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Institute of Company Secretaries of India Open Book Examination Model Question Paper :

Organisation : The Institute of Company Secretaries of India
Exam : Open Book Examination
Subject : Insurance Law And Practice
Year: 2016
Document Type : Model Question paper

Website :
Download Sample Question Paper :
(i) Banking Law and Practice
(ii) Capital, Commodity and Money Market :
(iii) Insurance Law and Practice :
(iv) Intellectual Property Rights- Law and Practice :
(v) International Business Laws and Practices :

Open Book Examination Model Question Paper :

Time allowed: 3 hours
Maximum marks: 100

Related : Institute of Secretaries of India Economic & Commercial Laws Model Question Paper :

1. Please refer the below case study
The Olympics as a Story of Risk Management A lot of things didn’t happen at the Olympics this year, all of which were extensively prepared for. A terrorist incident, a breakdown of the London rail system, power blackouts, volcanic ash clouds, flooding, an outbreak of infectious disease—the London organizing committee and the International Olympic Committee (IOC) spent years thinking about every scenario they could imagine. Simulations of security incidents were rehearsed, and contingency plans for mass evacuations or emergency situations were put in place.

On the basis of above case study, answer the following questions :
a. List out the risk exposures from the experiences of the Olympic Games. (10 Marks)

b. What do you mean by speculative Risk and pure risk? Categories the risk identified above under speculative risk and pure risk. (10 Marks)
c. Discuss how have the organizers become more professional in managing the risks and explain about the “risk-based approaches” adopted by the organizers of the games. 10 Marks)

d. What do you mean by risk based Planning? How can risk based planning help an organisation in combating with risk discussed in above case study? (10 Marks)
e. Discuss different risk management techniques with special emphasis on Insurance. (10 Marks)

2. Answer the following :
a. Discuss the product approval process for non linked insurance products. Highlight the main provisions of laws/regulations governing the approval process for non linked insurance products. (10 Marks)

b. What do you mean by Micro Insurance? State the salient features of Micro insurance in detail along with highlighting the IRDA Regulation on Micro Insurance in its effort for financial inclusion.
c. Who can be an Insurance Surveyor and Loss Assessor? Highlight the relevant provisions relating to registration, regulation and supervision of Insurance and loss surveyors in India? (10 Marks)

4. Why is it said that “a Proposal is the basis of insurance”. Which insurance principle substantiates this statement? Give illustrative examples. In some of the cases, while filling the proposal form, material facts are not disclosed by the Insured. State the implications of concealment of Material facts by the insured. (5 Marks)

5. Discuss the need and growing importance of Liability insurance policies in India quoting relevant examples with specific reference to Professional indemnity liability policy in the backdrop of the recent corporate scams. (5 Marks)

6. “Claims handling requires specialized skills.” Do you agree? What makes insurance claims processing difficult and complicated and unpleasant especially in general insurance. Refer to the relevant IRDA guidelines for speedy settlement of claims. (5 Marks).

Banking Law And Practice :
Question No. 1 :
Read the case study and answer all questions given at the end of the case :
** This case relates to m/s ABC Aluminium Company Pvt. Ltd, a SSI unit located at Delhi Rohatak road, Haryana. The unit is in an area where cluster of industries have come up. It is located in an industrial area where all the infrastructure facilities are available.

The information asked was :
** Application form dully filled in.
** Memorandum and Article of Association of the Company.
** Allotment of land by Haryana Government- Industrial Area Development Authority.
** Project Report.

Details of layout- land, building and detailed drawings of :
** Administrative building
** Factory shed
** Go downs
** Other civil constructions
** Quotations of machinery
** Estimate of civil construction duly signed by a civil engineer.
** Details of collateral securities of directors- land and building offered.
** Details of land and building of the plant allotted by Government at Rohtak.
** Means of financial strength of promoters and total source of capital to be raised.

The project performance was critically examined by the bank before sanction of the loan.
The parameters covered were :
** Capacity of the project to perform.
** Projected level of working.
** The Break Even Point
** Sales at projected level
** Elements of cost of production

After the sanctioned was made following securities were obtained :
** Hypothecation of stocks
** Pledge of land, buildings, plant and machinery and other assets of the company.
** Equitable mortgage of director’s property (land and building) offered as collateral security.
** Liens on the shares hold by directors.
** A lien on NSC and PPF.
** Creating charge of assets of the company with Registrar of the Company, being a private limited company.

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