Gallagher Operations Executive Interview Questions and Answers

Insurance is a contract between an individual and an insurance company to protect against financial loss.

• Insurance provides financial protection against unexpected events such as accidents, illnesses, and natural disasters.

• The individual pays a premium to the insurance company in exchange for coverage.

• The insurance company assesses the risk of providing coverage and determines the premium based on that risk.

• There are d...read more

IRDAI is the regulatory body for insurance in India. Section 80C of Income Tax Act provides tax benefits for certain investments.

• IRDAI stands for Insurance Regulatory and Development Authority of India

• It regulates and promotes the insurance industry in India

• It ensures fair treatment to policyholders and monitors insurance companies' financial stability

• Section 80C of Income Tax Act allows tax deductions up to Rs. 1.5 la...read more

Types of underwriting include life, health, property, and casualty. Section 10(10d) refers to tax exemption on life insurance policies.

• Life underwriting involves assessing the risk of insuring a person's life and determining the premium.

• Health underwriting involves assessing the risk of insuring a person's health and determining the premium.

• Property underwriting involves assessing the risk of insuring a property and de...read more

Free look period is a time frame given to policyholders to review and cancel their insurance policy without penalty. Grace period is an additional time given to pay the premium after the due date.

• Free look period is usually 15-30 days after the policy is issued.

• During the free look period, the policyholder can cancel the policy and receive a full refund of the premium paid.

• Grace period is usually 15-30 days after the p...read more