Examination Paper: Insurance Management
1
IIBM Institute of Business Management
IIBM Institute of Business Management
Examination Paper MM.100
Insurance Management
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
..
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’?
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 ‘products’ offered by manufactures and
service providers tend to get imitated easily. This implies that companies will need to find certain
intangibles that can differentiate their respective ‘Products’. The insurance sector in India was a
government controlled till very recently. ..
insurance, the sum insured of most of the policies will range between Rs 50,000 and 1 lakh. “This’s
where the volumes live”.
Questions:
1. What are the basic factors required as you feel for further improvement in Pricing?
2. According to some industry watches, the big players like Reliance the Tata, and the Birlas
contribute to almost 30% of the total premium collected by GIC and its four subsidiaries. And to
the extent, GIC and its subsidiaries could see their business shrink. Comment.
Caselet 2
A fire occurred on 15th December, 1999 in the premises of ABC Co. Ltd. From the following figures,
calculate the amount of claim to be lodged with insurance company for loss of stock:
..
Salvage value of stock after fire was Rs 2,00,000. The policy was for Rs 55,00,000 and was subject to
average clause.
Question:
1. What according to you, ABCL should have used to claim its best insurance refunds?
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?
1
IIBM Institute of Business Management
IIBM Institute of Business Management
Examination Paper MM.100
Insurance Management
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
..
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’?
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 ‘products’ offered by manufactures and
service providers tend to get imitated easily. This implies that companies will need to find certain
intangibles that can differentiate their respective ‘Products’. The insurance sector in India was a
government controlled till very recently. ..
insurance, the sum insured of most of the policies will range between Rs 50,000 and 1 lakh. “This’s
where the volumes live”.
Questions:
1. What are the basic factors required as you feel for further improvement in Pricing?
2. According to some industry watches, the big players like Reliance the Tata, and the Birlas
contribute to almost 30% of the total premium collected by GIC and its four subsidiaries. And to
the extent, GIC and its subsidiaries could see their business shrink. Comment.
Caselet 2
A fire occurred on 15th December, 1999 in the premises of ABC Co. Ltd. From the following figures,
calculate the amount of claim to be lodged with insurance company for loss of stock:
..
Salvage value of stock after fire was Rs 2,00,000. The policy was for Rs 55,00,000 and was subject to
average clause.
Question:
1. What according to you, ABCL should have used to claim its best insurance refunds?
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?
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