Quiznetik

Principles of Insurance | Set 3

1. From the following which is not a type of Public Liability Risk Insurance

Correct : D. Business premises Insurance

2. The person whose risk is insured is called ________

Correct : D. Both

3. In Marine Insurance, insurable interest is enough at the time of _______

Correct : C. Loss

4. Risk insured against death is a contract of _______-

Correct : C. Assurance

5. _____________ Policy issued on the basis of the number of persons assured.

Correct : D. Multiple life

6. _________ is an agreement where by the insurer agrees to indemnity the insured against marine losses.

Correct : C. Life Insurance

7. The danger of loss from the unforeseen circumstances in future refers to _________

Correct : D. Risk

8. _____________ Policy is granted only in respect of stocks of inventories of the insured under fire insurance business.

Correct : A. Declaration

9. The term 'Assurance' refers to ___________

Correct : A. Life Insurance business

10. __________ provides evidence of insurance to the police and Registration Authorities under Motor Vehicle Act.

Correct : C. Certificate of insurance

11. __________ is an age which a person or insured has attained in relation to a given date.

Correct : A. Attained age

12. Policy holders are expected to pay premium on due dates, a period of 15-30 days is allowed as grace to make payment of premium from the due date is _________

Correct : A. Days of grace

13. A schedule of prices, fees and fares is known as _________

Correct : C. Tariff

14. The main cause of loss or damage is _____________

Correct : A. Proximate cause

15. _________ is a theft committed by breaking or out of the premises.

Correct : A. Burglary

16. The cause of a possible loss, such as fire windstorm theft etc. is known as ___________

Correct : A. Peril

17. Martine Peril is also called as _________

Correct : C. Peril of the sea

18. ________ is a package policy which provides protection against a number of separate points.

Correct : C. Multiperil policy

19. ________ is the property saved from loss

Correct : B. Salvage

20. ________ are the rules formed to help in solving the cases of General Average Losses in foreign courts.

Correct : A. York - Antwerp rules

21. When a company reinsures its liability with another, then it ________ business

Correct : B. Cedes

22. The percentage of losses incurred to premiums earned ________ ratio

Correct : A. Incurred Loss

23. The scope of protection provided under the contract of insurance is ________

Correct : B. Coverage

24. Medical expense insurance is also known as ________

Correct : C. Medi claim

25. The risk of individuals and families are cored under ________

Correct : A. Personal insurance

26. The organization structure of ________ is four tier structures.

Correct : B. LIC

27. The central office of LIC of India is located at ________

Correct : A. Mumbai

28. The constitution of the IRDA consists of not more than ________ members.

Correct : B. 9 members

29. Under ________ insurance, loss of profit policy is called as consequential loss policy

Correct : C. Fire

30. From the following which is not an example of fundamental risk?

Correct : D. Burning of a house

31. ________ is also termed as group risk

Correct : A. Fundamental risk

32. ________ is based on the principle of co-operation

Correct : B. Insurance

33. ________ means a willful and intentional act on part of the self destroyer

Correct : B. Death

34. Life Insurance Company was set up in ________

Correct : A. 1823

35. Risks are not suited to treatment by insurance are ________

Correct : C. Dynamic risk

36. IRDA refers to ________

Correct : D. Insurance Regulatory Development Authority

37. The principle of indemnity does not apply to

Correct : C. Both (a) and (b)

38. From the following which is not a life insurance

Correct : D. Cattle insurance

39. Final accounts of Life Insurance Companies include

Correct : D. All of these

40. The concept of ________ is very important for an insurance company in deciding the methods financing.

Correct : B. Cost of capital

41. Single revenue account is prepared in ________ insurance

Correct : A. Life

42. In ________ separate revenue accounts are prepared for each type of business.

Correct : B. General insurance

43. From the following, which is a type of reserve in insurance business

Correct : D. All of these

44. Equity capital refers

Correct : D. Own capital

45. The current ratio measures the ________ position of an insurance policy

Correct : B. Liquidity

46. The books maintained on the basis of magnitude of the business are

Correct : A. Subsidiary books

47. Fire insurance contract is a contract of

Correct : D. Indemnity

48. The normal period of a ________ insurance contract is one year

Correct : C. Fire

49. ________ is also known as all risk policy

Correct : A. Comprehensive policy

50. Re-instatement policy is also known as

Correct : C. Both (a) and (b)

51. In Life Insurance, risk may be in the form of

Correct : D. All of these

52. Marine insurance protects against

Correct : B. Marine perils

53. In ________ the individual risk is offered by an insurer for acceptance or rejection by re-insurer

Correct : B. Facultative reinsurance

54. Health insurance can be availed by people aged between ________ and ________

Correct : C. 5 and 75

55. A health insurance should be

Correct : D. All of those

56. Motor Vehicle Act was established in ________

Correct : B. 1988

57. ________ enables to recoup the losses suffered by people consequent on burglary or hour breaking

Correct : A. Burglary insurance

58. ________ is a document issued in advance of the policy

Correct : B. Cover note

59. Bombay Mutual Life Assurance Society came into existence in ________

Correct : C. 1871

60. The Life Insurance Corporation was formed with a capital contribution of ________

Correct : C. 5 Crores

61. The term ________ is referred only Life Insurance business

Correct : C. Assurance

62. ________ are the basis of the contract between the proposer and insurer.

Correct : B. Warranties

63. ________ plan also refers to an exclusive policy for exclusive people.

Correct : B. Jeevan Shree

64. ________ is a plan designed for businessmen and professionals as money is available periodically.

Correct : A. Jeevan Surabhi

65. From the following which is a character of Life Insurance Services

Correct : D. All of these

66. LIC Housing Finance Ltd. was incorporated on ________

Correct : B. 1989

67. From the following which is not an individual loan scheme of LIC Housing Finance

Correct : D. Griha Suraksha

68. The Head Office of National Insurance Co. Ltd. is at________

Correct : D. Kolkatta

69. The Head Office of Oriental Insurance Co. Ltd. is at ________

Correct : C. New Delhi

70. Marine policy is also known as ________

Correct : D. Sex policy

71. Re-insurance Treaties can be used for ________ re-insurance

Correct : C. Both (a) and (b)

72. From the following which is a usual clause incorporated with Marine Policy?

Correct : D. All of these

73. From the following which is a loss due to fire?

Correct : C. Both (a) and (b)

74. The corpus fund is created with contributions from the Central Government and State Government on ________ basis

Correct : C. 50:50

75. An international code of ________ rules applied to Marine losses

Correct : A. York Antwerp rule

76. ________ is sort of contract which is approved by Indian Contracts Act

Correct : A. Insurance contract

77. New Delhi is the head office of

Correct : B. Oriental Insurance Co. Ltd.

78. A Re-insurance of Re-insurance refers to

Correct : B. Retrocession

79. In which year insurance began in India

Correct : B. 1818

80. ________ is a document in which contains the terms and conditions of the insurance contract is known as ________

Correct : B. Insurance policy

81. ________ are extra benefits under the policy

Correct : A. Riders

82. Submitting a policy back to the insurer before maturity is ________

Correct : A. Surrender

83. An insurance policy will be only if ________ is paid

Correct : B. Premium

84. Insurable interest must be present in an ________ insurance contract at the time of contract and at the time of loss.

Correct : A. Fire

85. Which is the year of 'Great Fire of London'?

Correct : B. 1666

86. The transit risk caused by fire is covered under ________ policy

Correct : D. transit policy

87. ________ is the total premium that a policy holder pays

Correct : A. Gross premium

88. ________ means a premium which remains unchanged through out the life of a policy.

Correct : D. Level premium

89. ________ is a formal statement or announcement

Correct : A. Declaration

90. The time frame for which an insurance policy provides coverage is known as ________

Correct : A. Policy term

91. An exceptionally large risk is known as ________

Correct : B. Jumbo risk

92. A person who gains or benefits as per a contract is known as______

Correct : A. Beneficiary

93. Intimation of Death is the information of death to the________

Correct : B. Insurer

94. Gross premium means Net premium plus ________

Correct : D. Expense loading

95. ________ is a form of health insurance against loss by accidental bodily injury

Correct : D. Accident insurance

96. ________ Means restoring the victim of a loss by payment, repair or replacement.

Correct : C. Indemnity