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

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

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?

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?

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?

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?

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?

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?

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

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 Document for principles of insurance? Related: Insurance Contract Term - Principles of Insurance, B com

In trial balance of year ending 31.3.2017, life insurance premium is given 55000. adjustment: Insurance premium includes 40000 paid towards proprietor's life insurance policy and the balance of the insurance charges cover the period from 1.4.2016 to 30.6.17. How do you show it in final accounts.?

Scope of _______ has widened to include disability insurance, health/medical insurance, annuity insurance and life insurance proper.a)marine insuranceb)life insurancec)fire insuranced)motor insuranceCorrect answer is option 'B'. Can you explain this answer?

A prepayment of insurance premium will appear in balance sheet and in the Insurance account respectively ?

The General Insurance Corporation of India started operation with holding companies: 1. New India Insurance Company Limited2. National Assurance Company Limited3. Agriculture insurance company of India LimitedWhich of these statements is/are correct?a) 1 and 2 Onlyb) 1 and 3 Onlyc) All of themd) None of themCorrect answer is option 'D'. 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.Q. “He didn’t inform the insurance company about it.” Identify the principle violated here.a)Utmost good faithb)Insurable interestc)Proximate caused)None of the aboveCorrect answer is option 'A'. Can you explain this answer?

Purchase goods for 20000.A insurance policy was taken for goods amounting 14000. Goods amounting to 3000 was lost by fire and a insurance claim for ₹2500 was received by insurance company. what will be journal for above transaction?

The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.Prohibition of transaction of insurance business by certain persons can be a provision laid down under which of the Insurance Acts?a)Insurance Act, 1938b)The IRDA Act, 1999c)Both (A) and (B)d)Cannot be determined.Correct answer is option 'A'. Can you explain this answer?

The Regulatory framework with respect to Insurance in India is primarily governed by the Insurance Act, 1938 and the Insurance Regulatory and Development Authority Act, 1999 (“IRDA Act”). While the Insurance Act, 1938 governs all forms of insurance and also regulates the insurance business in India, The IRDA Act, 1999, seeks to provide the establishment of an authority that protects the interest of all insurance policy holders and further regulates and promotes the orderly growth of the insurance industry.As is common knowledge, owing to the lack of adequate risk planning, adventure sports do not fall within the purview of insurance policies in India. However, it is pertinent to highlight at this juncture that although the aforesaid is not covered in insurance policies, there seems to be an ambiguity with respect to sightseeing that is also undertaken as an activity by several tourists on vacation.In this regard, it is apposite to take note of the most recent judgment passed by the Supreme Court in Bharti AXA General Insurance Co. Ltd v. Priya Paul & Another . Vide this judgment, the Supreme Court, inter alia interpreted whether a ‘glider’ comes within the definition of aircraft in so far as insurance policies are concerned and as a natural consequence covered by insurance.This judgment is a significant one as it clarifies that a glider which is used for sightseeing shall come within the meaning of an aircraft. Therefore, repudiation of claims by insurance companies on the basis that gliders used for sightseeing do not come within the purview of insurance policies are not tenable in law and hence, ought to be rejected.Undisputedly, this decision is a welcome change in insurance jurisprudence as it not only does away with the misassumptions in respect to a glider (used for sightseeing) not falling within the purview of the definition of an aircraft, but also gives much-needed respite to all policy holders claiming their insurance on this ground.Pertinently, it is also apposite to highlight that, although the afore-mentioned judgment had been laid down by the Supreme Court in the context of the specific clause mentioned in the insurance policy under challenge, however, what is essential to bear in mind, is that the insurance policy and also the specific exclusions under challenge appear in all standard types of insurance policy/ contract found across the board and consequently availed by customers. Therefore, the ratio laid by the Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence.The Supreme Court in this judgment shall have a wider ramification in the field of insurance jurisprudence. What is the author suggesting through this statement?a)The author meant that this judgement opened horizons for wider interpretations of Insurance Law.b)The author meant that such judgements might create confusions later as some insurance policies and contracts are vague.c)The author meant that such judgments in insurance law are a necessity for justice.d)Cannot be determined.Correct answer is option 'B'. Can you explain this answer?