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WorksheetsFinal account of insurance company
Total questions: 20
Worksheet time: 10mins
General insurance is defined by
Section 5 (6C) of Insurance Act
Section 2 (6B) of Insurance Act
Section 11 (6D) of Insurance Act
Section 1 (6A) of Insurance Act
General Insurance includes
Marine insurance
Miscellaneous insurance
Fire insurance
All A B and C
The insured is not allowed to make any profit is
Life Insurance
Fire Insurance
Life and fire Insurance
None of the above
Fire insurance is subject to
Average clause
Risk clause
Escalation clause
None of the above
The policy in which the liability of the insurer is limited is
Floating policy
Valued policy
Comprehensive policy
Specific policy
When more than one policy is taken to cover the same ricks it is called
Marine Insurance
Double Insurance
Reinsurance
All of the above
The insurer who agrees to insure is called
Over writer
Underwriter
Insurance
B and C only
The policy which insurer the regular matter of for a specific period is called
Time policy
Valued policy
Voyage policy
Floating policy
General insurance companies must comply with the requirement of schedule
A
B
C
D
Schedule B is divided into _________ parts
5 parts
6 parts
10 parts
8 parts
Revenue account is prepared in the form
RA
B-RA
C-RA
D-RA
The policy in which the insurer agrees to pay a fixed amount is
Valued policy
Specific policy
Floating policy
Replacement policy
General Insurance business includes fire insurance only
True
False
Share transfer fees received is show under other income in profit and loss account of general insurance company
False
True
Provision for unexpired risk in case of marine insurance is (a) % of net premium
Fire insurance policies are always subject to average close
True
False
Premium on reinsurance ceded is deducted from
Premium for direct business
Interest
Discount
Commission
Claim on reinsurance accepted is added to
Premium earned
Commission received
Claims incurred
None of the above
Share premium is disclosed under
Provisions
Reserves and surplus
Borrowings
Share capital
Fire insurance policies are always subject to (a) .
