NIACL AO Mains 2019 – Insurance Questions for Mains | 23rd February

Policyholder definition: A policyholder is a person who has an insurance policy with an insurance company.

A Third Party Administrator (TPA) is a person or organization that processes claims and performs other administrative services in accordance with a service contract, usually in the field of employee benefits.

Claim Service Representative- Also called CSR; they are responsible for clerical completion of all claim files.

Public Liability Insurance or PLI offers cover for third party liabilities (Bodily Injury/Property Damage) arising out of the premises and operations of the Insured and legal costs incurred in connection therewith.

Policy is the written insurance contract that may include all clauses, riders and endorsements.

The Executive Council of Insurers, previously known as Governing Body of Insurance Council (GBIC) has been established under the Insurance Ombudsman Rules, 2017, to set-up and facilitate the Institution of Insurance Ombudsman in India. The Executive Council of Insurers consists of nine members including the Chairperson.

Universal Health Insurance Scheme (UHIS)- The four public sector general insurance companies have been implementing Universal Health Insurance Scheme for improving the access of health care to poor families.

MEMBERS OF THE EXECUTIVE COUNCIL OF INSURERS (Office of the Executive Council of Insurers). Sri Hemant Bhargava, C-in-C, LIC of India - Chairman.

The Universal Health Insurance Scheme (UHIS) has been redesigned targeting only the BPL families. The premium subsidy has been enhanced from Rs.100 to Rs.200 for an individual, Rs.300 for a family of five and Rs.400 for a family of seven, without any reduction in benefits.

Insurance Brokers Association of India (I.B.A.I.) was incorporated as a Company under Section 25 of the Companies Act, 1956 vide Certificate of Incorporation No. U 67120 MH 2001 NPL 132860 dated 25th July 2001. IBAI has a Memorandum of Association as well as an Articles of Association, as required under the Companies Act, 1956. IBAI is run by a Board of Directors who are elected by the members.

Risk- The uncertainty concerning the occurrence of a financial loss.

The main objects of Insurance Brokers Association of India (IBAI) are to promote interaction among the Insurance/Re-insurance Broker members and to encourage, promote, facilitate and protect the interests of the members of IBAI and to provide an avenue to the members for further education, training and research in all fields of insurance and re-insurance and represent the interests of Brokers with other organizations.

Actuary- A professional trained in the mathematics of insurance and risk management, including the calculations of premiums, policy reserves and other values.

Mumbai is the Corporate Office of Insurance Brokers Association of India.

Tort is conduct that harms other people or their property. It is a private wrong against a person for which the injured person may recover damages, i.e. monetary compensation. The injured party may sue the wrongdoer (tortfeasor) to recover damages to compensate for the harm or loss incurred.