INSURANCE PRODUCTS
Chapter notes, video classes, MCQ practice tests and quick-revision one-liners for Indian Economy and Indian Financial System — JAIIB.
One-liners from this chapter
Free sample — 8 of 65 rapid-fire Q&A cards.
What is insurance in the context of Indian financial services?
Insurance is a contract (policy) where an insurer compensates the insured against specified losses, damages, illness, or death in return for a premium, transferring risk from the individual to the insurer.
What is the principle of proximate cause in insurance?
The immediate dominant cause of loss determines claim liability.
Which regulatory authority governs the insurance sector in India?
The Insurance Regulatory and Development Authority of India (IRDAI), established under the IRDAI Act 1999, regulates and supervises the insurance industry in India.
What is a double accident benefit rider in life insurance?
It pays double the sum assured if death is accidental.
What is the difference between life insurance and general insurance?
Life insurance provides coverage against the risk of death or survival of the insured for a defined period, while general insurance covers risks related to property, health, motor, marine, and other non-life contingencies.
What is the Employees' State Insurance (ESI) scheme?
A statutory health and social security scheme for organised sector workers.
What is a premium in an insurance contract?
A premium is the periodic amount paid by the policyholder to the insurer in exchange for the insurance coverage; it is calculated based on the risk profile, sum assured, and policy tenure.
What is an actuarial valuation in insurance?
A mathematical assessment of insurance liabilities and premium adequacy.
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