LOYOLA COLLEGE (AUTONOMOUS), CHENNAI – 600 034
B.Com. DEGREE EXAMINATION – COMMERCE
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FIFTH SEMESTER – APRIL 2006
CO 5400 – INSURANCE
(Also equivalent to COM 400)
Date & Time : 03-05-2006/1.00-4.00 P.M. Dept. No. Max. : 100 Marks
SECTION A (10 ´ 2 = 20 marks)
Answer ALL the questions.
- Why is ‘Life insurance’ considered as ‘Life Assurance’?
- Mention the reason why is a contract of ‘Life insurance’ not a ‘contract of indemnity’?
- Do you agree that a person who does not get his life or property insured gambles with his life or property? Why?
- What is the significance of ‘Medi claim scheme’in ‘Personal Accident Insurance’?
- Specify any four sources of funds for an ‘insurance company’?
- When does risk commence in ‘Life insurance’?
- Can a policy holder revoke his life policy which he has already assigned to another? Why?
- State the reason why is liability marine insurance taken?
- What is known as ‘Infidelity Extension’ in ‘Burglary insurance’?
- What is the meaning of the term ‘Ignition’ in Fire insurance contract?
SECTION B (5 ´ 8 = 40 marks)
Answer any FIVE questions.
- How is insurance important to individuals?
- Specify and explain the marine perils which result in marine losses?
- State and explain the procedure of settlement of fire insurance claims?
- Briefly explain the ‘personal accident insurance’?
- ‘Insurance is not to prevent risk, but to indemnify the loses arising from a certain risk’ – comment.
- What are the features of insurance?
- Explain any five types of bonus options under life insurance?
- Specify and explain the methods of Reinsurance?
SECTION C (2 ´ 20 = 40 marks)
Answer any TWO questions
- Discuss the functions of insurance.
- Explain the clauses which are incorporated in a marine insurance policy?
- Describe the various fire insurance policies.
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