Oriental insurance Model question paper with answer?

Section A: General Knowledge (20 Marks)

1. Who is the current Governor of the Reserve Bank of India?

a) Shaktikanta Das

b) Raghuram Rajan

c) Urjit Patel

Answer: a) Shaktikanta Das

2. Which country has the longest coastline in the world?

a) United States

b) Canada

c) Russia

Answer: b) Canada

3. What is the capital of Australia?

a) Sydney

b) Melbourne

c) Canberra

Answer: c) Canberra

4. Who is the author of the novel "To Kill a Mockingbird"?

a) Harper Lee

b) Mark Twain

c) Ernest Hemingway

Answer: a) Harper Lee

5. What is the chemical symbol for gold?

a) Ag

b) Au

c) Fe

Answer: b) Au

Section B: Insurance Knowledge (30 Marks)

6. What is the purpose of an insurance policy?

a) To protect against financial loss

b) To save money

c) To make investments

Answer: a) To protect against financial loss

7. What are the three main types of insurance?

a) Life, health, and property

b) Auto, home, and business

c) Liability, workers' compensation, and unemployment

Answer: a) Life, health, and property

8. What is an insurance premium?

a) The amount of money paid to the insurance company for coverage

b) The amount of money paid out by the insurance company to a policyholder

c) The value of the insurance policy

Answer: a) The amount of money paid to the insurance company for coverage

9. What is a deductible?

a) The amount of money the policyholder must pay before the insurance company will start paying benefits

b) The amount of money the policyholder pays for coverage each month

c) The maximum amount of money the insurance company will pay for a claim

Answer: a) The amount of money the policyholder must pay before the insurance company will start paying benefits

10. What is a claim?

a) A request for payment from the insurance company

b) A document that proves the policyholder has insurance

c) A lawsuit against the insurance company

Answer: a) A request for payment from the insurance company

Section C: Case Study (50 Marks)

XYZ Company is a manufacturing company that has a gross annual turnover of Rs. 100 crore. The company has 500 employees and operates three manufacturing facilities in India. XYZ Company is considering purchasing an insurance policy to protect against potential risks and liabilities.

Questions:

1. What types of insurance policies should XYZ Company consider purchasing? Explain your answer.

2. What are the key factors that XYZ Company should consider when choosing an insurance company?

3. How can XYZ Company reduce its insurance costs?

Answers:

1. XYZ Company should consider purchasing the following types of insurance policies:

- Property insurance: To protect the company's buildings, machinery, and equipment against damage or destruction from events such as fire, theft, or natural disasters.

- Liability insurance: To protect the company against claims for damages caused to third parties by the company's products or services.

- Workers' compensation insurance: To provide benefits to employees who are injured or become ill on the job.

- Business interruption insurance: To protect the company against losses incurred if its operations are interrupted due to a covered event.

- Marine insurance: To protect the company's goods while they are being transported by ship or other means.

2. When choosing an insurance company, XYZ Company should consider the following key factors:

- Financial stability: The company should choose an insurance company with a strong financial rating and a history of paying claims promptly.

- Reputation: The company should choose an insurance company with a good reputation for customer service and claims handling.

- Coverage options: The company should choose an insurance company that offers a variety of coverage options to meet its specific needs.

- Premiums: The company should compare premiums from different insurance companies to find the best deal.

3. XYZ Company can reduce its insurance costs by taking the following steps:

- Implementing safety and risk management measures: The company can reduce the likelihood of accidents and claims by implementing safety measures such as regular inspections and employee training.

- Increasing its deductible: The company can lower its premiums by increasing the amount of the deductible it is willing to pay.

- Bundling its insurance policies: The company can save money by bundling its different insurance policies with the same insurance company.