search
person
Define Risk Cover and Premium.

1 Answer

Risk Cover: The term risk cover can be defined as the compensation of damage during the accident by insurance company. 

Premium: The payable amount as per the insurance contract paid by insured is called as premium.
thumb_up_alt 0 like thumb_down_alt 0 dislike

Related questions

Description : Compare third party insurance and comprehensive on following parameters: i. Risk cover ii. Premium iii. Application of vehicle iv. Condition

Answer : i. Risk cover  In third party insurance only covers damage from a accident only to the other people and their property if you are fault.  In case of comprehensive insurance the damage ... injuries and damage to property does not cover.  In comprehensive insurance personal injuries are covered.

Description : State procedure to calculate premium for the third party insurance cover.

Answer : Third party insurance is a type of insurance policy that is designed for offering insurance coverage to the third party in case of an accident caused by the insured vehicle. This policy covers the liability ... 2. Type and age of the vehicle 3. Cubic Capacity of the engine 4. Geographical zone

Description : List the types of insurance cover.

Answer : Types of insurance cover are as follow : 1. Comprehensive insurance 2. Own damage insurance 3. Third party 4. Fire insurance 5. Marine insurance 6. Life insurance

Description : Describe organizational structure, role and justification of motor vehicle insurance organizational in India. 

Answer : Organizational structure:- Section 4 of the IRDAI act 1999 specifies the authority composition. It is a ten member body consisting of : a) Chairmen (Subhash.C.Khuntia from 1st SEP ) b) ... . 7. To advise insurer and insured about loss minimization, control loss for security and safety devise.

Description : Explain terms ‘compulsory excess’ and ‘voluntary excess’.

Answer : Compulsory excess: The compulsory deductible or excess is also called as mandatory excess. It is part of claim amount which you will have to bear out of your pocket. The amount is decided by ... amount of the voluntary excess changes from company to company. The voluntary excess is set by you. 

Description : Compare compulsory excess and voluntary excess.

Answer : Compulsory excess  Voluntary excess Compulsory excess is the amount payable by insurer in his pocket during claim. Voluntary excess is the extra amount is payable by insurer in his pocket to ... customer to customer. This amount is mandatory. This amount is not mandatory.

Description : Explain the effect of following physical hazard parameters on renewal of comprehensive insurance policyi. Age of driver ii. Power and capacity of vehicle iii. Load used iv. Forfeiture of custom duty

Answer : i. Age of driver: If age of driver is more (say more than 65 years then there is more chances of accident than young driver which increases physical hazard.  ii. Power and capacity ... the vehicle it creates physical hazard & chances of accident increases then premium amount also will get increase.

Description : Compare investigation and assessment with suitable examples.

Answer : The claim investigation process is the procedure in which insurance company surveyor or loss assessor obtains information to examine the claim. As result it requires various documents to go through, visit to ... is any injury to anyone then surveyor need to investigate the case by above method. 

Description : Explain Concept of Moral Hazard in relevance to age and litigiousness.

Answer : Moral hazard is a term describing how behavior changes when people are insured against losses. If, for example, your car is fully insured against any and all damage and there is no deductible, ... So it is harmful for insurance business. Because of moral hazard, premiums are higher for everyone.

Description : Prepare accident investigation report for a car.

Answer : Whenever an accident occurs all particulars have to be collected and ascertained below: A) General Details: 1) Date ,time and location 2) Registration No. of vehicle involved in an accident ... . E) Negotiate with the insured regarding disposal of salvage F) Prepare detail survey and submit

Description : Explain legal aspects of surveying from surveyor’s perspective.

Answer : Surveyor is the professional who assess the loss or damage & serve the link between insured & insurer. They only function in non-life business. Their main job is to assess the actual loss ... bills and Doctors certificate. The above is the legal Aspects of surveying from surveyor's perspective.

Description : Discuss importance of insurance history in proposal form.

Answer : Once you decide to buy an insurance plan, the first step is to fill out the proposal form. A proposal form is a legal document that seeks relevant information from you so that the insurance company ... , any no claim bonus in previous policy. 4. It gives information about driving habit of insured.

Description : Describe role of Insurance Regulatory Authority Of India (IRDAI) in motor vehicle insurance.

Answer : 1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business. 2. To regulate how insurance company invest their funds and maintain their margin ... . 6. Also making code of conduct for surveyors and loss assessor working with insurance company.

Description : State function of Insurance Regulating Authority in India (IRDAI)

Answer : Function of Insurance Regulating Authority in India (IRDAI) 1. To regulate the rates, terms and Conditions of insurance, offered to their customer in general insurance business. 2. To ... any other organization connected with insurance company. 5. Make guidelines & arrange trainings to agents.

Description : State any two clauses in insurance proposal form.

Answer : Types of clauses in proposal form: 1. Signature clause: It is also known as attestation clause & it is appeared just below the schedule. The person authorized puts his signature. 2. Schedule clause: ... : It tells that how much the insurer must pay if there is insurance in more than one company.

Description : List types of claim documents.

Answer : Types of claim documents: 1. Policy. 2. Driving License 3. Registration Certificate of Vehicle 4. FIR copy if needed 5. Pan or Adhar card 6. Claim form

Description : List factors affecting moral hazard.

Answer : 1. Intention 2. Carelessness 3. Fraud claim 4. Multiple Insurance 5. Maintenance 6. Behavior 7. Negligence

Description : State need of insurance history in proposal form.

Answer : Need of insurance history in proposal form: 1. Gives information about previous insurance policy 2. It gives information about the claims in the previous insurance policy. 3. Gives information about ... policy. 4. Also it gives information about risk exposure of person, property, or vehicle.

Description : Define proactive and reactive risk strategy.

Answer : Reactive risk strategies Reactive risk strategy follows that the risks have to be tackled at the time of their occurrence. No precautions are to be taken as per this strategy. They ... their probability of occurrence, their impact after occurrence, and steps to be followed for its precaution.

Description : State the functions of needle, glass cover, pivot and adjustable mirror of a compass.

Answer : Needle: To direct north-south direction or to give magnetic meridian. Glass cover: To prevent entry of dust in box and movement of needle due to air or wind. Pivot: To support and balance the ... it is in use. Adjustable mirror: For sighting object at high or below level of observer's eye.

Description : Weather satellites transmit cloud cover and temperature-humidity profiles back to Earth using images of which combination of the electromagnetic radiation types? w) infra-red and visible light x) ultraviolet and nuclear magnetic y) ultraviolet and infra-red z) ultraviolet and visible light

Answer : ANSWER: W -- INFRA-RED AND VISIBLE LIGHT

Description : Thousands of tiny scales and hairs cover moths wings, not powder.

Description : About 70 percent of the earth is water, but only 2.5 percent of that is freshwater. Of the freshwater, 68.9 percent is in the form of glaciers and snow cover, 30.8 percent is groundwater, and about 0.3 percent is in lakes and rivers.

Description : The most important objective of teaching is to Options: A) facilitate students when it comes to the construction of knowledge and understanding B) cover the Syllabus timely C) create a friendly ... inside the classroom or teaching learning process D) attend and takes the classes regularly and timely

Answer : A) facilitate students when it comes to the construction of knowledge and understanding

Description : As part of Intended Nationally Determined contributions, Indian government through additional forest and tree cover has resolved to create an additional carbon sink (in terms of carbon dioxide equivalent) by year 2030 to the ... billion tons (C) 1.5 to 2 billion tons (D) 1 to 1.5 billion tons

Answer : (A) 3.5 to 4 billion tons

Description : The factors which are most important in determining the impact of anthropogenic activities on environment are: (A) Population, forest cover and land available per person (B) Population, ... and the technology used for exploiting resources (D) Atmospheric conditions, population and forest cover

Answer : (C) Population, affluence per person and the technology used for exploiting resources

Description : Ecological footprint represents (A) area of productive land and water to meet the resources requirement (B) energy consumption (C) CO2 emissions per person (D) forest cover

Answer : (A) area of productive land and water to meet the resources requirement

Description : A vertex cover of an undirected graph G(V, E) is a subset V1 ⊆ V vertices such that (A) Each pair of vertices in V1 is connected by an edge (B) If (u, v) ∈ E then u ∈ V1 and v ∈ V1 (C) If (u, v) ∈ E then u ∈ V1 or v ∈ V1 (D) All pairs of vertices in V1 are not connected by an edge

Answer : (C) If (u, v) ∈ E then u ∈ V1 or v ∈ V1

Description : A ................. complete subgraph and a ................. subset of vertices of a graph G=(V,E) are a clique and a vertex cover respectively. (A) minimal, maximal (B) minimal, minimal (C) maximal, maximal (D) maximal, minimal

Answer : (D) maximal, minimal 

Description : Consider the following statements : (a) Boolean expressions and logic networks correspond to labelled acyclic digraphs. (b) Optimal Boolean expressions may not correspond to simplest networks. (c) Choosing essential blocks first in a Karnaugh map ... (b) only (C) (a) and (b) (D) (a), (b) and (c)

Answer : (D) (a), (b) and (c) 

Description : What does enamel cover ? (1) Crown of the tooth (2) Dentin on all sides (3) Cementum (4) Cementum and partly dentin

Answer : Crown of the tooth

Description : ‘Green Accounting’ means measuring the National Income of the country taking into account estimation of (1) the total forest area of the country (2) the destruction of forest cover of the country (3) pollution and environmental damage (4) area of reclaimed fallow land 

Answer : pollution and environmental damage 

Description : Shreya travel the first part of her journey at 160 kmph and the second part at 240 kmph and cover the total distance of 3840 km to her destination in 20 hours. How long did the first part of her journey last? a) 8 hrs b) 12 hrs c) 16 hrs d) 10 hrs

Answer : B The total time of journey = 20 hours. Let 'x' hours be the time that shreya travelled at 160 kmph Therefore, 20-x hours would be time that she travelled at 240 kmph. Hence, she would have covered x*160+( ... 20-x)*240 =3840 160x +4800-240x =3840 240x-160x=4800-3840 80x= 960 X=960/80=12 hrs

Description : A motorboat running upstream takes 4 hrs 24 mins to cover a certain distance, while it takes 2hrs to cover the same distance running downstream. What is the ratio between the speed of the boat and speed of the water current respectively? A) 8:3 B) 5:2 C) 3:7 D) 2:4

Answer : ANSWER : A Explanation: Let the man's rate upstream be x'km/hr and downstream be y'km/hr Then distance covered upstream by 4hrs 24mints = distance covered by downstream in 2hrs (x * 4 2/5) = y *2 22x/5 = 2y Y = ... = (y+x/2) : (y -x/2) = 16x/10 : 6x/10 = 16x : 6x = 8:3

Description : A motorboat can cover 80 km upstream and 120 km downstream together in 26 hours. Also it can cover 100 km upstream and 144 km downstream together in 32 hours. What is the speed of the motorboat in still water? A) 12 km/hr B) 15km/hr C) 8.5km/hr D) 19km/hr 

Answer : ANSWER :C Explanation:  Upstream speed in both cases is 80 and 100.  Ratio is 80 : 100 = 8:10 = 4 : 5.  So let times in both cases be 4x and 5x  Downstream speed in both cases is 120 and 144 resp.  Ratio is ... 12 km/hr  So speed of boat = 1/2 * (5+12) =17/2km/hr  speed of boat = 8.5 km/hr

Description : A boat man lakes 5hrs 30 mins to row a boat 30km downstream of a river and 4 hrs 15mints to cover a distance of 10km upstream. Find the speed of the river current in km/hr. A) 1.5 km/hr B) 3km/hr C) 5km/hr D) 7 km/hr

Answer : ANSWER: A  Explanation:  Rate downstream = (30 / 5 ½ ) km/hr  = 30 / (11/2) km/hr  = 30 * 2 / 11 km/hr = 60/11 km/hr  Rate upstream = (10 / 4 ¼)km/hr  = 10 / (17/4)km/hr  = 10 * 4 / 17 km/hr = ...  Speed of current = 1 / 2 (a - b) km/hr  =1 / 2 (60 / 11 - 40 / 17)  = 1.5 km/hr (approx.)

Description : A pedal boat can cover 20km in 1 hr in still water. And it takes thrice as much as time to cover up than as to cover down the same distance in running water. The speed of the current is. A) 7.5 km/hr B) 20 km/hr C) 5 km/hr D) 10 km/hr

Answer : ANSWER : D Explanation: Let the speed of upstream be x' km/hr Then speed in downstream = 3x km/hr[thrice as much as time to cover up than as to cover down the same distance in running water] Speed in ...  Speed in downstream = 30 km/hr  Hence speed of the current = (30 -10)/2  = 10 km/hr.

Description : If a boy rows 8 km downstream in 6 hours and 4 km upstream in 4 hours then how long will he take to cover 16 km in stationary (still) water? A) 8 B) 14 C) 22 D) 16 

Answer : Answer: B Explanation: Distance covered in downstream = 8 km Time taken in downstream = 6 hours. Rate of downstream = 8/6=4/3 km/hr Distance covered in upstream = 4 km Time taken in upstream = 4hours. ... 3+1) = 7/6km/hr Time Taken to cover 16 km in still water = 16*6/7=14hrs (approximately)

Description : A boat takes 24 hours to cover 128 km downstream and 16 hours to cover 64 km upstream. Then the speed of the boat in still water is: A) 14/3 B) 8/7 C) 3/2 D) 9/5

Answer : Answer: A Explanation: Distance covered in downstream = 128km Time taken in downstream = 24 hours. Rate of downstream = distance / time = a = 128 km /24 hours = 16/3km/hr Distance covered in upstream = 64km Time taken in upstream ... / 2 = (1/2)(16/3+4) km/hr = (1/2)(28/3)km/hr = 14/3km/hr.

Description : Which of the following patients are at the highest risk of suffering from an adverse drug reaction? a) An 8 month year old infant receiving a prescription for an antibiotic. b) A 22 year old patient ... ACE Inhibitor. d) A 68 year old patient who has oedema receiving a prescription for a diuretic. 

Answer : d) A 68 year old patient who has oedema receiving a prescription for a diuretic. 

Description : Autonomy in clinical studied is defined as a) Freedom, dignity and confidentiality of the subject; right to choose i.e. whether or not to participate in the trial or to continue with ... . d) Observance of fairness, honesty and impartiality in obtaining, analyzing & communicating the data.

Answer : a) Freedom, dignity and confidentiality of the subject; right to choose i.e. whether or not to participate in the trial or to continue with it.

Description : Which of the following best expresses the difference between programmed and non-programmed decisions? (a) Occur under certainty or risk; occur under uncertainty or ambiguity (b) Made by managers ... rules cannot be developed (d) Have computer routines developed for them; are not computerized

Answer : (c) Handled with decision rules; decision rules cannot be developed 

Description : If a manager at Wipro wants to award a contract for printing the company's promotional literature and has obtained quotations from several printers, the manager can select a printer and know with ______ what the printing should cost. (a) Ambiguity ; (b) Risk ; (c) Uncertainty ; (d) Certainty

Answer :  (d) Certainty 

Description : Modern portfolio theory …….. the relationship between risk and return a. maximizes b. minimizes c. quantifies d. does not assume 

Answer : Answer: c

Description : In the United States, the units of measure for the potential biological risk associated with exposure to ionizing radiation are the rem and millirem. What comparable units are used in the metric system?

Answer : ANSWER: SIEVERTS or MILLISIEVERTS

Description : Frequent bean consumption has been associated with reduced risk of developing colorectal cancer. Colorectal cancer is the second most common cause of cancer death in the U.S. Research suggests that one-quarter to one-third of colorectal cancers could be prevented by changing diet and lifestyle. 

Description : All beans are excellent sources of protein, fiber, and good sources of manganese, magnesium, iron, zinc, and potassium. They are also a source of folate, a B vitamin that reduces the risk of neural tube defects in infants. They are fat free and cholesterol free.

Description : "Our lives improve only when we take chances, and the first and most difficult risk we can take is to be honest with ourselves." - Walter Anderson 

Description : "Often the difference between a successful man and a failure is not one's better abilities or ideas, but the courage that one has to bet on his ideas, to take a calculated risk and to act." - Maxwell Maltz

Description : Suppose you are hurriedly rushing to your school in the morning. Meanwhile your eyes go across the road, where your student met an accident. What decision will you take under this critical condition ... want to take risk unnecessarily D) You are expressing the accident as an adventurous game

Answer : B) You reach the site, look after the student, after giving him first-aid, report to the police station and rush towards hospital

← Prev Question Next Question →
editChoose topic
...