AHSEC| CLASS 12| INSURANCE| SOLVED PAPER - 2022| H.S. 2ND YEAR
2022
INSURANCE
Full Marks: 100
Pass Marks: 30
Time: Three hours
The figures in the margin indicate full marks for the questions.
1. Answer as per direction: 1x8=8
(a) The Head Office of the Oriental Insurance Company is situated in: 1
(i) Mumbai
(ii) Delhi
(iii) Kolkata
(iv) Chennai (Choose the correct Answer)
(b) What is burglary insurance? 1
Ans:- burglary insurance is a type of crime insurance that protects homeowners, renters and businesses from the financial effects of theft. It covers financial loss or damage caused due to robbery, theft or attempted theft.
(c) What is meant by partial losses of marine insurance? 1
Ans:- Partial loss in marine insurance occurs when only a part of the insured items are damaged or lost. This reduces the value of the goods, but does not destroy them completely.
(d) What is motor insurance? 1
Ans:- Motor insurance is a contract between an insurance company and a vehicle owner that provides financial protection for the vehicle and the owner's liabilities to others. This includes all types of vehicles including private cars, motorcycles and commercial vehicles.
(e) What is comprehensive note? 1
Ans:- A comprehensive note is a detailed, complete and inclusive note. It may include all, or almost all, items, details, facts and information.
(f) Merchants who regularly shipped goods generally take – 1
(i) Time Policy
(ii) Floating Policy
(iii) Cargo Policy
(iv) Voyage Policy (Choose the correct Answer)
(g) Fire insurance policy which is issued for a specific period on the existing stock is known as – 1
(i) Blanket Policy
(ii) Replacement Policy
(iii) Adjustable Policy
(iv) Average Policy (Choose the correct Answer)
(h) What is meant by Hull Insurance? 1
Ans:- Hull insurance is a type of marine insurance that covers physical damage to the ship or boat as well as the machinery and equipment onboard. It is an important form of protection for ship and boat owners, protecting against physical damage to vessels, equipment and machinery.
2. Answer the following: 2x5=10
(a) What are the two classes of Group Personal Accident Insurance? 2
Ans:- Group personal accident (GPA) insurance provides coverage for accidental injuries, disability, or death to a group of people. GPA insurance is typically offered to groups of individuals, such as employees or members of an organization.
GPA insurance focuses on covering accidental injuries and death. It provides a lump sum benefit to the dependents of the insured in case of accidental death. If the accident causes permanent total disability to the insured which continues for more than one year, the insurer will pay compensation as per the sum insured.
(b) What is meant by ‘Bottomry Bonds’? 2
Ans:- Bottomry bonds are a type of loan that uses a ship as collateral. The shipowner uses the loan for the voyage or for a certain period of time. The shipowner usually uses the loan to cover maritime risks such as repairs, equipment and emergencies.
(c) Write two features of Mediclaim Insurance. 2
Ans:- Mediclaim insurance provides a financial safety net in the event of a medical emergency.
Some features of Mediclaim Insurance include:-
(i) Cashless facility: Mediclaim insurance provides cashless procedures and hospitalization facilities. The insurance provider covers the expenses incurred due to hospitalization.
(ii) Tax Benefits: Mediclaim insurance is eligible for tax exemption under section 80D of the Income Tax Act.
(d) What is excess policy in case of Fire Insurance? 2
Ans:- An excess policy in fire insurance is a contract that covers additional risks that are not covered by the primary insurance policy. It is also known as secondary policy.
Additional policies are useful for those whose stocks fluctuate. For example, if an insured's stock fluctuates, they may take out a policy for an amount less than the normal value of their stock. In this case, the insured may need to take out a second insurance policy to cover the maximum amount of the stock.
(e) What is proof of respectability? 2
Ans:- As per Indian Code, proof of respectability for Post Office Life Insurance can be:-
(i) Attested copy of school certificate of the proposer
(ii) Municipality Birth Certificate
(iii) Certificate regarding the age of the proposer given by two respectable persons.
The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body that oversees and develops the insurance sector in India. IRDA has decided that insurance companies should make public how they deal with and resolve consumer complaints.
3. Write three objectives of General Insurance Corporation of India. 3
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