NEW INDIA ASSURANCE - FOUNDATION DAY SPECIAL

A colorful and engaging illustration representing the insurance industry with elements like policies, safety symbols, and historical references to New India Assurance.

New India Assurance Foundation Day Quiz

Test your knowledge of New India Assurance and its significance in the insurance industry with our engaging quiz. This quiz covers various aspects of the company's history, policies, and operations.

Challenge yourself with questions like:

When was New India Assurance founded?
What is ICC in marine insurance?
What covers a personal accident policy?

22 Questions6 MinutesCreated by InsuringExpert101

Founded by Sir Dorab Tata from the house of TATAs, New India Assurance was incorporated on 23rd July,19..

1919

1920

1947

1973

Who is the chairman cum managing director of New India Assurance

G Srinivasan

Atul Sahai

Inderjeet Singh

Anjay Dey

ICC in marine insurance stands for

Insurance Cover for Cargo

Insurance for Cargo in Container

Institute Cargo Clauses

International Cargo Cover

Mr. Pravesh's vehicle met with an accident in which bumper, bonnet and windscreen are damaged. His policy has basic excess of $500 and windscreen excess of $100. What is excess applicable for the claim ( KFK, underage, provisional excess not applicable)

$100

$600

$500

NIL

BA industries has hired security guards through Pioneer security services. The security guard was injured while handling the main gate at BA industry's factory. He has filed a claim against BA industries( Our insured) under public liability. The claim

Is payable. Public liability policy extends cover for bodily injury

Is payable, if Pioneer security services is also insured with us

Is not payable. Public liability excludes cover for employees of the insured and subcontractors of the insured

Is not payable as claimant is not employee of BA industries

Mrs. Alisha expired because of pregnancy related complications. Her husband filed a claim under personal accident policy. The claim

Is payable as Personal Accident policy covers death and bodily injury

Is not payable as Pregnancy related death or disablement is excluded

Is payable subject to recovery from the Doctor/hospital responsible

Is not payable as Mrs. Alisha has not disclosed of her Pregnancy

Automart Ltd( Our insured) has issued a cheque to National Labour Party for $200. Mr. Rimal, employee of National Labour party, has withdrawn $2000 by altering the figures on the cheque. Automart has filed a claim under their FG policy. Claim is

Payable as Automart has suffered loss

Payable subject to recovery from National Labour Party

Not Payable as no employee of Automart was involved

Not Payable as cheques are not covered under FG policy

Toll construction has obtained CAR policy for 1 year for constructing a commercial complex. They have completed the construction in 9 month and filed request for refund of premium for 3 months.

Refund is payable for 3 month

Refund is payable as per short period scale

Refund is payable if there were no claims

No refund is payable for early completion

Which of the following is false regarding an insurable risk?

There must be a large number of homogeneous units

The insured event must be accidental.

The loss must be speculative

The chance of loss must be calculable.

The fact that the insured is restored to the same financial condition as prior to a loss and should not profit or lose from an insurance transaction is considered:

Reimbursement

Indemnification

Law of Large Numbers

Contribution

When a reinsurer wishes to reduce its own liability on a particular risk, it may do so by arranging a

Cession

Concession

Retrocession

Treaty

A material fact is one that

Contributes to the description of the risk

Could influence the acceptance of the risk

Must be disclosed by law

Refers to all the key information.

An unearned premium is that portion of the policy premium that

Covers the policy period that has not yet expired

Has not been paid out as a loss or losses

Has not been paid out as losses or as commissions to agents/brokers

Is left over after the payment of all losses, commissions and expenses.

ISPS in regulatory context stands for

International supervision for policy standards

Insurance Supervision Policy Statement

Insurance standards for policy structure

International standards for policies

The solvency margin of an insurance company is

Surplus of liabilities over assets

Surplus of assets over liabilities

Equal to Net profit

Gross premium less claims

Insurers are required to publish KDS no later than 4 months after the end of each calendar year. KDS stands for

Known Debts Statement

Key Disclosure Statement

Key Directors and Staff

Key Data Statistics

________________ covers the probability of a predefined event happening (e.g., a major hurricane and earthquake), and pays out according to a predefined scheme.

Employers Liability Insurance

Micro Insurance

Parametric Insurance

Pandemic Risk Pool

______________________covers the actuary’s calculation of the general insurer’s reported claims, IBNRs and premium liabilities.

Financial Condition Report

Liability Valuation Report

Internal Audit Report

Actuarial Investigation Report

NEW INDIA ASSURANCE - FOUNDATION DAY SPECIAL

New India Assurance Foundation Day Quiz

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