GU Insurence Important Questions'2025 [Gauhati University BCom 4th Semester NEP FYUGP]

Are you a Gauhati University BCom 4th Semester student preparing for the upcoming exams? If yes, then this post on Gauhati University BCom 4th Sem. Insurance Important Questions 2025 FYUGP is just for you. To help you focus on the most relevant topics, we’ve compiled a list of GU BCom 4th Sem. Insurance Important Questions for Exam based on previous years' papers and the latest FYUGP syllabus. These questions are carefully selected to support your exam preparation and boost your confidence. Go through them thoroughly and practice well for better results. 

Gauhati University BCom 4th Semester NEP FYUGP 

Course Name: Insurance (Major 6)

(Finance Major)

Unit 1: Introduction

Syllabus Topics Covered:
(1). Definition & Nature of insurance
(2). Origin & development of insurance
(3). History of insurance in India
(4). Kinds of insurance
(5). Principles of insurance
(6). Importance of insurance
(7). Insurance and wagering agreement

Section 1: Objective Type Questions (1 Mark)

Fill in the Blanks, True/False, and Multiple Choice Questions
(1). Insurance is a subject matter of ________. (GU BCom 2011)
Answer: Solicitation

(2). Insurance is an agreement between two parties – the insured and insurer. (GU BCom 2014)
Answer: True

(3). Insurance is a kind of gambling. (GU BCom 2014)
Answer: False

(4). The origin of insurance is traced back to ________ practices of merchants.
Answer: Maritime

(5). General insurance business in India was nationalized in the year ________. (GU BCom 2013)
Answer: 1972

(6). Life insurance is a contract of indemnity. (GU BCom 2011)
Answer: False

(7). The principle of ________ requires full disclosure of material facts in an insurance contract.
Answer: Utmost good faith

(8). Insurance reduces the ________ of business operations.
Answer: Risk

(9). The fundamental principle of insurance that ensures compensation for loss is called ________.
Answer: Indemnity

(10). Wagering agreements involve no ________ interest, unlike insurance contracts. (GU BCom 2018)
Answer: Insurable

(11). Which of the following is a kind of insurance?
a) Life insurance
b) Marine insurance
c) Fire insurance
d) All of the above
Answer: d) All of the above

I'll continue with the same format:

(12). The primary purpose of insurance is to:
a) Guarantee profit
b) Provide risk protection
c) Increase investment
d) Avoid taxation
Answer: b) Provide risk protection

(13). Insurance contracts are based on the principle of:
a) Speculation
b) Utmost good faith
c) Wagering
d) Profit-sharing
Answer: b) Utmost good faith

(14). The history of insurance in India began with the establishment of:
a) LIC in 1956
b) Oriental Insurance in 1818
c) GIC in 1972
d) IRDA in 1999
Answer: b) Oriental Insurance in 1818

(15). Insurance differs from a wagering agreement due to the presence of:
a) Premium payment
b) Insurable interest
c) Legal enforcement
d) Risk speculation
Answer: b) Insurable interest 

Section 2: Short Answer Questions (2 Marks)

(1). State the meaning of insurance. (GU BCom 2012)
(2). What is meant by the principle of utmost good faith? (GU BCom 2014)
(3). Define the nature of insurance.
(4). State two kinds of insurance.
(5). What is the importance of insurance to society? (GU BCom 2017)
(6). Write two differences between insurance and a wagering agreement. (GU BCom 2016)
(7). What is the origin of insurance?
(8). State the meaning of insurable interest. (GU BCom 2016)
(9). Name two fundamental principles of insurance.
(10). What is the significance of insurance in commerce?
(11). How did insurance develop historically?
(12). State the role of insurance in economic development. (GU BCom 2014)
(13). What is the principle of indemnity?
(14). Name two early insurance companies in India.
(15). What is meant by risk protection in insurance?

Section 3: Descriptive Questions (5 Marks)

(1). Write down the importance of insurance to society. (GU BCom 2017)
(2). Explain the principle of utmost good faith in insurance. (GU BCom 2014)
(3). Discuss the differences between insurance and a wagering agreement. (GU BCom 2016)
(4). What are the kinds of insurance? Explain briefly.
(5). State the importance of insurance to a business concern. (GU BCom 2013)
(6). Write a short note on the origin of insurance.
(7). Discuss the principle of insurable interest with examples.
(8). Explain the history of insurance in India briefly.
(9). What is the nature of insurance? Discuss its key features.
(10). Write a short note on the principle of indemnity.
(11). How does insurance contribute to economic development? (GU BCom 2014)
(12). Discuss the significance of insurance in risk management.
(13). Explain the evolution of insurance practices globally.
(14). What are the basic principles of insurance? Give a brief overview. (GU BCom 2013)
(15). Discuss the role of insurance in providing safety and security. (GU BCom 2017)

Section 4: Long Answer Questions (10 Marks)

(1). Discuss the fundamental principles of insurance. (GU BCom 2011)
(2). What do you mean by insurance? Discuss how insurance and economic development are related to each other. (GU BCom 2014)
(3). Discuss the origin and development of insurance in India. (GU BCom 2012)
(4). Write down the differences between insurance and a wagering agreement. (GU BCom 2016)
(5). Discuss the advantages of insurance to a business concern. (GU BCom 2013)
(6). Explain the basic principles of insurance and their significance. (GU BCom 2013)
(7). Discuss the history of insurance in India and its evolution over time.
(8). What are the kinds of insurance? Explain their importance in modern society.
(9). How does insurance differ from a wagering agreement? Discuss with examples.
(10). Explain the origin of insurance and its development globally.
(11). Discuss the nature of insurance and its role in risk protection.
(12). Explain the importance of insurance to commerce and industry. (GU BCom 2017)
(13). Discuss the principles of insurance and their application in contracts.
(14). How did insurance emerge as a tool for economic stability? Discuss its historical context.
(15). Explain the significance of insurance in modern society and its distinction from wagering agreements.

Unit 2: Life Insurance

Syllabus Topics Covered:

• Definition of life insurance

• Features, benefits of life insurance

• Procedure for taking life insurance policy

• Kinds of life insurance policy

• Nomination, assignment, and surrender value

• Revival of lapsed policy

• Settlement of claims at death and maturity

• Items of revenue heads in life insurance company

Section 1: Objective Type Questions (1 Mark)

(1). Life insurance is a contract of indemnity. (GU BCom 2011)
Answer: False

(2). In life insurance, insurable interest must prevail at the time of ________ of a policy. (GU BCom 2012)
Answer: Inception

(3). Surrender value of a life insurance policy is always ________ than the total premium paid. (GU BCom 2011)
Answer: Less

(4). A boy or girl below the age of 18 years cannot be brought under a life insurance policy cover. (GU BCom 2012)
Answer: False

(5). When the right of a life insurance policy is endorsed to another person, it is called ________. (GU BCom 2017)
Answer: Assignment

(6). The evidence of a life insurance contract is the ________ document. (GU BCom 2019)
Answer: Policy

(7). Premium cannot be received by promissory note. (GU BCom 2019)
Answer: False

(8). Life insurance offers both protection and ________. (GU BCom 2015)
Answer: Investment

(9). Endowment assurances are made for a ________ period. (GU BCom 2017)
Answer: Specified

(10). Revival of a lapsed policy requires payment of ________ premiums.
Answer: Arrears

(11). Which of the following is a feature of life insurance?
a) Maturity value
b) Indemnity
c) Wagering
d) Speculation
Answer: a) Maturity value

(12). Assignment of a life insurance policy refers to:
a) Sale of the policy
b) Transfer to a third party
c) Gift to a third party
d) Both b and c
Answer: b) Transfer to a third party

(13). The primary benefit of life insurance is:
a) Tax savings
b) Risk protection
c) Profit generation
d) Loan facility
Answer: b) Risk protection

(14). Surrender value is paid when the policyholder:
a) Dies
b) Matures the policy
c) Terminates the policy early
d) Assigns the policy
Answer: c) Terminates the policy early

(15). Nomination in life insurance refers to:
a) Transfer of ownership
b) Appointment of a beneficiary
c) Policy renewal
d) Premium adjustment
Answer: b) Appointment of a beneficiary

Section 2: Short Answer Questions (2 Marks)

(1). State the benefits of life insurance. (GU BCom 2011)
(2). What is surrender value? (GU BCom 2011)
(3). State two features of a unit-linked policy. (GU BCom 2013)
(4). What is meant by nomination? (GU BCom 2013)
(5). Define life insurance. (GU BCom 2014)
(6). What is assignment in a life insurance policy? (GU BCom 2018)
(7). State the meaning of revival of a lapsed policy. (GU BCom 2014)
(8). What is a pension plan? (GU BCom 2013)
(9). Name two kinds of life insurance policies.
(10). What is the purpose of settlement of claims in life insurance?
(11). State two items of revenue heads in a life insurance company.
(12). What is meant by endowment assurance? (GU BCom 2017)
(13). How does life insurance differ from general insurance?
(14). State the role of insurable interest in life insurance.
(15). What is the significance of maturity value in life insurance?

Section 3: Descriptive Questions (5 Marks)

(1). State five features of life insurance. (GU BCom 2015)
(2). Distinguish between nomination and assignment. (GU BCom 2015)
(3). What is meant by revival of a lapsed policy? (GU BCom 2017)
(4). Discuss the benefits of life insurance to individuals. (GU BCom 2014)
(5). Explain the concept of surrender value in life insurance.
(6). Distinguish between whole life policy and endowment policy. (GU BCom 2013)
(7). What are the key features of a life insurance contract?
(8). Discuss the importance of nomination in life insurance policies.
(9). Explain the process of assignment in life insurance.
(10). What are the different kinds of life insurance policies? Briefly explain any two.
(11). Discuss the significance of settlement of claims at maturity.
(12). How does a unit-linked policy differ from a traditional life insurance policy?
(13). Explain the role of life insurance in financial planning.
(14). Discuss the conditions under which a lapsed policy can be revived.
(15). What are the revenue heads in a life insurance company? Explain briefly. (Theoretical only)

Section 4: Long Answer Questions (10 Marks)

(1). Elucidate the different kinds of life insurance policy and their special features. (GU BCom 2011)
(2). Discuss the procedure of taking out a life insurance policy. (GU BCom 2012)
(3). Describe the procedure of settlement of life insurance claims. (GU BCom 2015)
(4). State the different kinds of life insurance policies. (GU BCom 2019)
(5). Distinguish between endowment policies and term assurance plans of life insurance business. (GU BCom 2016)
(6). Write down the procedure for taking a life insurance policy. (GU BCom 2017)
(7). Mention the procedure for the settlement of a life insurance claim. (GU BCom 2017)
(8). What are the different types of life insurance policies? Describe in brief. (GU BCom 2015)
(9). Explain the features and benefits of life insurance in detail.
(10). Discuss the process of nomination and assignment in life insurance policies.
(11). Explain the significance of surrender value and revival of lapsed policies.
(12). How does life insurance support risk management and savings? Discuss.
(13). Discuss the procedure for settling claims at death and maturity in life insurance.
(14). Explain the various kinds of life insurance policies and their suitability for different needs.
(15). Discuss the role of revenue heads in the financial management of a life insurance company.

Unit 3: General Insurance

Syllabus Topics Covered:

• Definition of general insurance

• Types of general insurance

• Fire insurance

• Marine insurance

• Miscellaneous insurance (motor, burglary, personal accident, health insurance, etc.)

• Principles of general insurance

• Procedure for taking general insurance policy

• Settlement of claims in general insurance

Section 1: Objective Type Questions (1 Mark)

(1). General insurance is a contract of indemnity. (GU BCom 2013)
Answer: True

(2). Which of the following is not a type of general insurance?
a) Fire insurance
b) Marine insurance
c) Life insurance
d) Motor insurance
Answer: c) Life insurance

(3). The principle of indemnity applies to:
a) Life insurance only
b) General insurance only
c) Both life and general insurance
d) None of the above
Answer: b) General insurance only

(4). Fire insurance is generally taken for a period of:
a) 3 years
b) 5 years
c) 1 year
d) Lifetime
Answer: c) 1 year

(5). The insurance that provides coverage for ships and cargo is called:
a) Health insurance
b) Marine insurance
c) Fire insurance
d) Term insurance
Answer: b) Marine insurance

(6). The risk covered under burglary insurance is:
a) Fire
b) Theft
c) Accident
d) Disease
Answer: b) Theft

(7). Health insurance covers:
a) Property loss
b) Medical expenses
c) Cargo damage
d) Theft
Answer: b) Medical expenses

(8). Which of the following is a principle of insurance?
a) Principle of Profit
b) Principle of Indemnity
c) Principle of Reward
d) Principle of Loss
Answer: b) Principle of Indemnity

(9). Marine insurance is governed by the ________ Act. (GU BCom 2017)
Answer: Marine Insurance Act, 1963

(10). A valid fire insurance contract requires:
a) Proposal form
b) Medical certificate
c) Post-mortem report
d) Birth certificate
Answer: a) Proposal form

(11). The term 'proximate cause' is closely associated with:
a) Life insurance
b) Marine insurance
c) General insurance
d) None of the above
Answer: c) General insurance

(12). Under fire insurance, the policyholder is compensated for:
a) Natural calamities
b) Losses due to war
c) Accidental fire damage
d) Theft
Answer: c) Accidental fire damage

(13). Which type of insurance is mandatory for vehicles?
a) Marine insurance
b) Health insurance
c) Motor insurance
d) Burglary insurance
Answer: c) Motor insurance

(14). Which principle states that the insured must suffer a financial loss to claim insurance?
a) Principle of Contribution
b) Principle of Indemnity
c) Principle of Insurable Interest
d) Principle of Subrogation
Answer: b) Principle of Indemnity

(15). In general insurance, claims are settled on the basis of:
a) Sum insured
b) Market value of the property
c) Fixed percentage of claim amount
d) Agreed value
Answer: b) Market value of the property

Section 2: Short Answer Questions (2 Marks)

(1). Define general insurance. (GU BCom 2014)
(2). What is marine insurance? (GU BCom 2017)
(3). What is fire insurance? (GU BCom 2013)
(4). What do you mean by burglary insurance? (GU BCom 2012)
(5). Mention two types of general insurance. (GU BCom 2015)
(6). What is meant by indemnity in insurance? (GU BCom 2014)
(7). What is meant by the term 'proximate cause'? (GU BCom 2016)
(8). What is health insurance? (GU BCom 2018)
(9). Define motor insurance. (GU BCom 2013)
(10). What is the principle of contribution in insurance? (GU BCom 2014)
(11). What are the objectives of general insurance?
(12). What is the purpose of settlement of claims in general insurance?
(13). What is the significance of insurable interest in general insurance?
(14). What is a premium in insurance?
(15). Explain the role of the Marine Insurance Act, 1963.

Section 3: Descriptive Questions (5 Marks)

(1). What are the features of general insurance? (GU BCom 2015)
(2). Explain the principles of general insurance. (GU BCom 2016)
(3). Discuss the procedure for taking a general insurance policy. (GU BCom 2014)
(4). What are the features of marine insurance? (GU BCom 2017)
(5). Discuss the types of fire insurance policies. (GU BCom 2013)
(6). Write down the procedure for settling general insurance claims. (GU BCom 2019)
(7). Discuss the importance of motor insurance. (GU BCom 2015)
(8). Explain the role of the principle of indemnity in general insurance. (GU BCom 2017)
(9). Describe the significance of 'proximate cause' in insurance claims.
(10). Explain the different types of general insurance.
(11). Discuss the role of miscellaneous insurance in personal safety.
(12). Explain the process of premium calculation in general insurance.
(13). Discuss the significance of contribution and subrogation in general insurance.
(14). Explain the key differences between fire insurance and marine insurance.
(15). Describe the procedure for filing and settling general insurance claims.

Section 4: Long Answer Questions (10 Marks)

(1). Explain the various types of general insurance and their significance. (GU BCom 2011)
(2). Describe the principles of general insurance with examples. (GU BCom 2012)
(3). Discuss the procedure for taking and settling a fire insurance claim. (GU BCom 2014)
(4). Explain the procedure for taking a marine insurance policy and the process of claim settlement. (GU BCom 2016)
(5). Discuss the features and benefits of motor insurance policies. (GU BCom 2017)
(6). Explain the steps involved in the settlement of general insurance claims. (GU BCom 2013)
(7). Describe the types of marine insurance policies with examples. (GU BCom 2015)
(8). Discuss the procedure for taking a burglary insurance policy. (GU BCom 2016)
(9). Explain the types and benefits of personal accident insurance.
(10). Describe the importance and features of health insurance.
(11). Discuss the impact of the principle of indemnity on general insurance claims.
(12). Explain the significance of the principle of utmost good faith in general insurance.
(13). Describe the role of miscellaneous insurance in financial security.
(14). Explain the different types of general insurance policies in detail.
(15). Discuss the procedure for filing, investigating, and settling a general insurance claim.

Unit 4: Insurance Organizations

Syllabus Topics Covered:

1. Organizational structure: public sector insurance organizations in India

2. LIC: objectives and achievements

3. GIC: mission, organization, functions

4. Private sector insurance organizations in India

5. Insurance ombudsman

Section 1: Objective Type Questions (1 Mark)

Fill in the Blanks, True/False, and Multiple Choice Questions

(1). LIC was set up under the ________ Act 1956. (GU BCom 2011)
Answer: Life Insurance Corporation

(2). General Insurance Corporation of India (GIC) now acts as a ________. (GU BCom 2012)
Answer: Reinsurer

(3). The head office of LIC is situated at ________. (GU BCom 2014)
Answer: Mumbai

(4). Any complaints against an insurer can be lodged with the insurance ________. (GU BCom 2011)
Answer: Ombudsman

(5). GIC was established to oversee ________ insurance in India.
Answer: General

(6). National Insurance Company is a subsidiary of ________. (GU BCom 2012)
Answer: GIC

(7). Private sector insurance organizations entered India after the ________ Act 1999.
Answer: IRDA

(8). The insurance ombudsman resolves disputes between ________ and insurers.
Answer: Policyholders

(9). LIC was nationalized in the year ________. (GU BCom 2016)
Answer: 1956

(10). The head office of United India Insurance Co. Ltd. is situated at ________. (GU BCom 2013)
Answer: Chennai

(11). Who is termed as the national reinsurer?
a) LIC
b) GIC
c) National Insurance Co.
d) Oriental Insurance Co.
(GU BCom 2013)
Answer: b) GIC

(12). The primary objective of LIC is to:
a) Promote life insurance
b) Maximize profits
c) Reduce premiums
d) Control reinsurance
Answer: a) Promote life insurance

(13). Private sector insurance companies operate under the regulation of:
a) LIC
b) GIC
c) IRDA
d) RBI
Answer: c) IRDA

(14). The insurance ombudsman is appointed to:
a) Sell policies
b) Settle disputes
c) Assess losses
d) Regulate premiums
Answer: b) Settle disputes

(15). GIC’s mission includes:
a) Life insurance promotion
b) General insurance development
c) Banking services
d) Investment management
Answer: b) General insurance development

Section 2: Short Answer Questions (2 Marks)

(1). What is the role of the insurance ombudsman? (GU BCom 2011)

(2). State two objectives of LIC.

(3). What is the mission of GIC?

(4). Name two private sector insurance companies operating in India. (GU BCom 2019)

(5). What is the organizational structure of LIC? (GU BCom 2014)

(6). State two functions of GIC.

(7). What is the significance of public sector insurance organizations?

(8). How did private sector insurance organizations emerge in India?

(9). State the meaning of insurance ombudsman. (GU BCom 2016)

(10). What are the achievements of LIC?

(11). Name two subsidiaries of GIC.

(12). What is the role of GIC in reinsurance?

(13). State the purpose of the insurance ombudsman.

(14). How does LIC contribute to economic development?

(15). What is the organizational pattern of GIC?

Section 3: Descriptive Questions (5 Marks)

(1). Write a short note on the insurance ombudsman. (GU BCom 2011)

(2). Discuss the objectives of LIC. (GU BCom 2015)

(3). Explain the mission and functions of GIC. (GU BCom 2012)

(4). Write a short note on private sector insurance organizations in India. (GU BCom 2014)

(5). Discuss the organizational structure of LIC. (GU BCom 2015)

(6). State the achievements of LIC in promoting life insurance.

(7). Explain the role of GIC in general insurance development.

(8). Discuss the significance of the insurance ombudsman in dispute resolution.

(9). What is the organizational pattern of GIC? (GU BCom 2017)

(10). How have private sector insurance companies impacted the insurance sector in India?

(11). Discuss the functions of public sector insurance organizations in India.

(12). Explain the objectives of the insurance ombudsman.

(13). What is the role of LIC in financial inclusion?

(14). Discuss the entry of private sector insurance organizations in India. (GU BCom 2012)

(15). Explain the organizational structure of GIC and its subsidiaries.

Section 4: Long Answer Questions (10 Marks)

(1). State the present structure and major functions assigned to public sector insurance organizations in India. (GU BCom 2011)

(2). Discuss the entry of private sector insurance organizations in India and the scope left for them. (GU BCom 2012)

(3). Write a note on the objectives and organizational structure of the Life Insurance Corporation of India. (GU BCom 2015)

(4). State the organizational pattern of the General Insurance Corporation of India. (GU BCom 2019)

(5). Discuss the differences between the organizational structure of LIC and GIC. (GU BCom 2016)

(6). State the organizational pattern of GIC. Name three private sector insurance companies operating in Assam. (GU BCom 2017)

(7). Discuss the objectives, achievements, and organizational structure of LIC.

(8). Explain the mission, organization, and functions of GIC in detail.

(9). Discuss the role and impact of private sector insurance organizations in India.

(10). Explain the functions and significance of the insurance ombudsman in India.

(11). Discuss the organizational structure of public sector insurance organizations and their role in the economy.

(12). How has LIC contributed to the growth of life insurance in India? Discuss its achievements.

(13). Explain the scope and challenges of private sector insurance organizations in India.

(14). Discuss the organizational framework of GIC and its subsidiaries.

(15). Explain the role of the insurance ombudsman in enhancing trust in the insurance sector.

Unit 5: Insurance Intermediaries

Syllabus Topics Covered:

1. Insurance Agent: meaning, procedure for becoming an insurance agent, functions, rights, termination

2. Essentials for a successful insurance salesman

3. Surveyors and loss assessors

4. Brokers

5. Third-party administrators

6. Bank assurance

Section 1: Objective Type Questions (1 Mark)

Fill in the Blanks, True/False, and Multiple Choice Questions

(1). Any commitment or act done by an insurance agent is not binding upon the insurer. (GU BCom 2011)
Answer: False

(2). To become an insurance agent, a person must undergo mandatory training and obtain a certificate from ________. (GU BCom 2012)
Answer: IRDA

(3). The question of third-party administrator (TPA) arises in respect of ________ insurance. (GU BCom 2011)
Answer: Health

(4). Surveyors and loss assessors are appointed to ________ losses in insurance claims.
Answer: Assess

(5). Bank assurance refers to the arrangement where a financial institution performs ________ and insurance functions. (GU BCom 2011)
Answer: Banking

(6). An insurance broker acts as an intermediary between the ________ and the insurer.
Answer: Insured

(7). Termination of an insurance agent can occur due to ________ of conduct.
Answer: Breach

(8). Third-party administrators are primarily involved in ________ insurance claims.
Answer: Health

(9). A successful insurance salesman must possess good ________ skills.
Answer: Communication

(10). Insurance brokers differ from agents as they represent the ________.
Answer: Insured

(11). Who among the following is an insurance intermediary?
a) Insurance agent
b) Surveyor
c) Third-party administrator
d) All of the above
Answer: d) All of the above

(12). The primary function of a surveyor is to:
a) Sell insurance policies
b) Assess losses
c) Collect premiums
d) Resolve disputes
Answer: b) Assess losses

(13). Bank assurance integrates:
a) Insurance and taxation
b) Banking and insurance
c) Insurance and investment
d) Banking and reinsurance
(GU BCom 2015)
Answer: b) Banking and insurance

(14). An insurance agent’s licence can be terminated due to:
a) High sales
b) Misconduct
c) Training completion
d) Policy renewal
Answer: b) Misconduct

(15). The role of a third-party administrator is prominent in:
a) Marine insurance
b) Health insurance
c) Fire insurance
d) Life insurance
(GU BCom 2012)
Answer: b) Health insurance

Section 2: Short Answer Questions (2 Marks)

(1). State the meaning of an insurance agent. (GU BCom 2012)

(2). What is bank assurance? (GU BCom 2015)

(3). Who is a surveyor in insurance? (GU BCom 2013)

(4). State two functions of an insurance agent. (GU BCom 2012)

(5). What is the role of a third-party administrator? (GU BCom 2011)

(6). Define insurance broker.

(7). State two rights of an insurance agent.

(8). What is meant by termination of an insurance agent? (GU BCom 2018)

(9). Name two essentials for a successful insurance salesman.

(10). What is the purpose of a loss assessor in insurance?

(11). How does an insurance broker differ from an insurance agent? (GU BCom 2017)

(12). State the significance of surveyors in claim settlement.

(13). What is the role of TPAs in health insurance?

(14). Name two qualities of a successful insurance salesman.

(15). What is the function of an insurance intermediary?

Section 3: Descriptive Questions (5 Marks)

(1). Write a short note on third-party administrators. (GU BCom 2011)

(2). Discuss the functions of an insurance agent. (GU BCom 2012)

(3). Explain the role of surveyors and loss assessors in insurance. (GU BCom 2013)

(4). What are the essentials for a successful insurance salesman?

(5). Discuss the procedure for becoming an insurance agent. (GU BCom 2014)

(6). Write a short note on bank assurance. (GU BCom 2015)

(7). Explain the role of an insurance broker in the insurance sector.

(8). Discuss the rights of an insurance agent.

(9). What is meant by termination of an insurance agent? Explain the causes. (GU BCom 2015)

(10). Discuss the significance of third-party administrators in health insurance.

(11). Explain the differences between an insurance agent and an insurance broker. (GU BCom 2017)

(12). What are the functions of surveyors in claim assessment?

(13). Discuss the importance of bank assurance in expanding insurance reach.

(14). Explain the qualities required for a successful insurance salesman.

(15). Discuss the role of intermediaries in enhancing insurance services.

Section 4: Long Answer Questions (10 Marks)

(1). State the procedure of becoming an insurance agent and discuss his rights. (GU BCom 2011)

(2). Describe the functions and duties of surveyors and loss assessors. (GU BCom 2011)

(3). What are the eligibilities to become an agent? How is agency terminated? (GU BCom 2012)

(4). Describe the services of surveyors and loss assessors in the insurance sector. (GU BCom 2012)

(5). Discuss the procedure of becoming an insurance agent and his rights. (GU BCom 2016)

(6). Discuss the functions of an insurance broker. How is an insurance broker different from an insurance agent? (GU BCom 2017)

(7). State the functions and rights of an insurance agent. (GU BCom 2019)

(8). Who can be appointed as an insurance agent? What are his functions? (GU BCom 2015)

(9). Discuss the role and significance of third-party administrators in insurance.

(10). Explain the procedure for becoming an insurance agent and the causes of termination.

(11). Discuss the functions, duties, and importance of surveyors and loss assessors.

(12). Explain the concept of bank assurance and its impact on insurance penetration.

(13). Discuss the essentials for a successful insurance salesman and their relevance.

(14). How do insurance intermediaries enhance the efficiency of the insurance sector?

(15). Explain the roles of insurance agents, brokers, and TPAs in the insurance ecosystem.

Unit 6: Insurance Legislation in India

Syllabus Topics Covered:

1. Brief history of insurance legislation in India

2. Insurance Act-1938, amendments

3. Life Insurance Corporation of India Act 1956

4. General Insurance Nationalizations Act-1972

5. IRDA Act 1999

6. Eligibility, registration, and capital requirements of insurance companies

7. Duties, powers, and functions of the IRDA

8. Operations of IRDA

Section 1: Objective Type Questions (1 Mark)

Fill in the Blanks, True/False, and Multiple Choice Questions

(1). The Insurance Act was enacted in the year ________.
Answer: 1938

(2). LIC was established under the ________ Act 1956. (GU BCom 2011)
Answer: Life Insurance Corporation

(3). General Insurance business was nationalized under the ________ Act 1972. (GU BCom 2019)
Answer: General Insurance Business (Nationalisation)

(4). The IRDA Act was passed in the year ________. (GU BCom 2013)
Answer: 1999

(5). Insurance in India is governed by the Banking Regulation Act, 1949. (GU BCom 2015)
Answer: False

(6). The primary duty of IRDA is to protect ________.
Answer: Policyholders

(7). The minimum capital requirement for an insurance company under IRDA is ________ crores.
Answer: 100

(8). IRDA stands for Insurance Regulatory and ________ Authority.
Answer: Development

(9). The Insurance Act-1938 was amended to allow ________ sector participation.
Answer: Private

(10). IRDA regulates the ________ of insurance companies.
Answer: Operations

(11). Which act established the LIC?

• (a) Insurance Act 1938

• (b) LIC Act 1956

• (c) GIBNA 1972

• (d) IRDA Act 1999
  Answer: (b) LIC Act 1956

(12). The General Insurance Nationalisation Act-1972 aimed to:

• (a) Privatize insurance

• (b) Nationalize general insurance

• (c) Regulate life insurance

• (d) Establish IRDA
  Answer: (b) Nationalize general insurance

(13). IRDA’s primary function is to:

• (a) Sell insurance policies

• (b) Regulate insurance industry

• (c) Assess claims

• (d) Collect premiums
  Answer: (b) Regulate insurance industry

(14). The Insurance Act-1938 provides the framework for:

• (a) Taxation

• (b) Insurance contracts

• (c) Banking

• (d) Investment
  Answer: (b) Insurance contracts

(15). IRDA was established to promote:

• (a) Financial stability of insurers

• (b) Policyholder protection

• (c) Growth of insurance sector

• (d) All of the above
  Answer: (d) All of the above

Section 2: Short Answer Questions (2 Marks)

(1). What is the purpose of the Insurance Act-1938?

(2). State two objectives of the LIC Act 1956.

(3). What is the significance of the General Insurance Nationalisation Act-1972?

(4). Name two functions of IRDA.

(5). What is the role of IRDA in insurance regulation?

(6). State the meaning of insurance legislation in India.

(7). What are the eligibility criteria for registering an insurance company under IRDA?

(8). How did the IRDA Act 1999 impact the insurance sector?

(9). State two amendments to the Insurance Act-1938.

(10). What is the minimum capital requirement for an insurance company?

(11). Name two duties of IRDA.

(12). What is the historical significance of insurance legislation in India?

(13). State the purpose of the LIC Act 1956.

(14). What are the powers of IRDA?

(15). How does IRDA ensure financial stability of insurers?

Section 3: Descriptive Questions (5 Marks)

(1). Discuss the objectives of the Insurance Act-1938.

(2). Explain the significance of the LIC Act 1956.

(3). What are the key features of the General Insurance Nationalisation Act-1972?

(4). Discuss the role of IRDA in the insurance sector.

(5). Explain the history of insurance legislation in India briefly.

(6). What are the duties of IRDA under the IRDA Act 1999?

(7). Discuss the eligibility criteria for registering an insurance company under IRDA.

(8). Explain the amendments to the Insurance Act-1938.

(9). What are the functions of IRDA in promoting insurance growth?

(10). Discuss the impact of the IRDA Act 1999 on private sector participation.

(11). Explain the powers of IRDA in regulating insurance companies.

(12). What is the significance of insurance legislation in protecting policyholders?

(13). Discuss the operations of IRDA in the insurance industry.

(14). Explain the capital requirements for insurance companies under IRDA.

(15). How did insurance legislation evolve in India?

Section 4: Long Answer Questions (10 Marks)

(1). Discuss the brief history of insurance legislation in India and its evolution.

(2). Explain the provisions and significance of the Insurance Act-1938.

(3). Discuss the objectives and impact of the Life Insurance Corporation Act 1956.

(4). Explain the General Insurance Nationalisation Act-1972 and its role in shaping the insurance sector.

(5). Discuss the IRDA Act 1999 and its impact on the insurance industry in India.

(6). Explain the eligibility, registration, and capital requirements for insurance companies under IRDA.

(7). Discuss the duties, powers, and functions of IRDA in regulating the insurance sector.

(8). Explain the operations of IRDA and its role in promoting financial stability.

(9). Discuss the amendments to the Insurance Act-1938 and their implications.

(10). How did the IRDA Act 1999 facilitate the entry of private insurers? Discuss.

(11). Explain the significance of insurance legislation in ensuring policyholder protection.

(12). Discuss the evolution of insurance legislation and its impact on the Indian economy.

(13). Explain the role of IRDA in balancing regulation and growth of the insurance sector.

(14). Discuss the framework of insurance legislation in India from 1938 to 1999.

(15). How does insurance legislation support the development of the insurance industry in India?

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Final Words

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