S K Patodia & Associates Manager Interview Questions and Answers for Freshers

Rewrite and reinstatement are two different methods of policy modification.

• Rewrite involves creating a new policy from scratch, while reinstatement involves restoring a lapsed policy.

• Rewrite may result in changes to coverage, premiums, and terms, while reinstatement typically restores the policy to its original state.

• Examples of when to use rewrite include major life changes or significant changes in risk, while reinst...read more

No, the company will not process the claim.

• The policy was cancelled in June due to non-payment.

• The policyholder reinstated the policy in September.

• The claim arises in August, which is before the policy was reinstated.

• Since the policy was not active in August, the company will not process the claim.

Auditing is important to ensure accuracy, compliance, and transparency in financial reporting.

• Auditing helps to detect and prevent fraud and errors in financial statements.

• It ensures compliance with laws and regulations, such as the Sarbanes-Oxley Act.

• Auditing provides assurance to stakeholders that financial information is accurate and reliable.

• It helps to identify areas for improvement in financial management and rep...read more

I chose this company because of its strong reputation, innovative culture, and opportunities for growth.

• The company has a proven track record of success and is highly regarded in the industry.

• I am impressed by the company's commitment to innovation and staying ahead of the curve.

• There are ample opportunities for professional development and advancement within the company.

• The company's values align with my own, particul...read more

I plan to advance my career in project management and this role aligns with my goal.

• I have a strong interest in project management and have been actively pursuing certifications in this field.

• This role will provide me with valuable experience in managing projects and working with cross-functional teams.

• I believe that the skills and knowledge I gain in this role will be transferable to future project management position...read more

Carve outs in IND AS and IFRS refer to exceptions or exclusions from the standard accounting treatment.

• IND AS 101 allows first-time adopters to use previous GAAP for certain items

• IFRS 1 allows exemptions for certain disclosures and retrospective application

• IND AS 109 has carve outs for hedge accounting and impairment

• IFRS 9 has carve outs for financial liabilities and macro hedging

• IND AS 115 has carve outs for certain c...read more