1. The insurer agrees to compensate the insured in consideration of a sum of money is called
Correct : A. Premium
2. The things or property insured is called ________ of the insurance
Correct : A. Subject matter
3. The document which lays down the terms of the contract of the insurance is called the ________
Correct : A. Policy
4. The interest which the insured has in the subject matter of insurance is called ________
Correct : B. Insurance interest
5. A contract of insurance is a ________ agreement.
Correct : A. Contingent
6. The Life Insurance Corporation of India (LIC) was formed in________
Correct : B. 1956
7. The Bombay Mutual Assurance Society Ltd. formed in________
Correct : A. 1870
8. ________ was the first Indian Insurance Company
Correct : A. Bombay Mutual Assurance Society Ltd.
9. ________ is a valid contract between the insured on the one side and the insurer on the other
Correct : B. Insurance
10. Risk is evaluated on the basis of ________ theory
Correct : C. Probability
11. From the following, which is not a type of risk?
Correct : D. Quantitative
12. Insurance is a written agreement between the insurer and the________
Correct : D. Insured
13. ________ means to make good the actual loss and nothing more than the actual loss.
Correct : A. Indemnity
14. Insurable interest means ________ interest
Correct : C. Monetary
15. Which of the following insurance contract is not based on the principle of indemnity.
Correct : C. Life insurance
16. Human life is the subject matter of a contract of ________
Correct : A. Life assurance
17. Motor insurance provides insurance cover to ________
Correct : D. All of these
18. The Malhotra Committee submitted its report in ________
Correct : B. 1994
19. Expanded form of IRDA is ________
Correct : A. Insurance Regulatory Development Authority
20. Employee's State Insurance Corporation was established in
________
Correct : C. 1948
21. IRDA is a ________ member team
Correct : A. 10
22. The General Insurance business in India was nationalised in ________
Correct : B. 1972
23. LIC means ________
Correct : B. Life Insurance Corporation of India
24. Export Risks Insurance Corporation was established to insure ________
Correct : C. Export Risks
25. The Chairman of Malhotra Committee was ________
Correct : A. R.N. Malhotra
26. The subject matter of insurance is ________
Correct : A. Risk
27. In insurance the risk is ________
Correct : B. Uncertain
28. Marine insurance may cover loss or damage to the ________
Correct : D. All of these
29. From the following which is not a miscellaneous insurance?
Correct : C. Social insurance
30. ________ insurance is not a contract of indemnity
Correct : D. Life
31. Marine insurance is for one year or for a specified ________
Correct : A. Voyage
32. Burglary insurance policy covers the risks from burglary________
Correct : C. Both (a) & (b)
33. From the following which is the dilly or powers of IRDA.
Correct : D. All of these
34. __________ provides risks coverage to the life of person
Correct : A. ( Life Insurance
35. From the following which is the importance of life Insurance?
Correct : D. All of these
36. The Life Insurance contract is expressed in a document known as _________
Correct : B. Policy
37. __________ refers to the right of an insurer to refuse admittance of the claim by the insured.
Correct : B. Repudiation
38. FPR Means ________
Correct : A. First Premium Receipt
39. __________ is a voluntary termination of the contract by the policy holders.
Correct : B. Surrender
40. ________ means closure or writing off the policy before its actual maturity
Correct : A. Fore closure
41. If the insured dies before the expiry of the term of the policy, is known as ________
Correct : C. Death claim
42. If more than one person claim the policy money is called _______
Correct : B. Rival claim
43. ________ is concerned with overseas trade
Correct : C. Marine insurance
44. A marine insurance is a contract of _________
Correct : B. Indemnity
45. Which is not a subject matter of marine insurance
Correct : D. Fire insurance
46. __________ means the body or frame of the ship or vessel and its machinery.
Correct : C. Hull
47. ________ means goods or commodities carried in a ship
Correct : B. Cargo
48. ________ is the charge to be paid to the transportation of the goods.
Correct : C. Fright
49. The first requirement of the corporation in the cases of death claim is __________
Correct : B. Intimation of death
50. From the following which is not a content of the letter of intimation
Correct : D. Date of birth
51. Time policy is taken in the case of ________ insurance
Correct : A. Hull
52. _______ policy covers both land and sea sides
Correct : B. Block
53. Expanded form of PPL policy is ___________
Correct : C. Policy proof of interest
54. ______ Policy is taken for the shipment of a particular cargo only
Correct : C. Cargo
55. __________ means a complete loss or destruction of the subject matter in the policy.
Correct : B. Total loss
56. ___________ Policy is issued to cover the risks involved when the ship is anchored in the post.
Correct : B. Port risk
57. ________ policy is taken to cover different risks for a single shipment.
Correct : C. Specific cover
58. The receipt and rate of premium is mentioned in _____ clause.
Correct : B. Premium
59. Salvage charges means the charges increased by a _______
Correct : A. Salver
60. G.A., P.A. etc. are used in the freight causes are known as
Correct : B. Institute Freight clauses
61. General Insurance policies are issued for a period of
Correct : A. 1 year
62. _______ means the act of throwing a part of the cargo over board lighten the ship in emergencies
Correct : B. Jettison
63. Fire insurance came into existence after the Great Fire of the London in ___________
Correct : A. 1666
64. Fire insurance is a device to compensate the insured for the loss caused by _______
Correct : A. Fire
65. Fire insurance is a contract of ____________
Correct : A. Uberrimae Fidei
66. Uberrimae Fidei means _________
Correct : A. Absolute good faith
67. A valuable policy is just opposite to the ________
Correct : B. Valued policy
68. ________ Policy covers both fixed and current assets of insured manufactures.
Correct : B. Blanket
69. _________ is a contract between two insures i.e. original
insurer and another insurer.
Correct : B. Reinsurance
70. Reinsurance can be called as ________
Correct : A. Insurance of Insurance
71. Under _________ no insurer will transit the business individually
Correct : C. Pool insurance
72. EEI means
Correct : D. Electronic Erection Insurance
73. ____________ Policy is a combination of floating and average policies
Correct : A. Excess
74. __________ means insuring a risk with two or more insurers and the total sum insured also exceeds the actual value of the subject matter.
Correct : D. Double insurance
75. _______ involves proportionate sharing of the insurance among more than one insurer.
Correct : C. Co-insurance
76. ________ means insuring again.
Correct : B. Reinsurance
77. From the following which is function of insurance
Correct : D. All of these
78. The amount given by way of insurance and therefore the amount accepted by the reinsurance is known as __________
Correct : A. Cession
79. The insurer who obtains a guarantee is _________
Correct : A. Ceding insurer
80. The proportion of the risk which the direct insurer holds on his own account is called _________
Correct : B. Retention
81. Re-insurer is the insurer who grants a guarantee from the_______
Correct : B. Direct insurer
82. From the following which is not a non-proportional form of reinsurance?
Correct : D. Quata Method of reinsurance
83. When the amount for which a subject matter is insured is more than its actual value, it is called _________
Correct : C. Over insurance
84. ________ insurance means an alternative to purchasing insurance in a commercial market.
Correct : B. Internal
85. __________ Insurance is a contract to provide a measure of financial support to farmers in the event of a crop failure due to drought or flood.
Correct : B. Crop
86. ________ means the transfer of all the rights and remedies available to the insured in respect of the subject matter to the insurer after indemnity has been effected.
Correct : A. Subrogation
87. ____________ is a policy in which the limits of the risks are determined by place of particular voyage.
Correct : C. Voyage Policy
88. Life insurance policies are issued for ________ years duration.
Correct : B. 5-10
89. A fire policy containing an average clause is _________
Correct : B. Average policy
90. A ___________ policy covers loss on goods which are laying in different places.
Correct : D. Floating
91. An unlooked mishap or an untoward event which is not expected or designed
Correct : B. Accident
92. Property Insurance may not include ___________
Correct : D. Sickness
93. ___________ is a contract against injury or death resulting from accident.
Correct : C. Personal accident insurance
94. _________ is known as Rashtriya Krishi Bima Yojana
Correct : A. Crop insurance
95. Crop insurance scheme came into existence in India in ________
Correct : B. 1999
96. Crop insurance covers the risks of __________
Correct : D. All of these
97. From the following which is not a horticulture crop?
Correct : D. Coffee
98. Crop insurance scheme is also known as __________
Correct : C. Rashtriya Krishi Bima Yougan
99. Motor vehicle insurance begin in ___________
Correct : A. U.K. 9
100. Public liability Insurance act established in _______