General insurance quiz


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General insurance quiz

  1. 1. GENERAL INSURANCE1. You are starting/having business. You may have risk/loss due to fall in market share /lack of demand. Can you insure against such risk?2. You are a large branch net work organization. The assets keep varying regularly. Insurance requires clear statement of assets. Is there any way for insuring these assets?3. Can you Insure if you do not know the nature of impending risk, but know for certain that there is an impending risk?
  2. 2. GENERAL INSURANCE4 Over a period of time your organization (a large branch net work) finds that the premium paid is not compensated by claims made. Without foregoing insurance concept how could you prevent cash outflows?5 A locker box/closed box has a valuable of whose content is not known to you, but the value as told by your friend, who has given it you for safe keeping is Rs.5lakhs. The box is given to you for safe keeping and return after an year when your friend returns from foreign. You have undertaken the responsibility but do not want loss in the event of damage to the box. You have embarrassments to ask for the name of the content and therefore cannot ask. Can you insure the box without knowing the content but only the value?
  3. 3. GENERAL INSURANCE6.You have identified two probable clients who might give you business to the extent of Rs.3lakhs and resultant profit of Rs.10,000/=. Your business is insured against natural calamity. Both the probable clients die in earth quake --- a natural calamity. Can you claim the loss as per the policy?7.A motor car is covered under insurance for the past three years by prompt renewal. This year though the secretary has been instructed to send the renewal CHEQUE for insurance she sends it after two days’ delay. In the meantime car gets damaged in fire. Can the claim be successfully made for fire loss from the insurance company?
  4. 4. GENERAL INSURANCE8. In a policy it is just stated that the damage by fire is covered. In an electrical short circuit a cotton bale catches fire and thereafter the insured property catches fire. When claimed, the company says only fire accident is covered and not electrical short circuits. Who wins the case if adjudicated?
  5. 5. GENERAL INSURANCE9. A scientist predicts KATRINA type of tempest on a day for a particular area. A person belonging to that area wants to insure his house property against tempest after reading this prediction. The insurance company refuses to insure, though tempest policies are very much in their product and they have made several such policies. The person goes to court for Discrimination / Partiality in selling in a public company. Who will win the case; individual or the company?
  6. 6. GENERAL INSURANCE10. A reputed doctor feels that in the modern days of legal awareness and litigation, he needs protection against public damage claims against him for improper treatment despite he being very sincere and committed in the job. Is there any way for the doctor; and is there an insurance for such a contingency?
  7. 7. GENERAL INSURANCE11. Like life time road tax can you get life time motor car insurance instead annual renewals?12. Without knowing that the goods are stolen a party buys textile goods and stores in own go- down. Insurance is also obtained properly for the goods stored in the own warehouse and the goods get fire. When claim is made, the insurance surveyor investigates and finds that goods are stolen and the company denies claim. The party goes to court. Who will win?
  8. 8. GENEARL INSURANCE13. You are worried about your employees, as a IT company manager. Because your employees might indulge in cyber crime which may result in large claim against your company. Can insurance be obtained for such a risk? What is the name given to it? Is there a limit it for the amount of claim?14. In a MEDI-claim policy after insuring for the first time, the policy holder falls ill on the fifth day of insuring and follows all the rules and submits claim. His claim is rejected --- why?
  9. 9. GENERAL INSURANCE15.As a restaurant owner you are worried that if anyone or a group of customers eat food of your restaurant and if by chance there is an incident of food poisoning; there would be a series of claims against the restaurant claiming damages. Is there any chance of insuring such risks?
  10. 10. Life Insurance.1. Can you take a life policy for someone whom you adore but has no natural relationship, whatsoever with the person?2. If insurance is a contract, where is the consideration?3. The wife does not know that the husband has cancer. She compels him to take non-medical policy, as he is young and a Govt. employee. The company gives a life policy and the husband dies soon. The death certificate states “death due to cancer suffering since two years”. The wife claims the policy amount stating that she was unaware and did the whole thing in GOOD FAITH. Will she succeed?