General Insurance Underwriting (IC 45): Previous year questions
The insurance institute of India conducts the III exam. Every year, the exam is held four times: once in March, once in May, once in September, and once in November. We are offering Recollected Questions (Memory-based Questions) for the General Insurance Underwriting (IC 45) exam. The maximum number of questions are repeated in each exam in these papers. As a result, Ambitiousbaba is providing you with a recollected Question on IC 45 General Insurance Underwriting.
These IC 45 General Insurance Underwriting Memory Previous year Questions can come in handy in the forthcoming Exam.
General Insurance Underwriting Previous paper questions:-
- Questions on class rated products and Individual rated products.
- They gave examples of types of insurance coverages and told to identify the type of rating method used.
- Questions on File and Use regulations.
- Several questions were given which asked to identify the type of regulation, example: prior approval or file and use or flex approval.
- Some questions on application of IT sector in insurance.
- Steps of underwriting.
- What is insurance?
- Questions from types of policies like policies on first loss basis.
- Characteristics of Fire declaration policies were asked.
- Classiciation of coverages such as persons, liability, property, etc.
- Protection of policy holder and how it is exercised.
- They asked floater policy
- Items present in a proposal form
- The various factors that affects the rate
- They gave a product and asked which type of classification it is
- Like hull insurance is which type of product
- When read chap 3 and 4 u will understand
- It is under individual experience rated product
- Then they gave the formula…and asked what
- 3 to 9 are important…be thorough with that
- Like in the pure premium formula…they asked what P stands for
- They asked how computers helped in underwriting
- Compliance officer’s role
- That prior approval, file and use came
- Questions on rate making
- Experience rating
- Declined risks case study Importance of underwriting
- unprincipled rate cutting and other improper underwriting practices case studies
- Questions on File and use
- Protection of policyholders interest 6 questions
- Question on Rate Making, Underwriting process evaluation ,risk selections, classification and rating , underwriting decisions, monitoring underwriting decisions, case studies on understanding of underwriting mechanism, claims mitigation
Q. The main job of the insurance underwriter is to assess and evaluate the proposed risks and take decision whether to accept or decline such bussiness and impose fair rate and condition. To do this job the underwriter must take into consideration the following:-
(a) the degree of risk exposure.
(b) Safety precautions.
(c) Loss/claims record and experience in the similar risks.i.e the performance of similar risks.
(d) The degree of moral or morale hazard.
(e) Finally and most important is to make survey either by the underwriter himself or by appointed professional surveyor, this will certainly assist in assessing and evaluating the risks in questions more accurately.
Answer- All of the above
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