An application for obtaining an insurance cover or for obtaining quotations of the premium chargeable is known as the ?->(Show Answer!)

1. An application for obtaining an insurance cover or for obtaining quotations of the premium chargeable is known as the

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MCQ-> Answer questions on the basis of information given in the following case. MBA entrance examination comprises two types of problems: formula - based problems and application - based problem. From the analysis of past data, Interesting School of Management (ISM) observes that students good at solving application - based problems are entrepreneurial in nature. Coaching institutes for MBA entrance exams train them to spot formula - based problems and answer them correctly, so as to obtain the required overall cut - off percentile. Thus students, in general, shy away from application - based problem and even those with entrepreneurial mind - set target formula - based problems. Half of a mark is deducted for every wrong answer.ISM wants more students with entrepreneurial mind - set in the next batch. To achieve this, ISM is considering following proposals: I. Preparing a question paper of two parts, Parts A and Part B of duration of one hour each. Part A and Part B would consist of formula - based problems and application - based problems, respectively. After taking away Part A, Part B would be distributed. The qualifying cut - off percentile would be calculated on the combined scores of two parts. II. Preparing a question paper comprising Part A and Part B. While Part A would comprise formula - based problems, Part B would comprise application - based problems, each having a separate qualifying cut - off percentile. III. Assigning one mark for formula - based problems and two marks for application based problems as an incentive for attempting application - based problems. IV. Allotting one mark for formula - based problems and three marks for application - based problem, without mentioning this is the question paper. Which of the following proposal (or combination of proposals) is likely to identify students with best entrepreneurial mind - set?....

MCQ-> Read the following passage carefully and answer’ the questions. Certain words/phrases are given in bold to help you locate them while answering some of the questions.Since its creation in the 17th century, insurers have amassed policies in each class of risk they cover. Thanks to technology, insurers now have access to more and more information about the risks that individuals run. Car insurers have begun to set premiums based on how actual drivers behave, with “telematic” tracking devices to show how often they speed or slam, on the brakes. Analysts at Morgan Stanley, a bank, predict that damage to insured homes will fall by 4060% if smart sensors are installed to monitor, say, frayed electrical wiring. Some health insurers provide digital fitness bands to track policyholders’ vital signs— and give discounts if they lead a healthier life. But the data can °lily go so far. Even the safest driver can be hit by a falling tree; people in connected homes still fall off ladders, but the potential gains from smart insurance are large. First, giving people better insights into how they are managing risk should help them change their behaviour for the better. Progressive, an American car insurer, tells customers who use its trackers where they tend to drive unsafely; they crash less often as a result. Second, pricing will become keener for consumers. The insurance industry made $338 billion in profits last year. More accurate risk assessment should result in lower premiums for many policyholders. Third, insurers should be able to spot fraud more easily, by using data to verify claims.But two worries stand out. One is a fear that insurers will go from being companies you hope never to deal with to ones that watch your every move. The other, thornier problem is that insurers will cherry pick the good risks, leaving some people without a safety net or to be taken care of by the state. Forgone privacy is the price the insured pay for receiving personalised pricing. Many people are indeed willing to share their data, but individuals should always have to opt in to do so. Some worry that this safeguard may not be enough; the financial costs of not sharing data may be so great that people have no real choice over whether to sign up. The second concern is the worry that more precise underwriting will create a class of uninsurable people, selected out of insurers’ businesses because they are too high a risk. For some types of cover, that would be a reasonable outcome. People who choose to drive like maniacs should have a hard time getting insurance. By the same token, it makes sense to offer rewards, in the form of discounts to premiums, to customers who behave well. Incentivising people to eat better, exercise regularly, drink in moderation and avoid smoking would reap huge health dividends. Where things get harder is with risks that individuals can not control. There are few things that people have less choice about than their genes. One option is to distort the market by requiring insurers to be blind to genetic data. In 2011, for example, Europe banned insurers from using gender to calculate annuities. Now that a man’s shorter lifespans are no longer taken into account that has led to lower payments. Until the interplay between nature and nurture is better understood, it is right to be cautious. Insurers should be able to take note of customers’ behaviour, but not exploit information from genetic testing. However, as data analysis and the understanding of genetics improve, that line will only become harder to hold.Which of the following can be said about the insurance industry ?
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