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.