Tests: Insurance
Click an option: a correct answer turns green, a wrong one turns red, and an explanation appears. Tests in total: 43.
Sets by topic (10 questions each)
One set is ten questions with a result at the end. Pick a topic and a set number.
What does the term "sum insured" mean in an insurance contract?
An insurance agent collected 240 mln soum of premiums for the insurer during the year. The agent's contract provides for commission of 7% of the premiums collected (hypothetical term). How much commission does the insurer pay the agent?
According to insurance theory, what feature must an event have to be insurable?
The insurance contract sets a coverage limit of 30 mln soum per event and an unconditional deductible of 2 mln soum (the deductible is subtracted from the loss, then the limit is applied; hypothetical terms). The loss from the event was 45 mln soum. How much does the insurer pay?
A large factory facility is insured under coinsurance by one contract between two insurers: the first took 60% of the liability and the second 40%; the loss is shared in proportion to these shares (hypothetical terms). The loss from the event was 25 mln soum. How much does the second insurer pay?
On 1 October an insurance company concluded a one-year property insurance contract and received the full premium of 24 000 000 soum. The premium is earned in proportion to the contract term (by months) (hypothetical method). What is the unearned premium as at 31 December?
A car was partly damaged in an accident: spare parts 8 000 000 soum, repair work 2 000 000 soum. The comprehensive (casco) insurance contract has a "new for old" condition: a 25% wear deduction applies to the cost of spare parts, with no deduction on labour (hypothetical terms). What is the insurance payment?
Baxtiyor's insured car was damaged through the fault of another driver. The insurance company paid Baxtiyor and is now claiming the amount paid from the person at fault. What is this right of the insurer called?
A storehouse with an actual value of 50 000 000 soum is insured for a sum insured of 70 000 000 soum. It was completely destroyed in a fire. Under the contract the payment does not exceed the actual loss (indemnity principle, hypothetical condition). What is the insurance payment?
For the "Bahor kiyim" shop the annual insurance premium is 6 000 000 soum if paid in one go. Under the contract the premium may be paid in 4 equal quarterly instalments, with a 4% surcharge added to each instalment (hypothetical terms). How much is paid in total over the year when paying in instalments?
"Chirchiq kimyo" LLC insured its property with two insurance companies under three separate contracts in total. Under NAS No. 21, how is analytical accounting kept for the accounts of group 6500 (including 6510 "Insurance payments")?
An insurer has an excess of loss contract with a reinsurer: in each event the insurer covers losses up to 15 mln soums itself, and the reinsurer covers the excess within a limit of 50 mln soums per event (hypothetical terms). The loss in one event was 42 mln soums. How much does the reinsurer pay?
"Bodomzor kafe" paid an annual insurance premium of 3 600 000 soum in advance. After exactly 4 months the contract was terminated at the policyholder's request. Under the contract terms, 85% of the premium for the remaining period is refunded (hypothetical term). How much money is refunded?
"Forish asal" is insuring its warehouse for a sum insured of 70 000 000 soum. The base rate is 1.2% of the sum insured. Because a deductible is included in the contract, the insurer gives a 10% discount on the premium (hypothetical terms). What premium does the policyholder pay?
At the beginning of the month, 6510 "Insurance payments" had a credit balance of 1 800 000 soum. During the month, insurance payments of 2 400 000 soum were charged to expenses and 3 000 000 soum was transferred to the insurer from the settlement account. What is the balance at month end and what does it mean?
According to the insurer's statistics, the probability that one such rural house is completely destroyed by fire within a year is 0.003. The house is insured for 80 000 000 soum. Taking into account only this risk and only total loss, and without adding the insurer's expenses and profit, what is the expected loss (risk part of the net premium = probability × sum insured)?
For a type of insurance, the net rate is 1.6 soum per 100 soum of sum insured. The loading covering the insurer's expenses and profit must be 20% of the gross rate. What is the gross rate (net rate / (1 − loading share))?
An insurer has concluded a quota share treaty with a reinsurer: 40% of the liability under each contract is ceded to reinsurance, and losses are shared in the same proportion. A loss of 25 000 000 soum occurred at a cotton warehouse and is paid in full. How much falls to the reinsurer's share?
During the year an insurance company earned 800 mln soum of insurance premiums, paid 520 mln soum of insurance claims and incurred 200 mln soum of operating expenses. What is the combined ratio ((claims + expenses) / premiums)?
Under paragraph 276 of NAS No. 21, a debt for which of the following is recorded in the accounts of group 6500 "Current liabilities for payments to insurance and state trust funds"?