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Q1. ABC Insurance Company, a prominent participant in the property and liability insurance domain, encountered the formidable obstacle of providing insurance coverage for properties situated in regions at high risk of natural calamities, including hurricanes, earthquakes, and wildfires. Although these policies offered policyholders necessary coverage, there was a significant risk of suffering enormous losses in the event of a catastrophic occurrence. In order to tackle this obstacle, XYZ Insurance Company put in place a strong reinsurance plan. They collaborated with a number of elite reinsurers to disperse the risk of disastrous occurrences over a larger range. By doing this, XYZ Insurance Company hoped to lessen its vulnerability to significant losses while still being able to carry out its policy responsibilities.
Enumerate the term “Reinsurance” and highlight the various areas of application of Reinsurance. (10 Marks)
Q2. In the insurance sector, risk management holds significant importance. Provide a detailed explanation of the risk management process, including its individual steps. (10 Marks)
Q3A. Consider yourself an insurance company’s legal counsel. A client has approached you regarding property insurance. The insured interest is the client’s worry. Explain the concept of insurable interest. Write a thorough answer outlining the meaning of insurable interest for your customer and provide the details on the essentials of insurable interest. (5 Marks)
Q3B. Vishal insured his car for .15,00,000, but it was stolen shortly afterward. The insurance company will compensate him for the loss as per the policy terms. However, if Vishal later recovers his car, the insurer will retain full ownership rights to it. This is because Vishal has already received compensation for the loss and is not permitted to profit from the situation in any way. Identify the underlined principle of insurance stated in the above scenario. Also, mention the important aspects on the stated principle and its limitations. (5 Marks)
Pevious year question paper of NMIMS
Q1. Anita is self employed. She is thirty one years old, and is a fitness freak. She looks upon health insurance policies as useless annual drain on people’s monetary resources. Confident that she will remain fit and healthy in the foreseeable future, she has decided not to spend yearly sums on buying a health insurance policy. Do you feel that she is doing the right thing? If not, suggest suitable types of health insurance policies that she can consider.
Q2. Insurance is provided on the trust basis and the facts mentioned in the proposal form. What is your understanding on the above statement with reference to the basic principles of Insurance?
Q3. Jatin has recently started working with a renowned MNC after passing out of a premier B- School. A senior colleague has suggested him to take a life insurance policy. However, Jatin is not convinced with the idea of taking a life insurance policy and is unaware of the various life insurance products which are available in the market. As a friend of Jatin You need to make Jatin understand the following:
a. Explain the concept of life insurance to Mr. Jatin and highlight the importance of a having life insurance policy
b. Help Jatin in explaining the various types of life insurance policies (any 4) which are available in the market.
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