Insurance Management 2nd Set Assignment Solution

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Section A
1: Write the distinctive feature of service industry with example. Examine how services differ from goods?
2: You are a senior marketing manager of Life Insurance Company. You have to do STP analysis of your company. Develop STP analysis with an example?
3: Write a note on Detariffication in Insurance and explain its effects on the current insurance market practices?
4: Define Bancassurance. Discuss the advantages and disadvantages of Bancassurance channel?
5: You are a product development manager of Life Insurance Company and senior management of the company have given you the task of developing and pricing of product. Explain the factors which you will consider for pricing of life nsurance product?
6: Explain the functions and advantages of various insurance distribution channels in brief?
7: Explain the various stages of Product life cycle with an example?
8: Write the characteristics of rural insurance marketing and promotional media for rural insurance market in India?

Case Study

X Life Insurance Company has been recently established in India. Raj, the general manager of the company was particular about business ethics. He was considered an honest businessman in the industry and he won many awards (Honest Businessman Award).One day, Raj called a meeting of the marketing managers of all the branches.
When all the managers had assembled in the conference hall, Raj addressed them: “Good afternoon, everybody! The purpose of this meeting is to discuss about the erring behavior of our agents.
I have learnt that many of our agents are paying the full or partial amount of the policy premium of the first quarter on behalf of our policyholders. This is an illegal practice which puts our corporate agents and marketing channels at a disadvantage.
We have recently entered into partnership with some banks to sell our products. They have said that, if our agents continue to give rebates, they would not be able to sell our products at their counters. We have also tied up with some brokers and corporate agents. Soon, they will start complaining too. So, we seem to have no other choice, but to abandon this system.”
One of the managers, Manish said, “But this mode is used by a majority of the agents to sell products. How can we abandon this system? Doing so would definitely result in a drop in sales. This system has been in existence even before the liberalization of insurance sector.” But Raj was not convinced at all and said by adopting unethical practice in short run insurance company can be successful but in long run will be a total failure. Rebate can increase the claim ratio and miss selling. Moreover it is prohibited by IRDA.
Raj formulated a code of ethics for the employees of the company. One of these specified that insurance agents should not offer rebates on the premium to customers.
Q.No 1: Discuss the unethical practices adopted by insurance agents?
Q.No 2: Discuss ways and means by which Raj can eliminate the practice of rebating?
Q.No 3: Discuss the various ethical issues in the marketing of insurance products?

Section C

Q1. …………..is a mechanism that helps to reduce the effects of adverse situations in the economical way.
(A): BANKING
(B): Insurance
(C): Profitability
(D): Growth

Q2. The business of insurance is related to the protection of the economic values of…
(A): Assets
(B): Liabilities
(C): Profit
(D): Loss

Q3. In the case of a factory or a cow, the ………generated by it is sold and income is generated.
(A): Assets
(B): Liabilities
(C): Profit
(D): PRODUCT

Q4. Every asset is expected to last for a certain period of ……. during which it will provide the benefits, after that, the benefit may not be available.
(A): Cost
(B): Profit
(C): Time
(D): All

Q5. The asset is valuable to the owner, because he expects to get some …………from it because it meets some of his needs.
(A): Benefits
(B): Assets
(C): Liabilities
(D): Loses

Q6. Under a Group Insurance Policy the group must consist of person
(A): having the same age
(B): who contribute equal premium
(C): having same occupation
(D): employed in the same organization

Q7. The ……only means that there is a possibility of loss or damage.
(A): Risk
(B): Benefits
(C): Assets
(D): Liabilities

Q8. ……… is relevant only if there are uncertainties.
(A): BANKING
(B): Insurance
(C): Profitability
(D): Growth

Q9. ……….. insurance is taken to cover against the chances of medical costs
(A): Personal
(B): Medical
(C): General
(D): Life

Q10. ………. insurance is essentially a plan availed by an individual to take care of various requirements like health and coverage against death or injury by accident.
(A): Personal
(B): Medical
(C): General
(D): Life

Q11. It promises to pay to the owner or beneficiary of the asset, a certain sum if the loss occurs.
(A): BANKING
(B): Insurance
(C): Profitability
(D): Growth

Q12. The ……..insurance policies cover both death and any sort of disability arising from an accident.
(A): Accidental
(B): Medical
(C): General
(D): Life

Q13. ……..insurance provides coverage against risks to property arising from fire, weather damage, or theft to name a few
(A): Accidental
(B): Medical
(C): General
(D): Property

Q14. In cases where the policy owner is not the insured, …….have sought to limit policy purchases to those with an insurable interest in the CQV.
(A): insurance companies
(B): close family members
(C): business partners
(D): all

Q15. In at least one case, an insurance company which sold a policy to a ……..with no insurable interest (who later murdered the CQV for the proceeds), was found liable in court for contributing to the wrongful death of the victim
(A): purchaser
(B): friend
(C): party
(D): relative

Q16. ………… insurance is also referred to as auto insurance, car insurance, GAP insurance, and motor insurance.
(A): Accidental
(B): Medical
(C): General
(D): Vehicle

Q17. These policies provide a wide range of coverage starting from life and health to protection against natural disasters that can have a negative effect on business.
(A): Rural
(B): Medical
(C): General
(D): Vehicle

Q18. ………..insurance is meant to cater to the requirements of rurally bases businesses or individuals.
(A): Rural
(B): Medical
(C): General
(D): Vehicle

Q19. The Standard Fire & Special Perils policy of SBI General Insurance is one of the major examples of such a policy
(A): Accidental
(B): Medical
(C): General
(D): Property

Q20. ……………..…is a concept of preparing in advance for any mishappenings or unforeseen circumstances.
(A): BANKING
(B): Insurance
(C): Profitability
(D): Growth

Q21. It is primarily bought for securing road vehicles such as cars, motorcycles, and trucks from physical damage from traffic accidents as well as any liability that may arise thereafter.
(A): Accidental
(B): Medical
(C): General
(D): Vehicle

Q22. For life insurance policies, ………. and ……will usually be found to have an insurable interest.
(A): close family members
(B): business partners
(C): both
(D): none

Q23. The………. insurance policies are availed by various companies to get protection for important projects, construction, contracts, and equipment from situations like fire, theft and any form of damage or loss.
(A): industrial
(B): Accidental
(C): Medical
(D): General

Q24. With no insurable interest requirement, the risk that a …….. would murder the CQV for insurance proceeds would be great.
(A): purchaser
(B): friend
(C): party
(D): relative

Q25. CQV means
(A): celui qui vit
(B): celuu quu vit
(C): ceii
(D): qui vit

Q26. This type of insurance can be further sub divided into fire insurance, earthquake insurance, flood insurance, and boiler insurance for example
(A): Accidental
(B): Medical
(C): General
(D): Property

Q27. ………..insurance is availed in order to get security against theft, liability, and property damage.
(A): Commercial
(B): Accidental
(C): Medical
(D): General

Q28. ………. insurance is taken primarily to secure oneself and/or one’s family when the ability to earn is less or provide for the dependents when the insured is either deceased or unable to earn a livelihood.
(A): Personal
(B): Medical
(C): General
(D): Life

Q29. ……….insurance policies are taken for the entire duration of an insured’s life. In these policies premium has to be paid on a yearly basis as long as the policy lasts.
(A): Whole life
(B): Personal
(C): Medical
(D): General

Q30. These plans also help in cases of employee injuries and business interruption.
(A): Commercial
(B): Accidental
(C): Medical
(D): General

Q31. The ……….are supposed to provide a lump sum once the policyholder dies or when the policy matures.
(A): endowment plans
(B): Commercial
(C): Accidental
(D): Medical

Q32. Certain………. policies also provide payment in case of critical illnesses.
(A): endowment plans
(B): Commercial
(C): Accidental
(D): Medical

Q33. The insurable interest requirement usually demonstrates that the …… will actually suffer some kind of loss if the CQV dies.
(A): purchaser
(B): friend
(C): party
(D): relative

Q34. The ………….are used as a form of investment that produces good financial returns in future for using in various purposes, even recreational.
(A): endowment plans
(B): money back plans
(C): Whole life
(D): Life

Q35. The ……..insurance plans or term assurance plans are availed to receive a fixed payment rate over a period of time
(A): term life
(B): endowment plans
(C): money back plans
(D): Whole life

Q36. The……. are one where the financial worth of a policy is dependent on the present net asset value of the core investment assets related to it
(A): ULIP
(B): term life
(C): endowment plans
(D): money back plans

Q37. The beneficiary receives policy proceeds upon the insured person’s ……….
(A): death
(B): LIFE
(C): Accidental
(D): ALL

Q38. The owner designates the beneficiary, but the beneficiary is not a ….. to the policy.
(A): friend
(B): party
(C): relative
(D): insured

Q39. An accident or some other unfortunate event may destroy it or make it incapable of giving the ………
(A): Benefits
(B): Assets
(C): Liabilities
(D): Loses

Q40. The ………….is aware of this and he can so manage his affairs that by the end of that period or life-time, a substitute is made available
(A): Govt
(B): State
(C): Owner
(D): Creditor

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