Page 291 - DMGT303_BANKING_AND_INSURANCE

Banking and Insurance

Notes Fire: A combustion accompanied by a flame or glow, which escapes its normal limits to cause
damage.
General insurance: All kind of insurances other than life insurance.

Gross premium: Net premium plus expense loadings.
Indemnity: Restoring the victim of a loss by payment, repair or replacement.
Proposal Form: It is a form which is to be filled and deposited with the insurer/agent for
securing an insurance policy.
Proximate Cause: The chief/main cause of loss or damage.
Unvalued or Open Policy: A policy in which the value of loss is not stated at the time of taking
policy. Value of loss is determined at the time of actual loss.
Valued Policies: A policy in which the value of loss is stated at the time of taking policy itself.

13.11Review Questions

1. Explain the principles of general insurance.
2. What have been the constituents of Indian general insurance industry before and after
liberalization? Explain.
3. Explain the commercial lines of business in general insurance.
4. Explain the personal lines of business in general insurance.

5. Write short notes on the following:
(i) Causa Proxima
(ii) Insurable Interest

(iii) Remote Cause
(iv) Subrogation
(v) Contribution
(vi) Adhikari Suraksha Kavach
(vii) Mediclaim Insurance

(viii) Videsh Yatra Mitra
(ix) Industrial all risk Policy
(x) Claim Settlement
(xi) TAC operations

(xii) Methods of rating
6. Define fire insurance. What are the essentials of a fire insurance policy?
7. What kind of risks is covered by a fire insurance policy? Explain.
8. What is a standard fire policy? Explain in detail.

9. Explain various fire insurance policies in detail.

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