BASICS OF INSURANCE:
Q-What is insurance?
A-Insurance is the equitable transfer of the risk of a loss, from one entity to another in exchange for payment. It is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss.
Q-Tell us some principles of Insurance?
A- some principles are:-
Utmost good faith
insurable interest
indemnity
contribution
subrogation
Q-Define Utmost good faith?
A-It says the insured and the insurer are bound by a good faith bond of honesty and fairness. Material facts must be disclosed.
Q- Define insurable interest?
A-It says the insured typically must directly suffer from the loss. Insurable interest must exist whether property insurance or insurance on a person is involved. The concept requires that the insured have a "stake" in the loss or damage to the life or property insured. What that "stake" is will be determined by the kind of insurance involved and the nature of the property ownership or relationship between the persons.
Q-Define indemnity?
A-It means the insurance company indemnifies, or compensates, the insured in the case of certain losses only up to the insured's interest.
Q-Define contribution?
A-It means if the insured has more than one policy for the same risk then the indemnification will be proportionate to the liability by each company.
Q-Define Subrogation?
A-It means the insurance company acquires legal rights to pursue recoveries on behalf of the insured; for example, the insurer may sue those liable for the insured's loss. The Insurers can waive their subrogation rights by using the special clauses.
Q-What is full form of IRDA? Tell in one line the role of IRDA?
A-Insurance Regulatory and Development Authority.
It is an agency of Government of India for insurance sector supervision and development.
Q-Broadly categories insurance?
A-Life and Non-Life.
Q-You are appearing for NICL AO-2014.Is it life of non-life?
A-Non-Life.
Q-Which is the oldest non-life insurance company in India?
A-National Insurance Company Limited.
Q-Which is older LIC of NICL?
A-NICL.
Q-Insurance is a moral contract or legal?
A-It is a legal contract.
Q-Broadly categories Non-life Business in India?
A-
Fire Insurance
Marine Insurance
Misc. Insurance
Q-The car that you own requires certain kind of insurance. What is that and in which of the above category does it fall?
A-It is called Motor Insurance and it falls under Misc. Insurance category.
8 comments:
if you have difficulty in understanding above questions ...you can post your queries here..
Hi, what should I prepare for Generalist Interview? I am an Electronics Engineer.
@ ankit
you can face the level of technical question with the experience you already have( u have mentioned it in your query form)...no need to read core technical again...have current affairs, and be ready to face some good hr questions related with your job, answer smartly..!
Hi what should i prepare for interview for NICL AO.. I am selected for IT list and i am a computer science engineer....
What should i Prepare for Generalist Interview? i have done MBA (Finance) 2008, Doing job since 2008 in Private Sector in Accounts Department.
What should i Prepare for UIIC AO Generalist Interview? i have done MBA (Finance) 2011,
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