BA Marathi And English SEM V 2023 2024 2024 ECONOMICS OF INSURANCE I Question Paper - Mumbai University | munotes

Questions asked in this paper

1. Q2 All questions carry equal marks
2. Q1 Answer any 2 20 marks
   • a. Definition of Insurance. What are the characteristics of Insurance?
   • b. Distinguish between Assurance and Insurance
   • c. Discuss the classification of Insurance and limitations of Insurance
3. Q2 Answer any 2 20 marks
   • a. Discuss in detail the concepts of Perils and Hazards in insurance
   • b. Elaborate the classification of Pure risk
   • c. Explain adverse selection and moral hazard in insurance
4. Q3 Answer any 2 20 marks
   • a. Discuss the role of insurance and economic development
   • b. Explain growth & Performance of Public & Private Insurance Companies in India
   • c. Write a note on Government policies in insurance in India
5. Q4 Answer any 2 20 marks
   • a. Definition reinsurance and what are its objectives?
   • b. What are the techniques of Reinsurance?
   • c. Discuss the role of the General Insurance Corporation of India
6. Q5 Write Short Note any 2 20 marks
7. Q1 Purpose and need of insurance
8. Q2 Elements of insurable risk
9. Q3 Disinvestment of LIC
10. Q4 Issues and challenges in Indian Reinsurance
11. Q5 Choose the correct option and rewrite the sentence. 20 marks
12. Q1 ------ is a contract represented by a policy, in which an individual or entity receives financial protection. or reimbursement against losses from an insurance company
13. Q1 Insurance
14. Q2 Risk
15. Q3 Legal
16. Q4 Forms of Extension
17. Q2 The insurer agrees to indemnify the insured upon the happening of a particular event Therefore insurance is
    • a. protection for happiness
    • b. protection against risk
    • c. order of preference
    • d. source of risk Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
18. Q3 Insurance in India is regulated under the law passed by the
19. Q2 Government of India
20. Q3 State Government
21. Q4 Reserve bank of India
22. Q4 The insurer undertakes to put the ----- in the same position that he or she occupied before the happening of the event
23. Q1 government
24. Q2 commercial banks
25. Q3 controversial person
    • d. insured
26. Q5 ------ is the right of an insurer to stand in the place of the insured after settlement of a claim
27. Q1 Subrogation
28. Q2 Interrogation
29. Q3 Subordination
30. Q4 Reinsurance
31. Q6 ----- is defined in financial terms as a chance that an outcome or investment's actual gain will differ from an expected outcome or return
32. Q1 Insurance
33. Q2 Reinsurance
34. Q3 Risk
35. Q4 Coverage 7.In uncertainty,
    • a. potential outcomes are known
    • b. potential outcomes are unknown
    • c. insurer knows the risk
    • d. insurance is not useful
36. Q8 Which of the following statements is correct for Risk
37. Q1 Risk cannot be measured and quantified using a theoretical model
38. Q2 Risk is certain and known to the insurer
39. Q3 There is no risk at all so no need for insurance
40. Q4 Risk can be measured and quantified using a theoretical model
41. Q9 In insurance contract, the perils that are covered are
42. Q1 modified by the insured and central bank
43. Q2 usually specified
44. Q3 never specified
45. Q4 safe and never happening Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
46. Q10 ---- is defined as a situation where thre are only the possibilities of loss or no loss
    • a. Pure risk
    • b. Speculative risk
    • c. Static risk
    • d. Dynamic risk
47. Q11 Insurance turn accumulated capital into
48. Q1 productive investment
49. Q2 unproductive investment
50. Q3 peril and loss
51. Q4 Hazard in insurance
52. Q12 The risk borne by the insurance company partly depends on the -------- to anticipate the frequency and magnitude of the losses that they promise to occur
53. Q1 frequency of risk
54. Q2 insurer's ability
55. Q3 ability of the government
56. Q4 intentions of the insured
57. Q13 Which one of the following statements is correct
58. Q1 Insurance is also an investment option
59. Q2 Insurance is not an investment option
60. Q3 Investment is always loss in insurance companies and investment companies are similar
61. Q14 The government of India decided to disinvest --- of the shares of the Life Insurance corporation of India
62. Q1 85 per cent 2.90 per cent 3.5 per cent 4.75 per cent
63. Q15 Ayushman Bharat Yojna was launched in ---- by the Ministry of Health and Family Welfare Government of India
64. Q1 October 2016
65. Q2 September 2015
66. Q3 September 2018
67. Q4 January 2000
68. Q16 The government of India conducted the IPO of LIC between 4th May 2022 and 9th May 2022 for the purpose of
69. Q1 increasing investment in insurance the regulation of LIC
70. Q3 control of banking operation in the country
71. Q4 disinvestment of LIC Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
72. Q17 ---- is an insurance that an insurance company purchase from another insurance company to insulate itself from the risk of major claims
73. Q2 Reinsurance
74. Q3 Close insurance
75. Q4 Forclosure insurance
76. Q18 One of the objective of reinsurance is
77. Q1 transfer risk to another company to reduce the likelyhood of large payment for a claim
78. Q2 transfer assets to another company to reduce the likelyhood of large payment for a claim
79. Q3 reduce the large payment from the insured
80. Q4 make invesmtnet and earn profit 19, ----- is an agreement by which one or more reinsurance will automatically accept all reinsurance which falls within predetermined limits
81. Q1 facultative reinsurance
82. Q2 Treaty reinsurance
83. Q3 Control reinsurance
84. Q20 ---- was formed for the purpose of superintending, controlling and carrying on the business of
85. Q2 LIC Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
86. Q2 TAT
87. Q2 SAC AT 20 marks
88. Q4 Ro
89. Q5 ata Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021) 20 marks
90. Q8 se Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
    • a) at Paper Subject Code: 97226 Economics : Economics of Insurance I(R 2021)
91. Q3 fear IRDI

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