Y only for third party insurance.c)Insurance company is liable to compensate Z only for third party insurance.d)Insurance company is liable to none as X and Y were at fault for not taking care of the light and Z being negligent in making them aware about the same.Correct answer is option 'C'. Can you explain this answer?

Direction: Read the following text and answer the questions that follow:Mr. Shailesh owns an oil factory in Rajasthan. Due to illness of his parents living in the UK, he had to go to UK. There he joined a job. He asked his friend Mr. Vijay Arora to take charge of his company till he returns to India. Mr. Vijay took a fire insurance policy for this factory from Sokhim Free Insurance Pvt. Ltd. A month before he got the fire insurance policy, he received a notice from electricity department to get the wiring of the company repaired. He didn’t inform the insurance company about it. He didn’t get the wiring of the factory repaired. After five months of taking the policy, the factory caught fire due to faulty wiring.“Mr. Vijay took a fire insurance policy for this factory from Zokhim Free Insurance Pvt. Ltd....”.Q. Which principle of insurance is relevant here?a)Insurable interestb)Indemnityc)Good faithd)ContributionCorrect answer is option 'A'. Can you explain this answer?

Which among the following organisations implemented the scheme for senior citizens to provide assured pension with a guaranteed return of 8% per annum for ten years?a)General Insurance Corporation of Indiab)National Insurance Company Ltd.c)United India Assurance Company Ltd.d)Life Insurance Corporation of Indiae)Oriental Insurance Company Ltd.Correct answer is option 'D'. Can you explain this answer?

Directions: Read the following passage and answer the question.Insurance is a contract between two persons, an insurer and insured; it is where one person indemnifies the other on payment of consideration which is the premium in the event of happening of uncertain events. There are many kinds of insurances and motor vehicles insurance is one of them and is governed by the Motor Vehicles Act 1939. Every vehicle plying on road has to have compulsory third party insurance so that the insurance company can indemnify the insured against the claims made by the injured person. This was done so that the injured person should not suffer in case the motorist fails to pay to the injured. Under such situations the insurer indemnifies the insured against his liability to third parties. It is known as third party insurance because the beneficiary in this insurance is someone other than the insured and insurer. The liability is fastened on the insurer, and it is unlimited liability in case death or bodily harm is suffered by the third party. Third party insurance is a compulsory insurance under a statute and no person shall use a motor vehicle, except as a passenger, in a public place unless unless there is a policy of insurance complying with the requirements of the MV Act. This has been made amply clear by section 146(1) of the motor vehicles Act, 1988. It will be applicable even when the vehicle is stationary and not moving. The use does not cease on vehicle being immobile or defective. The third party insurance should be from an authorized insurer who is carrying on motor insurance business in India. Third party insurance does not cover injuries to the insured himself but to the rest of the world who is injured by the insured. However, Gratuitous passengers too are not covered under third party insurance as that would render superfluous the intention of the legislature which has taken within its purview the owner of the goods or his authorized representative carried in the vehicle. Also, the persons traveling in a goods vehicle except owner of the goods or his authorised representative would not be covered by the compulsory third party insurance. Regarding transferability of third party insurance it was held in the year 1980 that motor vehicle insurance being a personal contract, the insured cannot transferred the benefits under the policy without the consent of the insurer, or unless there is a stipulation in the policy itself.Q. Shera, by way of sale gave his Range-Rover car along with all relevant documents including the insurance papers to Salman. Salman on second day of the purchase in drunken state crushed & killed slum-dwellers sleeping on footpath. Salman was asked to compensate the family members of the deceased. However, Salman initiated a suit against the insurance company to fulfill the claim as the vehicle was insured. Decide.a)Salman should himself be held liable to compensate the family members of the deceased as he was drunk & it is all his fault.b)Insurance company should bear the claim as vehicle was rightly insured.c)Insurance company is not liable as Shera was not driving the car.d)Salman and insurance company both should bear the cost of compensation.Correct answer is option 'C'. Can you explain this answer?

balance sheet of life insurance Related: Life Insurance and types of Life Insurance?

Name the General Insurance Company,that launched first-of-its-kind ‘Trip Protector’ policy in India?a)National Insurance Co. Ltdb)New India Assurance Co. Ltdc)Bajaj Allianz General Insuranced)HDFC ERGO General Insurance Co. Ltde)None of theseCorrect answer is option 'D'. Can you explain this answer?

Needed a Video for insurance? Related: Insurance Contract Term - Principles of Insurance, B com?

Directions: Read the following passage and answer the question.Insurance is a contract between two persons, an insurer and insured; it is where one person indemnifies the other on payment of consideration which is the premium in the event of happening of uncertain events. There are many kinds of insurances and motor vehicles insurance is one of them and is governed by the Motor Vehicles Act 1939. Every vehicle plying on road has to have compulsory third party insurance so that the insurance company can indemnify the insured against the claims made by the injured person. This was done so that the injured person should not suffer in case the motorist fails to pay to the injured. Under such situations the insurer indemnifies the insured against his liability to third parties. It is known as third party insurance because the beneficiary in this insurance is someone other than the insured and insurer. The liability is fastened on the insurer, and it is unlimited liability in case death or bodily harm is suffered by the third party. Third party insurance is a compulsory insurance under a statute and no person shall use a motor vehicle, except as a passenger, in a public place unless unless there is a policy of insurance complying with the requirements of the MV Act. This has been made amply clear by section 146(1) of the motor vehicles Act, 1988. It will be applicable even when the vehicle is stationary and not moving. The use does not cease on vehicle being immobile or defective. The third party insurance should be from an authorized insurer who is carrying on motor insurance business in India. Third party insurance does not cover injuries to the insured himself but to the rest of the world who is injured by the insured. However, Gratuitous passengers too are not covered under third party insurance as that would render superfluous the intention of the legislature which has taken within its purview the owner of the goods or his authorized representative carried in the vehicle. Also, the persons traveling in a goods vehicle except owner of the goods or his authorised representative would not be covered by the compulsory third party insurance. Regarding transferability of third party insurance it was held in the year 1980 that motor vehicle insurance being a personal contract, the insured cannot transferred the benefits under the policy without the consent of the insurer, or unless there is a stipulation in the policy itself.Q. Singham was sitting in his car enjoying loud music, while it was parked in the parking-lot of a residential complex. A traffic-police officer was passing by & because of the loud music approached him & asked for the documents of the vehicle. Singham furnished all available documents. The officer found that the insurance of vehicle had expired a day-ago so Singham was issued a challan for the same. Singham challenged the challan in court. Will the challan be cancelled?a)Yes, as Singham was sitting in parking-lot and was not driving.b)Yes, as the insurance expired on the previous day itself & a single day lapse can be left with warning.c)No, as Singham was causing nuisance with loud music and he should learn a lesson for it.d)No, as Singham was at fault for not having insurance.Correct answer is option 'D'. Can you explain this answer?