Quiznetik
Basics of Banking and Insurance | Set 3
1. Committee of Reforms in Insurance sectors during 1993 headed by...........
A. rn malhotra
B. s narasimham
C. manmohansingh
D. p chidambaram
Correct : A. rn malhotra
2. The danger of loss from the unforeseen circumstances in future refers to
A. risk
B. perils
C. hazard
D. damage
Correct : A. risk
3. The principle of ‘prevention is better than cure’ refers to
A. avoiding of risk
B. reduction of risk
C. transferring risk
D. shifting of risk
Correct : A. avoiding of risk
4. When the subject is partially lost by a peril insured against, it is called..........
A. general average loss
B. constructive total loss
C. actual total loss
D. particular average loss
Correct : D. particular average loss
5. Cargo ship caught by fire is an example of
A. general average loss
B. constructive total loss
C. actual total loss
D. particular average loss
Correct : A. general average loss
6. Under fire insurance, loss of profit policy is also called
A. average policy
B. consequential loss policy
C. specific policy
D. adjustable policy
Correct : B. consequential loss policy
7. Rashtriya Krishi Yojana of crop insurance scheme introduced in India in the year
A. 1999
B. 1888
C. 1988
D. 1977
Correct : A. 1999
8. Motor vehicle insurance is compulsory under Motor Vehicle Act, which was enacted in...
A. 1988
B. 1998
C. 1939
D. 1978
Correct : C. 1939
9. Motor vehicle Insurance had its beginning in
A. uk
B. usa
C. india
D. canada
Correct : A. uk
10. Organisation structure of LIC is
A. two tier
B. three tier
C. four tier
D. five tier
Correct : C. four tier
11. IRDA shall consist of note more than...........
A. 10 members
B. 7 members
C. 9 members
D. 8 members
Correct : C. 9 members
12. “Uberrimae Fidei” means
A. indemnity
B. insurable interest
C. good faith
D. mitigation of loss
Correct : C. good faith
13. ........... is the oldest insurance
A. fire insurance
B. life insurance
C. marine insurance
D. social insurance
Correct : C. marine insurance
14. Boiler insurance policy coming under
A. fire insurance
B. life insurance
C. engineering insurance
D. marine insurance
Correct : C. engineering insurance
15. In life insurance, instalment policy is also known as
A. annuity policy
B. endowment policy
C. whole life policy
D. lump sum policy
Correct : A. annuity policy
16. In insurance, “Causa Proxima” means
A. utmost good faith
B. contribution
C. prevent the causes of loss
D. closely connected perils
Correct : D. closely connected perils
17. Which of the following is not a life insurance policy of LIC
A. bima nivesh
B. jeevan aadhar
C. komal jeevan
D. sun life
Correct : D. sun life
18. In India Insurance business are regulated by
A. irbi
B. rbi
C. irda
D. irdp
Correct : C. irda
19. In insurance, NAIS stands for
A. national association of insurance service
B. non assured individual section
C. national agricultural insurance scheme
D. new agricultural insurance scheme
Correct : C. national agricultural insurance scheme
20. NAIS launched in 1999 is being implemented through
A. gic
B. lic
C. rrb
D. nabard
Correct : A. gic
21. There are........ associated companies of GIC
A. 3
B. 2
C. 6
D. 4
Correct : D. 4
22. Crop insurance Scheme was introduced by Government of India in the tear
A. 1970
B. 1972
C. 1975
D. 1985
Correct : D. 1985
23. ........... is document issued to the insured in advance of the policy
A. premium receipt
B. cover note
C. certificate of insurance
D. all of these
Correct : C. certificate of insurance
24. ............... is the amount which the insurer is prepared to pay before the date of maturity of policy.
A. paid up value
B. surrender value
C. both a & b
D. none of the above
Correct : B. surrender value
25. Risks are not suited to treatment by insurance refers to
A. static risk
B. property risk
C. dynamic risk
D. liability risk
Correct : C. dynamic risk