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ACaajat Insurance Booster Capsule 2015 by AffairsCloud
ACaajat Insurance Booster Capsule 2015 by AffairsCloud
ACaajat Insurance Booster Capsule 2015 by AffairsCloud
Capsule 2015
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The insurance companies established during that period were brought up with the purpose of
looking after the needs of European community and Indian natives were not being insured by
these companies. However, later with the efforts of eminent people like Babu Muttylal Seal, the
foreign life insurance companies started insuring Indian lives. But Indian lives were being treated
as sub-standard lives and heavy extra premiums were being charged on them.
Bombay Mutual Life Assurance Society heralded the birth of first Indian life insurance
company in the year 1870, and covered Indian lives at normal rates. Bharat Insurance Company
(1896) was also one of such companies inspired by nationalism. The Swadeshi movement of
1905-1907 gave rise to more insurance companies such as The United India in Madras, National
Indian and National Insurance in Calcutta and the Co-operative Assurance at Lahore.
2|Page
In the year 1912, the Life Insurance Companies Act, and the Provident Fund Act were passed. The
Life Insurance Companies Act, 1912 made it necessary that the premium rate tables and
periodical valuations of companies should be certified by an actuary. But the Act discriminated
between foreign and Indian companies on many accounts, putting the Indian companies at a
disadvantage.
The Insurance Act 1938 was the first legislation governing the life insurance and non-life
insurance and to provide strict state control over insurance business.
On 19th of January, 1956, that life insurance in India was nationalized. About 154 Indian
insurance companies, 16 non-Indian companies and 75 provident were operating in India at the
time of nationalization. Nationalization was accomplished in two stages; initially the management
of the companies was taken over by means of an Ordinance, and later, the ownership too by
means of a comprehensive bill.
The Parliament of India passed the Life Insurance Corporation Act on June 1956, and the Life
Insurance Corporation of India was created on September 1956, with the objective of spreading
life insurance much more widely and in particular to the rural areas with a view to reach all
insurable persons in the country, providing them adequate financial cover at a reasonable cost.
The LIC had monopoly till the late 90s when the Insurance sector was reopened to the private
sector.
3|Page
Insurance Ltd. was established and was the first company to transact all classes of general
insurance business.
In 1957, General Insurance Council (GIC), a wing of the Insurance Associaton of India was
established The General Insurance Council framed a code of conduct for ensuring fair conduct and
sound business practices across Non-Life or General insurance sector.
In 1968, the Insurance Act was amended to regulate investments and set minimum solvency
margins. The Tariff Advisory Committee was also established in the same year.
With the passing of the General Insurance Business (Nationalization) Act in 1972, general
insurance business was nationalized. A total of 107 insurers were amalgamated and grouped into
four companies namely National Insurance Company Ltd. at Kolkata, the New India Assurance
Company Ltd. at Mumbai, the Oriental Insurance Company Ltd at New Delhi and the United India
Insurance Company Ltd at Chennai.
Malhotra Committee
The Government set up a committee in 1993 under the chairmanship of R.N. Malhotra, former
Governor of RBI (Reserve Bank of India), to propose recommendations for initiation and
implementation of reforms in the Indian insurance sector. The objective of setting up this
committee was to complement the pace of reforms initiated in the financial sector.
The aforesaid committee submitted its report in 1994 wherein it was recommended that the
private sector be permitted to enter the Indian insurance sector. It also recommended the
participation of foreign companies by allowing them to enter into an MOU (Memorandum of
Understanding) by floating Indian companies, preferably a joint venture with Indian partners.
Birth of IRDA
Following the recommendations of the Malhotra Committee report, the Insurance Regulatory and
Development Authority (IRDA) Act, in 1999 was passed by the Indian Parliament.
The IRDA opened up the Indian insurance market in August 2000 by inviting application for
registration proposals. Foreign companies were allowed entry into Indian insurance sector with an
upper ceiling on ownership of up to 26% participation. The IRDA has been granted the powers to
frame regulations under Section 114A of the Insurance Act, 1938.
4|Page
From 2000 onwards, IRDA has framed various regulations for carrying on insurance business to
protection of Indian policyholders interests including the registration of Life & Non-Life (General)
Insurance companies.
The insurance sector is a massive one and is thriving at a speedy rate of 15-20%. Together with
banking services, insurance services add about 7% to the countrys GDP. A well-developed and
evolved insurance sector is a boon for economic development as it provides long- term funds for
infrastructure development at the same time strengthening the risk taking ability of the country.
MEANING OF INSURANCE
Simply speaking, insurance is the means by which risks of loss or damage can be shifted to
another party called the insurer on the payment of a charge known as premium. The party whose
risk is shifted to the insurer is known as the insured.
If you think about the basis of insurance, you will realize that it is a form of cooperation through
which all the insured, who are subject to a risk, pay premium and only one or few among them
who actually suffer the loss or damage is/are compensated.
Actually, the number of parties exposed to a risk is very large and only a few of them might
actually suffer loss during a certain period. The insurer (company) acts as an agency to spread
the actual loss suffered by a few insured parties among a large number of parties.
IMPORTANCE OF INSURANCE :
To appreciate the importance of insurance we have to discuss the benefits that we derive from it.
5|Page
Thus, the insured have a sense of security. Individuals who pay premium periodically out of
current income can look forward to an assurance of receiving a fixed amount on retirement or his
family being secured in the event of his death. Businessmen also pay premium for insurance of
risk of loss without constant worry about the possibility of loss or damage.
Insurance plays a significant role particularly in view of the large-scale production and distribution
of goods in national and international market. It is an aid to both trading and industrial
enterprises, which involve huge investments in properties and plants as well as inventories of raw
materials, components and finished goods.
The members of business community feel secured by means of insurance as they get assurance
that by contributing a token amount they will be compensated against a loss that may take place
in future.
From the national economic point of view, insurance enables savings of individuals to accumulate
with the insurance companies by way of premium received. These funds are invested in securities
issued by big companies as well as by Government.Individuals who insure their lives to cover the
risks of old age and death are induced to save a part of their current income, which is by itself of
great importance.
Insurance is also a source of employment for the people. The people get employed directly in its
offices of the insurance company spread over the country and it also provides opportunities to the
people to earn their livelihood by working as agent of the insurance companies.
TYPES OF INSURANCE :
Insurance, which is based on a contract, may be broadly classified into the following types.
(i) Life Insurance
(ii) Fire Insurance
(iii) Marine Insurance and
(iv) Other types of insurance such as burglary insurance, motor vehicle insurance etc.
Until recently Life Insurance Corporation of India (LIC) and General Insurance Corporation
with its subsidiaries happened to be the only organizations engaged in life and general
insurance business in India. Now a number of other private companies have entered this
service sector.
6|Page
The owner of the ship may insure it against loss on account of perils of the sea. When the ship is
the subject matter of insurance, it is known as hull insurance. Further, where freight is payable
by the owner of cargo on safe delivery at the port of destination, the shipping company may
insure the risk of loss of freight if the cargo is damaged or lost. Such a marine insurance is known
as freight insurance. All marine insurance contracts are contracts of indemnity.
The followings are the different types of marine insurance policies :---
(a) Time Policy This policy insures the subject matter for specified period of time, usually for
one year. It is generally used for hull insurance or for cargo when small quantities are insured.
(b) Voyage Policy - This is intended for a particular voyage, without any consideration for time.
It is used mostly for cargo insurance.
(c) Mixed Policy Under this policy the subject matter (hull, for example) is insured on a
particular voyage for a specified period of time. Thus, a ship may be insured for a voyage between
Mumbai and Colombo for a period of 6 months under a mixed policy.
(d) Floating Policy - Under this policy, a cargo policy may be taken for a round sum and
whenever some cargo is shipped the insurance company declares its value and the total value of
the policy is reduced by that amount. Such shipments may continue until the total value of the
policy is exhausted.
8|Page
Principles of Insurance :
1. Utmost Good Faith
2. Insurable Interest
3. Principle of Indemnity
4. Principle of Contribution
5. Principle of Subrogation
6. Principle of loss Minimization
7. Principle of CAUSA PROXIMA.
2. Insurable Interest :
The insured must have insurable interest in the subject matter of insurance. In life
insurance it refers to the life insured.
In marine insurance it is enough if the insurable interest exits only at the time of
occurrence of the loss.
In fire and general insurance it must be present at the time of taking policy and also
at the time of the occurrence of loss.
The owner of the party is said to have insurable interest as long as he is the owner of
it.
It is applicable to all contracts of insurance.
3. Principle of Indemnity :
Indemnityh means a guarantee or assurance to put the insured in the same position
in which he was immediately prior to the happening of the uncertain event. The
insurer undertakes to make good loss.
It is applicable to fire, marine and other general insurance.
Under this the insurer agrees to compensate the insured for the actual loss suffered.
4. Principle of Contribution :
The principle is a corollary of the principle of indemnity.
It is applicable to all contracts of indemnity.
Under this principle the insured can claim the compensation only to the extent of
actual loss either from any one insurer or all the insurers.
5. Principle of Subrogation :
As per this principle after the insured is compensated for the loss due to damage to
property insured, then the right of ownership of such property passes on to the
insurer.
This principle is corollary of the principle of indemnity and is applicable to all
contracts of indemnity.
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Under this principle it is the duty of the insured to take all possible steps to minimize
the loss to the insured property on the happening of uncertain event.
Benefit is paid either on death or maturity whichever occurs first. Hence it is complete win-win
solution to the policy holder. There are many types of endowments plan such as marriage
endowment plan, Educational Endowment plan etc.
This cash value can accessed anytime through policy loan that is received income tax free and
paid back according to mutually agreed upon schedules. These policy loans are available until
insureds death. If any loan amount is not yet paid back upon the insureds death, the insurer
subtracts those amounts from the policy face value/death benefit and pays the remaining to the
policys beneficiary.
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Insurance Concepts :
What is Banccasurance?
Banccasurance
means
selling
of
insurance
products
through
banks. The
insurance companies and the banks come up in a partnership wherein the bank
sells the tied insurance companys insurance products to its clients.
Who is an Actuary?
Actuarial
science
includes
number
of
interrelated
subjects,
including
Third Party Administrators or TPAs are a vital link between health insurance
companies, policyholders and health care providers.
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The TPAs maintain databases of policy holders and issue them identity cards
with unique identification numbers and handle all the post policy issues including
claim settlements.
Mortality Charge is the amount charged every year by the insurer to provide the
life cover to the policyholder on the life of the Life Insured. It is also called as
Cost of Insurance.
The date on which the principal amount of a note, draft, acceptance bond or
other debt instrument becomes due and is repaid to the investor and interest
payments stop.
The maturity date tells you when you will get your principal back and for how
long you will receive interest payments.
Who is an Agent?
An Agent is a person who is licensed by state to sell Insurance. The Agents serve
as an intermediary between the insurance company and the insured.
Agents are only responsible for the timely and accurate processing of forms,
premiums, and paperwork.
o
Who is a Broker?
An insurance
broker is
management.
Brokers act on behalf of their clients and provide advice in the interests of their
clients.
What is Annuity?
A risk that conforms to the norms and specifications of the insurance policy in
such a way that the criterion for insurance is fulfilled is called insurable risk.
In case of a scenario where the loss is too huge that no insurer would want to
pay for it, the risk is said to be uninsurable.
AD&D
in
Insurance
refers
to Accidental
Death
and
Dismemberment
Insurance.
The policy for which all benefits to the policy holder cease and is terminated due
to non payment of premium amount on the due date or even after the grace
period is called a lapsed policy.
Surrender Value is the amount the policy holder will get from the insurance
company if he decides to exit the policy before maturity. Surrender value is
payable only after three full years premiums.
Maturity claim is a type of claim, wherein the insured fills a maturity claim form.
It is sent along with the original policy document to the insurance company
before the maturity date to get timely settlement from the insurance company
as post dated cheque or ECS (Electronic Clearance Service) payment on the
maturity date.
Death claim is a type of claim made by the nominee of the insured to the
insurance company due to death of the insured, abiding to the policy terms and
conditions.
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If the policy is lapsed i.e., the insured has not paid the policy amount before the
grace period expires, then it is termed as policy not in force. The insured is not
covered by the policy when it is termed as policy not in force.
What is Gratuity?
The right to change the normal policy into paid up value is given to the insured
by the insurance company, if the insured have paid premiums for minimum of
three years.
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The paid policy means, after the period if the insured cannot pay premium then
the policy is not cancelled but the sum assured is reduced in proportion to the
number of premiums paid by the insured.
Terminal bonus is the loyalty bonus paid by the insurance company to the
insured for maintaining the policy till the maturity date.
It is the bonus paid during the time of maturity and the value is not guaranteed
by disclosed during the time of policy maturity only.
Encumbrance
A claim on property, such as a mortgage, a lien for work and materials, or a right of dower. The
interest of the property owner is reduced by the amount of the encumbrance.
Liquidity
Liquidity is the ability of an individual or business to quickly convert assets into cash without
incurring a considerable loss. There are two kinds of liquidity
Quick liquidity
17 | P a g e
It refers to funds, cash, short-term investments, and government bonds and possessions which
can immediately be converted into cash in the case of an emergency.
Current liquidity
It refers to current liquidity plus possessions such as real estate which cannot be immediately
liquidated, but eventually can be sold and converted into cash.
Reinsurance
It is an insurance that an insurance company buys for its own protection. The risk of loss is spread
so a disproportionately large loss under a single policy doesnt fall on one company. Reinsurance
enables an insurance company to expand its capacity; stabilize its underwriting results; finance its
expanding volume; secure catastrophe protection against shock losses; withdraw from a line of
business or a geographical area within a specified time period.
Lapse Ratio
The ratio of the number of life insurance policies that lapsed within a given period to the number
in force at the beginning of that period.
Impaired Insurer
An insurer which is in financial difficulty to the point where its ability to meet financial obligations
or regulatory requirements is in question.
Dividend
The return of part of the policys premium for a policy issued on a participating basis by either a
mutual or stock insurer. A portion of the surplus paid to the stockholders of a corporation.
Coinsurance
In property insurance, requires the policyholder to carry insurance equal to a specified percentage
of the value of property to receive full pay-ment on a loss. For health insurance, it is a percentage
of each claim above the deductible paid by the policy-holder. For a 20 percent health insurance
coinsurance clause, the policyholder pays for the deductible plus 20 percent of his covered losses.
18 | P a g e
After paying 80 per-cent of losses up to a specified ceiling, the insurer starts paying 100 percent
of losses.
Casualty Insurance
Casualty Insurance is primarily concerned with losses caused by injuries to persons and legal
liability imposed upon the insured for such injury or for damage to property of others. It also
includes such diverse forms as plate glass, insurance against crime, such as robbery, burglary and
forgery, boiler and machinery insurance and Aviation insurance.
Retention
The amount of risk retained by an insurance company that is not re-insured.
Insurable Risk
Risks for which it is relatively easy to get insurance and that meet certain criteria. These include
being definable, accidental in nature, and part of a group of similar risks large enough to make
losses predictable. The insurance company also must be able to come up with a reasonable price
for the insurance.
Premium Diversion
Premium diversion is the embezzlement of insurance premiums.
It is the most common type of insurance fraud.
Generally, an insurance agent fails to send premiums to the underwriter and instead keeps the
money for personal use.
Another common premium diversion scheme involves selling insurance without a license,
collecting premiums and then not paying claims.
Fee Churning
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Asset Diversion
AACI
AADC
AAI
AAIM
AAIMC
AAIS
AALTCI
AALU
AAM
AAMGA
AAPL
AAPMR
AASCIF
ABA
ABIH
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ABIME
ABS
ACA
ACAS
ACC
Anti-Concurrent Cause.
ACCA
ACCI
ACEC
ACII
ACLA
ACLI
ACLS
ACLU
ACM
Asbestos-Containing Material.
ACORD
ACSC
ACSR
ACT
ACV
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ACWRRE
ADA
ADAAA
ADB
AD&D
ADEA
ADR
AEIA
AFIA
AFIS
AFSB
AGC
AGRP
A&H
AHAS
AHERA
AHIA
AHIP
AHIS
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AIA
AIAB
AIAF
AIBM
AIC
Associate In Claims.
AICP
AICPA
AICPCU
AIHA
AIM
Associate In Management.
AIMA
AIME
AIMU
AIP
AIPSO
AIRAC
AIRB
AIRMIC
AISG
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AIT
AL
Automobile Liability.
ALAE
ALC
ALCM
ALE
ALHA
ALIMDA
ALM
ALOP
ALOS
ALTA
AMA
AMBAC
AMEMIC
AMIC
AMIF
AMIM
AMW
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ANI
ANL
ANSI
AOP
AP
Additional Premium.
APA
API
APIW
AR
Accounts Receivable.
ARCO
ARE
Associate In Reinsurance.
ARIA
ARM
ARMP
ARO
ARP
ARPI
ARS
ART
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ASA
ASC
ASCLU
ASCN
ASHRM
ASIM
ASIS
ASLI
ASM
ASME
ASO
ASOP
ASPPA
ASSE
ASTM
ATA
ATIMA
ATLA
ATRA
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AU
Associate In Underwriting.
AWCBC
AWW
BACM
BAP
BAPCPA
BBB
B&C
BCAR
BCBSA
BCE
BCEGS
BCM
BCP
BCSP
BDAT
BELRIM
BERP
BFCGL
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BFPD
BI
BIC
BIM
BM
B&M
BOP
Businessowners Policy.
BOW
Breach Of Warranty.
BPB
BPF
BPL
BPLI
BPT
BR
Builders Risk.
BRAC
BTR
Below-Target Risk.
BV
Brick Veneer .
CAC
CAE
30 | P a g e
CAGR
CAL
C AND F
CAPA
CAPEX
Capital Expenditures.
CAPM
CAPP
CAR
CARE
CARF
CARFM
CARFRA
CAS
CBMU
CBOT
CBRA
CBRS
CCIA
CCIP
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CCIR
CCLA
CCLS
CD
Certificate Of Deposit.
CDS
CDW
CEB
CEBS
CEL
CEN
CEND
CEPT
CERCLA
CF
Contract Frustration.
C&F
CFA
CFC
CFMA
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CFP
CFROI
CFTC
CFU
CGL
CHCM
CHIAA
CIA
CIAA
CIAB
CIC
CICA
CIF
CIH
CII
CIM
CIP
CIPO
CIRB
33 | P a g e
CISR
CIT
CL
Claims Leakage.
CLHIA
CLIEDIS
CLM
CLU
CM
CMAA
CMP
CMT
CNHI
CNP
C/O
Completed Operations.
COAA
COB
Coordination Of Benefits.
COBRA
COC
Course Of Construction.
COGSA
34 | P a g e
COGWA
COI
Certificate Of Insurance.
COIL
COLA
COO
COP
COPE
COPPA
COR
Cost Of Risk.
COSO
CP
Commercial Property .
CPA
CPCU
CPE
CPI
CPIW
CPL
CPM
CPP
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CPPA
CPPL
CPRL
CPSA
CPSC
CPSM
CPU
CPWR
CQE
CR
Commercial Crime.
CRA
CRE
CRIS
CRM
CRO
CRS
C&S
CSC
CSIO
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CSL
CSO
CSO
TABLE
CSP
CSR
CTD
CTG
CURT
CV
Cash Value.
CVA
CVIF
CWCI
CWR
DAC
DAP
D&B
D/B/A
DB&C
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DBIA
DCC
DCF
DCIP
DDD
DDL
DDP
DEC
Declarations Page.
DED
Deductible.
DEFS
DEP
DFA
DFIRM
DI
DIC
Difference-In-Conditions.
DICGC
DIL
Difference-In-Limits.
DITC
DJIA
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DMA
DMIC
DNI
D&O
DOB
Date Of Birth.
DOC
DOD
Date Of Death.
DOHSA
DOJ
Department Of Justice.
DOL
Department Of Labor.
DOS
Denial Of Service.
DOT
Department Of Transportation.
DPP
DPPA
DQO
DR
Daily Report.
DRE
DRG
DRI
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DSU
Delay In Start-Up.
DTI
EA
Enrolled Actuary.
EAB
EAP
EAR
EBIDDA
EBIT
EBITDA
EBRI
EC
Extended Coverage.
ECC
ECF
ECFC
ECI
ECO
ECOR
ECP
ECPA
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EDD
EDI
EDP
EEL
EEOC
EIFS
EIL
EIS
EJCDC
EL
ELL
ELP
ELR
EMAP
EMT
ENCP
E&O
EP
Earned Premium.
EPA
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EPC
Engineering/Procurement Construction.
EPD
EPL
EPLI
EPS
ERD
ERIC
ERISA
ERM
ERP
ERPL
ERSC
E&S
ESA
ESI
ESOP
ESOT
ETB
EUO
42 | P a g e
EXPRO
Expedited Process
FAA
FAC
Facultative Reinsurance.
FACTA
FAIA
FAIR
FALU
FAP
FAR
FAS
FASB
FATA
FATCA
F&C
FCAS
FCC
FCE
FCIC
FCII
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FCLA
FCLS
FCPA
FCPA
FCPL
FCRA
FC&S
FDIC
FDPA
FECA
FEGLI
FELA
FEMA
FERMA
FET
FHBM
FHWA
FIA
FIC
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FICA
FICC
FIIC
FIO
FIRM
FIRREA
FLMI
FLSA
FM
Factory Mutual.
FMCSA
FMCSR
FMHSA
FMLA
FMV
FNMA
FOB
Free On Board.
FOC
FOSFI
FPA
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FPAAC
FPEB
FRM
FRV
FSA
FSLIC
FTC
FTCAC
FVD
FVWC
GA
General Agent.
GAAP
GAAS
GAB
GAMA
GAMC
GAO
GAP
GASB
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GC
Guaranteed Cost.
GCCI
GCD
GCW
GDP
GFCI
GHAA
GIC
GINA
GIO
GKLL
GL
General Liability.
GLB
GNEPI
GNMA
GNPI
GPO
GULP
GWP
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HB
House Bill.
HCQIA
HFIE
HHG
Household Goods.
HI
Health Insurance.
HIAA
HII
HIPAA
HLDI
HLV
HMO
HOLUA
HPL
HPR
HR
Human Resources.
HRS
HSA
HSP
IAC
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IAHU
IAIABC
IAIS
IAOC
IASA
IBAC
IBANS
IBC
IBNER
IBNR
IBT
ICA
ICAC
ICC
ICEDS
ICIA
ICISA
ICP
ICPA
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ICPI
ICSID
IDBI
IDI
IDL
IDLH
IDM
IDMA
IEA
IFC
IFCA
IFEBP
IFSC
IFSRA
IFTA
IGF
IHOU
IIA
IIAA
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IIABA
IIAC
IIAT
IIC
IICAE
IIE
IIED
IIHS
III
IILA
IIMA
IIS
IJA
IL
Interline .
ILAB
ILCA
ILF
ILOC
ILU
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IMCA
IMUA
IOS
IPA
IPAC
IPD
IPFA
IPO
IPT
IR
Incident Recall.
IRA
IRC
IRES
IRI
IRIS
IRM
IRMC
IRMI
IRP
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IRPM
IRR
IRS
IRUA
ISCEBS
ISO
ISTEA
ITA
ITC
ITCIF
ITES
ITI
IVANS
IWH
JCAH
JCAHO
JHA
JOA
JOBS
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JSA
JUA
JV
Joint Venture.
LAE
LASH
LCA
LCF
LDF
LDW
LEA
LEED
LEPC
LHWCA
LIAA
LIAMA
LIBOR
LIC
LIMRA
LIRB
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LLC
LMU
LOC
Letter Of Credit.
LOMA
LPCS
LPRT
LPSO
LPT
LRRA
LTA
LTC
LTD
Long-Term Disability.
LTL
LUMP
LUTC
MAAA
MAC
MAP
MAS
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MBIA
M&C
MCA
MCO
MCR
MCS
M&D
MDL
MDO
MDRT
MET
MEWAS
MEWP
MFL
MGA
MGU
MIB
MICA
MICRA
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MIGA
MIS
MLE
MLEA
MLIS
MLR
MMI
MMII
MMSEA
MOL
Mitigation Of Loss.
MOP
MORT
MOSB
MP
MPCI
MPEE
MPL
MPP
MPRMA
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MSA
MSAWPA
MSBF
MSD
Musculoskeletal Disorder.
MSDS
MSVR
MTC
MVC
Mean/Variance/Covariance.
MVIC
MVR
MYSL
NAA
NAAQS
NABRTI
NACA
NACIA
NAFI
NAFIC
NAFTA
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NAHU
NAIA
NAIC
NAICS
NAIFA
NAII
NAIIA
NAIIO
NAIW
NALC
NAMIC
NAOHP
NAPEO
NAPIA
NAPSLO
NARAB
NASBA
NASBP
NASD
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NASDAQ
NASI
NASP
NATB
NAUA
NBCR
NBFU
NCCI
NCCMP
NCIGF
NCIL
NCOIL
NCPI
NCSI
NCUA
NDI
NEAB
NEFE
NEISS
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NEPA
NFIA
NFCA
NFFE
NFIP
NFIRA
NFPA
NFUCWC
NHCAA
NHI
NHTSA
NICB
NICO
NIDC
NIOSH
NIPA
NIRP
NISS
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NLE
NOA
NOC
NODS
NOL
NOLHIGA
NP
Named Perils.
NPD
No Payroll Division.
NPDB
NPL
NPV
NRC
NRMC
NRRA
NRT
NSIPA
NSLI
NSP
NSPA
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NSPE
NSPS
NTSB
NVD
No Value Declared.
OASDHI
OCA
OCIP
OCP
OCSLA
OECD
OEE
OFA
OGP
OI
Outage Insurance.
OIS
OL&T
O&M
OMCS
OPIC
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OPPI
ORFS
ORM
OSHA
OSLR
OTC
PA
PAAS
PAC
PAIU
PAP
PARMA
PAS
PBGC
PC
Professional Corporation.
P&C
PCAOB
PCC
PCI
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PCIP
PCLA
PCLS
PDA
PDL
PEBB
PEO
PERT
PI
Personal Injury.
P&I
PIA
PIAA
PICA
PII
PIP
PIPEDA
PIPSO
PL
Professional Liability.
PLE
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PLL
PLR
PLRB
PLUS
PMA
PMF
PMI
PML
PMPL
PNOC
POL
PORC
PPACA
PPF
PPO
PR
Pro Rata.
PRD
PRI
PRIMA
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PRM
PRO
PRP
PSA
PSAC
PSC
PSI
PSLRA
PSRO
PTE
P3
Public
PUC
PURMA
PV
Present Value.
QC
Quality Control.
QIP
QIS
QPC
Q TIP
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TRUST
RA
Remedial Action.
RAA
RACM
RACT
RAROC
RARORAC
RBC
Risk-Based Capital.
RBNE
RC
Replacement Cost.
RCRA
RDF
REEL
REIT
REL
RFIS
RFP
RICO
RIF
Reduction In Force.
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RIMAS
RIMS
RM
Risk Management.
RMF
RMIA
RMIS
RML
ROC
ROCIP
ROE
Return On Equity.
ROEBI
ROI
Return On Investment.
ROL
Rate On Line.
RORAC
RP
Return Premium.
RPG
RPII
RPLU
RPM
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RPMP
RQ
Reportable Quantity.
RRA
RRE
RRG
RRP
Railroad Protective.
RRSP
RSPA
RTC
RTW
Return To Work.
SA
Society Of Actuaries.
SAA
(SAAS)
SAC
SAP
SARA
SARBOX
SAWCA
SAWW
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SB
Senate Bill.
SBLI
SBU
SCAS
SCC
SCCIA
SCHIP
SCIC
SCLA
SCOH
SCOPE
SCPCU
SCR
SEC
SEMCI
SEP
SERC
SERP
SERP
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SEUA
SF
SFAA
SFHA
SFIP
SFP
SGLI
SIA
SIC
SIFM
SIG
SIIA
SIO
SIP
SIPC
SIR
SIRP
SITE
SIU
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SK
Storekeepers.
S&L
SL
Sprinkler Leakage.
SLC
SLR
Stop-Loss Reinsurance.
SLUSA
SME
SMP
Special Multi
SNUR
SOA
Society Of Actuaries.
SOX
S&P
SPAP
SPBA
SPCV
SPECS
Specifications.
SR
Short Rate.
SRA
SR&CC
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SRMC
SSA
SSAP 62
SSRS
STD
TAM
TAIL VAR
TAMRA
TCD
TCE
TCN
TCPA
TDA
TDB
TDI
TECH E&O
TEFRA
TERI
TEXAS
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PRIMA
TIAA
TIF
TIL
TIRB
TIV
TL
Truckload.
TLO
TLV
TM
Tax Multiplier.
TMP
Texas Multi
TOLI
TOR
TPA
Third-Party Administrator.
TPRMA
TRA
TRIA
TRIEA
TRIP
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TRIPRA
TRIREA
TRS
TSA
TSCA
TSDF
TSLA
TTD
UBIT
UBTI
UCC
UCD
UCI
UCR
UCRA
UEL
UEP
Unearned Premium.
UEPR
UFTA
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UIM
UIMV
UJF
UL
Umbrella Liability.
ULAE
ULC
UM
Uninsured Motorists.
UMPD
UMV
UNL
U&O
UP
Unearned Premium.
UPR
UPS
URL
URMIA
USDA
USERRA
USGLI
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USITC
USL&HW
UST
UTBMS
VAR
Value-At-Risk.
VCIA
VEBA
VGLI
VIE
V&MM
VOC
VOR
Value Of Risk.
VP
Valuable Papers.
VPP
VPPA
VSI
WA
With Average.
WACC
WAEPA
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WARN
WC
Workers Compensation.
WCLA
WCLS
WCRI
WLRT
WMD
WPA
WYO
Write-Your-Own.
YRCT
YRT
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What does the term FSDC, used in financial sectors stand for?
a)Financial Security and Development Council
b)Financial Stability and Development Council
c)Fiscal Security and Development Convention
d)Fiscal Stability and Development Council
Which Insurance Company started its operation in the year in which India got
Independence:
a)UIICL
b)GIC
c)LIC
d)OICL
Who was the actual Pioneer of LIC:
a)Debendranath Tagore
b)S.K.Roy.
c)Surendranath Tagore
d)A.K.Roy.
Who among the following was appointed as member(actuary) in Insurance Regulatory
Authority of India (IRDA) recently?
a)Pournima Gupte
b)Pournima Sarkar
c) Jyotsna Suri
d) None of these
The Total Business of 4 Public Sector General Insurance Company in 2013-14 put together
was about:
a)40000cr.
b)41000cr.
c)42000cr
d)45000cr.
NIACLs pioneer was:
a)Sir jamshedji Tata
b)Sir Dorabji Tata
c)Sir Ratan Tata
d)None of these
What does the term Actuary stands for in Insurance:
a)A specialist in Insurance claimsettlement
b)A specialist in insurance marketing
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d) None of these
Insurable interest has to be a__________.
a) legal binding
b) business relationship
c) trustee protected
d) life assured
A person legally holding the goods of another which may be for payment of
gratuitously is
called____________.
a) mortgagee
b) bailee
c) joint owner
d) executor
The principle of indemnity helps to maintain the premium at____________.
a) high level
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