Insurance

1. Which of the following is not a moral hazard?

Taking insurance at advanced age
A proposer with many dependents taking ins
When medical exam is done elsewhere
Proposal on another life without insurable interest

Detailed SolutionWhich of the following is not a moral hazard?

2. In which of the following cases moral hazard could be suspected?

When the age is advanced
Large sum insured disproportionate to income
Both A & B
None of the three

Detailed SolutionIn which of the following cases moral hazard could be suspected?

3. When special reports would be necessary?

When high sum insured is proposed
When age is advanced
Both A & B
None of the three

Detailed SolutionWhen special reports would be necessary?

4. Women have significantly _________ longevity than men

Greater
Lesser
Neither greater nor lesser
Unable to say

Detailed SolutionWomen have significantly _________ longevity than men

5. Characteristics of an individual which impact on risk (hazards) is classified into?

Financial and non-financial hazard
Physical and moral hazard
Philosophical and metaphysical hazard
Standard and non-standard hazard

Detailed SolutionCharacteristics of an individual which impact on risk (hazards) is classified into?

6. Under Non-medical underwriting, which is not a condition to be followed?

Female
Limit in sum insured
Limit in age
Limit in income

Detailed SolutionUnder Non-medical underwriting, which is not a condition to be followed?

7. Under which type of underwriting several conditions are to be followed?

Non-medical underwriting
Medical underwriting
Field underwriting
Financial underwriting

Detailed SolutionUnder which type of underwriting several conditions are to be followed?

8. Which of the following is correct?

Under absolute assignment, the assignee will have all rights
The assignee can deal with the policy in any manner
Under conditional assignment the policy shall revert back to the assignor on the happening of an event
All of the above

Detailed SolutionWhich of the following is correct?

9. Why non-medical underwriting is resorted to ?

To verify the income of the proposer
To save on cost of conducting medical exam
To check the antecedents of a person
To satisfy about the health of the proposer

Detailed SolutionWhy non-medical underwriting is resorted to ?

10. In respect of Assignment which of the following is correct?

Assignee becomes owner of the policy
Assignee cannot have better rights than assignor
Both A & B
None of the above

Detailed SolutionIn respect of Assignment which of the following is correct?

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