Correct Answer : Hyderabad
IIRM is the only dedicated Institution for education in Insurance and Actuarial Science in the World. It is unique in character as the Institute is promoted by the Regulator with the sole aim of developing the required work force for the entire Insurance sector.
Correct Answer : Nature of contract
Nature of contract is a fundamental principle of insurance contract. An insurance contract comes into existence when one party makes an offer or proposal of a contract and the other party accepts the proposal.
Correct Answer : Double insurance
Double insurance denotes insurance of same subject matter with two different companies or with the same company under two different policies. Insurance is possible in case of indemnity contract like fire, marine and property insurance.
Correct Answer : Mumbai
Correct Answer : 100%
Correct Answer : Waiting period
Waiting period : This is the period of time that must pass before your cover comes into effect. During this time you are unable to claim. For example, if you have a waiting period applied for spinal injuries, you would be unable to claim for this condition until the waiting period had passed. This is to prevent people applying for cover when they know that they are likely to claim in the near future.
Correct Answer : All of the above
Correct Answer : Conditional Receipt
A receipt involved in life, health and certain property insurance contracts; if the insured is deemed to be covered by the insurer, the coverage begins on the date the insured receives the conditional binding receipt.
Correct Answer : Aleatory contract
Correct Answer : Combined Ratio
The combined ratio is defined as the sum of incurred losses and operating expenses measured as a percentage of earned premium.
