1. Liabilities under the existing policies are determined by ________valuation in case of life insurance. (a) Actuarial (b) Fair (c) Average (d) Surrender 2. In fire insurance business ______ percentage of premium income is carried forward as provision for and the balance is transferred to profit and loss account. (a) 100% (b) 50% (c) 25% (d) 10% 3. Insurance business is controlled by (a) Insurance Act, 1938 (b) Insurance Rules, 1939 (c) IRDA Regulations, 2002 (d) All of the above

4. In marine insurance business ______ percentage of premium income is carried forward as provision for and the balance is transferred to profit and loss account. (a) 100% (b) 50% (c) 25% (d) 10%