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UIIC AO Interview preparations by PD Classes Manoj Sharma Sir
Why do you want to be an Administrative officer in UIIC?
Give your introduction in English.
Diff between underwriter and actuary
Diff between contribution as in law of contribution and law of subrogation
What is Section 45 IRDAI?
Therefore, insurers have the right to reject claims if non-disclosure or misrepresentation on material facts is established under Section 45 of the Insurance Act, 1938
What is bima bemisaal
What is bima mitra
How is insurance sector in india redressal, technological. improvements importance should be given to grievance
How. important is uberrima fides- law of. utmost good faith disclosure of all material/related information and facts related to.policy well before proposal or during the proposal stage
Difference between freelook period and lock in period
What is reinstatement
Difference between contract and agreement
Is insurance an agreement or contract
Discuss -
Difference between Indemnity and guarantee
Diff between Guarantee and warranty
Difference between tort and coercion
Tort is an act or omission that gives rise to injury or harm to another and amounts to a civil wrong for which courts impose liability
Coercion involves pressure applied through criminal means
Undue influence When a person who is able to dominate the will of another, uses his/her position to obtain an undue advantage over the other
Fraud When a person induces another to act on a false belief that is caused by a representation he or she does not believe to be true.lt can arise either from deliberate concealment of facts or through misrepresenting them. posing/faking as irdai licensed agent is fraud
Mistake Error in ones knowledge or belief or interpretation of a thing or event. This can lead to an error in mis understanding and agreement about the subject matter of contract
misguidance or luring with offers then it will be called mis-selling.
What is peril
Hazard
Risk
Danger
Damage
Loss
What is the difference between damage and loss?
Loss indicates irreversible damage, such as land loss because of sea-level rise or loss of freshwater resources because of desertification. Damage involves reparable harm such as shoreline or infrastructure impacts linked to climate change.
Risk is "the possibility that something bad or unpleasant (such as injury or a loss) will happen."2 A hazard is "a potential source of harm or danger 3 where danger is. "something that may cause injury or harm
Fire cracker
Hazard is the cigar bud increasing the cause of loss an condition ezposure to risk
Danger is cracker
Risk is loss due to burst- uncertain event occurance
Human injured is harm
Loss is human death, due to accident
Peril it is the cause of loss
An office if insured against burglary insurance and has an inadequate lock
1. peril is risk of burglary
2. Inadequate security is hazard
What is meant by act of god
What is solvency margin value of assets over liabilities
Importance is to ensure financial stability
Key prudential important ratio determining the company performance
What is severity
Severity refers to the cost of a claim. A high-severity claim is more expensive than an average claim, and a low-severity claim is less expensive than the average claim. Average costs of claims are estimated based on historical data.
Indemnity placing of the insured in the same financial position after a loss prior to the loss
How do actuaries determine risk?
Actuaries use various types of prediction models to estimate risk levels. These
prediction models are based on assumptions that aim to reflect real life, which is vital for the pricing of all types of insurance. Flaws in a model's assumptions may lead to premium mispricing
Underinsured us over insured
Double insurance vs over insurance
Coinsurance va double insurance
Double (or multiple) insurance happens when a single person is insured by 2 or more insurers separately with regard to the same subject matter and interest. Over- insurance, on the other hand, happens when the amount of the insurance is greater than the insured's insurable interest is where an insured takes the same insurance policy/insures the same subject matter against the same risk with more than one insurance company. Whereas co-insurance is whereby one insurance company invites other insurers to insure with them the same property against the same risk
Coinsurance is a cost-sharing system insurance companies use in which you are responsible for a portion of your total bill, but only after your annual deductible is met.
Composite insurer means
Components of risk
Level of riak
Peruk hazard uncertainity
What is usp
The unique selling proposition (USP) of term assurance is its low price, enabling one to buy relatively large amounts of life insurance on a limited budget
What is mortgage redemption insurance
Mortgage Redemption Insurance (MRI) - Financial protection for home loan borrowers. A decreasing term life insurance policy taken by a mortgagor to repay the balance on a mortgage loan if he/she dies before its full repayment
What is term assurance
Long term
term Insurance Sum Assured will be paid only if the Insured dies during the term. There is no Maturity / Survival Benefit
Decreasing term assurance provide a death benefit that decreases in amount with term of coverage. Marketed as Mortgage Redemption and Credit Life Insurance
Increasing term assurance the plan provides a death benefit, which increases along
with the term of the policy.
Profits are payable as bonuses or dividends. Bonuses are normally paid as reversionary bonuses. They are declared as a proportion of the sum assured
Simple Reversionary Bonus declared as amount per thousand sum assured. Compound Bonus bonus as a percentage of basic benefit and already attached bonuses. It is thus a bonus on a bonus.
Super Compound bonus the bonus is arrived at as a percentage of basic benefit and applying another percentage for attached bonus.
Terminal Bonus this bonus attaches to the contract only on its contractual termination (by death or maturity). It increases as the term increases.
terminal bonus for a contract that has run for 25 years would be higher than one which has run for 15 years.
What is PAC in ULIP
PAC Policy or Premium Allocation Charge which is comprised of agents commission, policy setup costs, administrative costs
Equity fund invests major portion of the money in equity and equity related instruments. High Risk Category
Debt fund invests major portion of the money in Government Bonds, Corporate Bonds, Fixed Deposits etc.
Balanced fund invests in a mix of equity and debt instruments
net asset value (NAV), which reflects the market value of assets in which the fund is invested
What is meant by lapse What is meant by deviation
Reinstatement vs revival
Reinstatement It is the process by which a life insurance company puts back into force a policy that has either been terminated because of non-payment of premiums or has been continued under one of the non-forfeiture provisions
Ordinary revival-payment of arrears of premium with interest. A declaration of good health or some other evidence of insurability like a medical examination is necessary
Special revival the policy has run for less than three years and has not acquired minimum surrender value
Loan cum revival the facility of loan cum revival would be allowed only for policies that have acquired surrender value as on date of revival.
Difference Between Assignment And Nominee
Section 38 Assignment ordinarily refers to transfer of property by writing as distinguished from transfer by delivery
Conditional assignment provides that the policy shall revert back to the life assured on his or her surviving the date of maturity or on death of the assignee
Absolute assignment provides that rights, title and interest of the assignor in the policy are transferred to the assignee without reversion to the former or his / her estate in any event
Customer lifetime value may be defined as the sum of economic benefits that can be derived from building a sound relationship with a customer over a long period of time
Customer lifetime value us human life value
Consumer Protection Act District Forum entertain complaints up to Rs. 20 lakhs, State Forum exceeds 20 Lakhs upto 100 Lakhs, National Commission - exceeds 100 Lakhs
National Commission has supervisory jurisdiction over State Commission. All the three agencies have powers of a Civil Court.
IRDAI guidelines, the insurer has to process the proposal within 15 days time. 30 days grace period is allowed for renewal of individual health policies
What is the role of AO in UIIC?
Tell about UIIC?
Do's and Dont's of UIIC AO INTERVIEW by https://linktr.ee/Pdclasses
Do's
(1) Remember that the interviewers are men of great experience. They are fully acquainted with the nature of the duty and qualities required of a person for the particular job. They can judge a person's worth and his capabilities from his words and expression.
(2) Give your best to the interviewers. Cover your weakness through the presentation of other achievements.
(3) Have sufficient confidence in yourself to evoke confidence in the interviewers.
(4) Remain unperturbed and composed and keep your interest throughout the interview.
(5) First listen very attentively and carefully to the question put to you. Then answer it in a natural and normal way.
(6) Adopt a pleasing manner of a speech.
(7) Follow the interviewers swiftly and grasp the new question to tackle it with maximum energy and interest.
(8) Feel pleased with your surrounding and be at your ease in the company of the interviwers.
(9) Develop your personality to suit the post for which you have applied.
(10) Be prompt without being hasty, quick without being aggressive.
(11) Establish a rapport with the interviewers.
(12) Emit vivacity and enthusiasm from yours looks and expressions.
(13) Be perfectly normal.
(14) Show pleasing and graceful manners, sufficient politeness and verve.
(15) Be smartly and soberly dressed.
(16) Gather adequate general knowledge before appearing at the interview.
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(17) Tell frankly if you are not able to answer any question or questions, In case the interviewer or interviewers suggest the answer always show gratefulness to them by being nicely thankful to them.
(18) Try to show your interest in the job and never give the impression that you are only casually appearing before the interviewers.
Dont'ts (by PD CLASSES)
(1) Do not appear nervous or shaky.
(2) Do not speak in an affected style.
(3) Do not try to unnecessary elaborate your answer.
(4) Do not interrupt the interviewers.
(5) Do not enter into an argument with the interviewers.
(6) If somehow you miss to listen a question you can request the interviewer to repeat it. Never answer a question until you have listened it well.
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(7) Do not hesitate in answering questions.
(8) Do not show ill manners.
(9) Do not be shabbily or gaudily dressed.
(10) Do not look gloomy.
(11) Do not talk more than what is needed.
(12) Do not boast.
(13) Do not try to evade answering the questions.
(14) Do not be aggressive.
(15) Do not lose your balance or presence of mind.
(16) Do not try to bluff or confuse the interviewers.
(17) Do not try to flatter the interviewer.
(18) Do not put counter questions.
(19) Do not hesitate to show your ignorance if you do not know the answer to a question.
(20) Do not make unnecessary movements of any part of the body
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