Amity MBA 4th Sem ADL Insurance Products (Personal & Commercial)

Assignment -A
Q1. Discuss the scope of Standard Mediclaim Policy.
Q2. Discuss the scope of Standard Fire & Special Perils Policy.
Q3. Briefly discuss section-wise scope of Householder’s Insurance Policy.
Q4. Discuss the scope of Money Bank Life Assurance Policy.
Q5. Write Short Notes on:
(a) Term Insurance Policy In Life.
(b) Permanent Total Disablement benefit in P.A. Policy.
(c) Money Insurance.
(d) Plate Glass Insurance.
Q6. Discuss the scope of Contractor’s All Risk Policy.
Q7. Enumerate coverages provided under Motor Insurance
Package Policy.
Q8. Write Short Notes on the following :
(a) Critical Illness Policy.
(a) Burglary Insurance.
(b) Delayed checked Baggage Section of OMP
(c) Pedal Cycle Insurance.

Mr. Mathew had a Personal Accident Insurance Policy for SUM-INSURED OF Rs. 5
lacs w.e.f. 01/04/08 to 31/03/09 covering Death, Permanent Partial and Total
Disablement. Mr. Mathew while lying in his bed was about to sleep, lit the
cigarette. This caused fire and trapped him. He suffered severe burns. He could
not recover fully and his right hand was completely crumbled. He preferred claim
under above policy.

Q1. Whether claim is admissible
Q2. If yes, then give reasons thereof and also ascertain the liability of the
Insurer in this case.

1 Mediclaim Policy covers Hospitalization Expenses Death Compensation
Domicilliary Medical Expenses Disability Compensation
2 P.A. Policy covers Health Risk Life Risk T.P. Loss Accidental Death &
Disability Risk
3 Life Insurance Policy can be taken upon the Life of Human Beings Pets
Birds Cattles
4 Motor Insurance covers D.G. Sets Road Vehicles Toy Trains Motor Boats
5 Money insurance is given to Householders Commercial Establishments
Advocates Students
6 Marine Transit Policy is meant for Ship crew members Ships Persons going
by ships Goods in transit
7 Professional Indemnity Policy compensates Loss due to Damage to
professional properties Compensations Being paid to the client Low
Business Penalty Imposed by the Authority
8 Product Liability Insurance is issued to Private clubs hosting dinners
Food & Supply departments of the State Manufacturers producing the goods
Consumers using the product
9 In OMP claims are settled in UK Pounds Indian Rupee US Dollar Euro
10 Maternity Benefits under Mediclaim Policy can be covered under Group
Policy Family Policy Individual Policy All of above
11 Motor Package Policy is Compulsory with Liability Cover Optional
Compulsory with P.A. Cover Optional with Liability cover
12 Mediclaim Insurance covers PA and Life Risk P.A. Risk Health Risk Life
13 ‘Blood Stock’ policy covers loss due to Death of Blood donor
Deterioration of blood due to sudden change in temperature in blood bank
Death of patient Death of Race Horse
14 Plate Glass Policy is compulsory with Money Policy Optional Burglary
Policy Fire policy
15 Professional Indemnity Policy is not issued to Engineers Doctors
Farmers Advocates
16 OMP is meant for Engineers Overseas Travellers Inland Travellers
17 Life Insurance Premium may consist of Life Risk Cover and Savings
Portion Health Risk Cover Only Personnel Accident Cover Only Savings
Portion Only
18 House holders policy does not cover Theft Loss of Profit P.A. Fire
19 Public Liability Insurance can be issued to Industrial Units Office
owners Individuals All of above
20 In P.A. Policy compensation for loss of one limb or one eye is
equivalent to 25% of CSI 50% of CSI 75% of CSI 100% of CSI
21 Burglary policy does not cover Money in safe Valuables in safe Damage
to property by Burglars Money in transit
22 House Holders Policy is granted to Office Group Factory Individual
23 In Private car Motor Package Policy Maximum NCB is 50% 65% 40% 20%
24 In Motor ‘Legal Liability Only’ Policy compensation is given for Third
Party Disability Only Death Only Property Damage Only All of above
25 Fire Policy may be extended to cover T.P. Liability Employees
compensation Loss of Profit Burglary
26 Fire Insurance covers Building Only Stock Only Life Risk Building &
27 Burglary Policy is given to Residential Houses Drivers Travellers
Commercial Establishments
28 Mediclaim Policy covers Pre-Hospitalisation Expenses for 10 days 15
days 25 days 30 days
29 In Motor OD Claims Depreciation on Metal Parts is deducted @ As per Age
of the vehicle 20% 50% 10%
30 Life Insurance Business is conducted by GIC LIC IRDA LIC & Private Life
31 In Motor OD claims Depreciation on Rubber Parts is deducted @ 40% 20%
50% 30%
32 Public Liability Insurance covers Damage to Third Persons Loss of
Profit Damage to Self Property Injury to self
33 In P.A. Policy TTD benefit can be extended 4% of CSI per week 3% of CSI
per week 2% of CSI per week 1% of CSI Per Week
34 Fire Insurance Policy can be extended to cover Earthquake War Nuclear
Risk Lightning
35 Fidelity Guarantee Policy covers loss due to dishonesty by Relatives
Clients Friends Employees
36 ‘Key Clause’ in Burglary Policy refers to claim is payable only when
Burglars open safe by key handed over by insured at his own Burglars
forceably obtain keys from Insured Burglars use duplicate key lying near
safe None of above
37 Directors and Officers Policy is issued to IAS Officers Directors of
Corporate Chartered Accountants Film Directors
38 Motor (Liability Insurance ) Policy covers P.A. Risk Third Party Loss
Own Damage & Third Party Loss Own Damage
39 Fire Insurance Policy covers T.P. Liability Fire Only P.A. Risk Fire &
Allied Perils
40 House Holders Policy has 2 sections 5 sections 10 sections 3 sections

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