Examination Paper: Insurance Management
1
IIBM Institute of Business Management
IIBM Institute of Business Management
Examination Paper MM.100
Insurance Management
Section A: Objective Type (30 marks)
•This section consists of Multiple choices questions & Short Answer type questions.
•Answer all the questions.
•Part One questions carry 1 mark & Part Two questions carry 5 marks each.
Part One:
Multiple choices:
1. India’s first insurance company was established in:
a. 1818
b. 1817
c. 1718
d. 1950
2. The word ‘Ombudsman’ in Insurance means:
a. Appointment of an official to sell the goods.
b. Appointment of an official to investigate the complaints.
c. Appointment of an official to inspect the quality of goods.
d. Appointment of an official to supervise the work force.
3. Insurance is a:
a. Contract
b. document
c. Agreement
d. Both (a) & (b)
4. ‘Asha deep’ is an Insurance:
a. Related to dreaded disease or death
b. Related to theft
c. Related to fire
d. Related to crops
5. ‘Actuary’ is:
a. A book that contains death data
b. A book that contains statics of production
c. A person expert in statics
d. A person expert in agent ship
Examination Paper: Insurance Management
2
IIBM Institute of Business Management
6. ‘Snobbish’ customers are:
a. Self loving or egoist customer
b. Those who lack confidence
c. Those who take quick and immediate decision
d. Logical customers who ask a lot of questions
7. What stands for ‘I’ in AIDAS related with the knowledge of selling process?
a. Ideal
b. Idol
c. Income
d. Interest
8. Endowment Policy is:
a. Sum of Term Assurance and Pure Endowment
b. Difference of Term Assurance and Pure Endowment
c. Sum of Endowment Assurance and Pure Endowment
d. Difference of Endowment Assurance and Pure Endowment
9. In case of Suicide in India:
a. It is not a crime
b. It is a crime
c. It has no relation with the Insurance Policy
d. None of the above can be said
10. USP stands for:
a. Unique Sales Promotion
b. Unique Sales Process
c. Unique Selling Proposition
d. None of the above
Part Two:
1. Elaborate the functionality of ‘Married Women’s Property Act’ of India.
2. What are the necessary documents that have to be submitted for getting a License for agent
ship in Insurance Business?
3. Mention any two Insurance Policies for Handicapped.
4. What is ‘Charter Policy Parity’?
END OF SECTION A
Examination Paper: Insurance Management
3
IIBM Institute of Business Management
Section B: Caselets (40 marks)
•This section consists of Caselets.
•Answer all the questions.
•Each Caselet carries 20 marks.
•Detailed information should form the part of your answer (Word limit 150 to 200 words).
Caselet 1
Insurance Business- The Difference in Providing Services
With increasing competition and changing customer preference, companies both in the manufacturing and
service sectors, are increasingly focusing on services to differentiate their offering from each other. The
need is being felt more than ever before as the tangible features of ‘...
Personal Non-Life Insurance
Personal non-life insurance schemes can be categorized into four major groups relating to property,
health, accident and liability. The basic objective of these schemes is to meet the personal risk protection
needs of individuals.
Insurance policy for these products is basically individuals who own certain consumer items or properties.
Health-related insurance schemes cater to the needs of individual to protect themselves from the
uncertainties of ill health/accident at home or abroad.
Accident-related products include various policies that cover personal accident and other specific
contingencies. The liability offers cover to professionals.
These are the six major areas where customers expect a lot from the insurance companies.
Resolution of Customer Anxiety
In a service industry, one of the factors that motivates a customer to opt for a service is whether the
service provider is able to reduce his or her anxieties, articulated or not, in relation to the same, in case of
insurable products, perhaps, the only exception to the city-centric strategy will be Reliance’s push, which
is ...
Question:
1. What according to you, ABCL should have used to claim its best insurance refunds?
END OF SECTION B
Examination Paper: Insurance Management
6
IIBM Institute of Business Management
Section C: Applied Theory (30 marks)
1. How does Money Back Policy differ from Endowment Assurance? Which one is a better
option and why?
2. How important is the Consumer Protection Act an in today’s world of consumerism?
END OF SECTION C
1
IIBM Institute of Business Management
IIBM Institute of Business Management
Examination Paper MM.100
Insurance Management
Section A: Objective Type (30 marks)
•This section consists of Multiple choices questions & Short Answer type questions.
•Answer all the questions.
•Part One questions carry 1 mark & Part Two questions carry 5 marks each.
Part One:
Multiple choices:
1. India’s first insurance company was established in:
a. 1818
b. 1817
c. 1718
d. 1950
2. The word ‘Ombudsman’ in Insurance means:
a. Appointment of an official to sell the goods.
b. Appointment of an official to investigate the complaints.
c. Appointment of an official to inspect the quality of goods.
d. Appointment of an official to supervise the work force.
3. Insurance is a:
a. Contract
b. document
c. Agreement
d. Both (a) & (b)
4. ‘Asha deep’ is an Insurance:
a. Related to dreaded disease or death
b. Related to theft
c. Related to fire
d. Related to crops
5. ‘Actuary’ is:
a. A book that contains death data
b. A book that contains statics of production
c. A person expert in statics
d. A person expert in agent ship
Examination Paper: Insurance Management
2
IIBM Institute of Business Management
6. ‘Snobbish’ customers are:
a. Self loving or egoist customer
b. Those who lack confidence
c. Those who take quick and immediate decision
d. Logical customers who ask a lot of questions
7. What stands for ‘I’ in AIDAS related with the knowledge of selling process?
a. Ideal
b. Idol
c. Income
d. Interest
8. Endowment Policy is:
a. Sum of Term Assurance and Pure Endowment
b. Difference of Term Assurance and Pure Endowment
c. Sum of Endowment Assurance and Pure Endowment
d. Difference of Endowment Assurance and Pure Endowment
9. In case of Suicide in India:
a. It is not a crime
b. It is a crime
c. It has no relation with the Insurance Policy
d. None of the above can be said
10. USP stands for:
a. Unique Sales Promotion
b. Unique Sales Process
c. Unique Selling Proposition
d. None of the above
Part Two:
1. Elaborate the functionality of ‘Married Women’s Property Act’ of India.
2. What are the necessary documents that have to be submitted for getting a License for agent
ship in Insurance Business?
3. Mention any two Insurance Policies for Handicapped.
4. What is ‘Charter Policy Parity’?
END OF SECTION A
Examination Paper: Insurance Management
3
IIBM Institute of Business Management
Section B: Caselets (40 marks)
•This section consists of Caselets.
•Answer all the questions.
•Each Caselet carries 20 marks.
•Detailed information should form the part of your answer (Word limit 150 to 200 words).
Caselet 1
Insurance Business- The Difference in Providing Services
With increasing competition and changing customer preference, companies both in the manufacturing and
service sectors, are increasingly focusing on services to differentiate their offering from each other. The
need is being felt more than ever before as the tangible features of ‘...
Personal Non-Life Insurance
Personal non-life insurance schemes can be categorized into four major groups relating to property,
health, accident and liability. The basic objective of these schemes is to meet the personal risk protection
needs of individuals.
Insurance policy for these products is basically individuals who own certain consumer items or properties.
Health-related insurance schemes cater to the needs of individual to protect themselves from the
uncertainties of ill health/accident at home or abroad.
Accident-related products include various policies that cover personal accident and other specific
contingencies. The liability offers cover to professionals.
These are the six major areas where customers expect a lot from the insurance companies.
Resolution of Customer Anxiety
In a service industry, one of the factors that motivates a customer to opt for a service is whether the
service provider is able to reduce his or her anxieties, articulated or not, in relation to the same, in case of
insurable products, perhaps, the only exception to the city-centric strategy will be Reliance’s push, which
is ...
Question:
1. What according to you, ABCL should have used to claim its best insurance refunds?
END OF SECTION B
Examination Paper: Insurance Management
6
IIBM Institute of Business Management
Section C: Applied Theory (30 marks)
1. How does Money Back Policy differ from Endowment Assurance? Which one is a better
option and why?
2. How important is the Consumer Protection Act an in today’s world of consumerism?
END OF SECTION C
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