Q-1- Insurance works on the principle of
- Sharing of losses
- Probabilities
- Large numbers
- Randomness
- All of the above
Option-5 All of the above
Q-2- The term ‘Risk’ includes:
- Damage to machinery and property
- Impact on the health or life of a person
- Leakage of toxic products into the atmosphere
- Effect on the healthy life of the neighborhood
- All of the above
Option-5 All of the above
Q-3- The origins of modern commercial insurance business as practiced today can be traced to___________ in London.
- Swiss Re
- Assurance
- Munich Re
- Lloyd’s Coffee House
- Berkshire Hathaway
Option-4 LIyod’s coffee house
Q-4-Insurance helps to
- Make assets continuously productive
- Prevent adverse situations from occurring
- Negate all consequences of adverse situations
- Reduce the financial consequences of adverse situations
- All of the above
Option-4 Insurance Helps to Reduce the financial consequences of adverse situations
Q-5-Amicable Society for a Perpetual Assurance founded in______in London is considered to be the first life insurance company in the world.
- 1700
- 1702
- 1704
- 1706
- 1708
Option-4 1706
Q-6-The main purpose of having Life insurance is
- as an avenue for long-term investment
- as an avenue for short-term investment
- as a governmental program for reducing poverty
- as a medium for getting income tax benefits from savings
- None of the above
Option-5 None of the above
Q-7-Insurance works on the principle of
- Probabilities
- Randomness
- Large numbers
- Sharing of losses
- All of the above
Option-5 All of the above
Q-8- Which of the following intermediaries do not require IRDA’s license/ approval to operate in India?
- Surveyors
- Insurance Agents
- Insurance Brokers
- Third Party Administrators
- All the above intermediaries require IRDA’s license/ approval
Option-5 All of the above intermediaries require IRDA’s licence/approval.
Q-9-The principle of ________ ensures that an insured does not profit by insuring with multiple insurers
- Indemnity
- Subrogation
- Contribution
- Co-insurance
- Particular Average
Option-3 The priciple of contribution ensures that an insured doesn’t profit by insuring multiple insurers.
Q-10- Insurance helps to
- Make assets continuously productive
- Prevent adverse situations from occurring
- Negate all consequences of adverse situations
- Reduce the financial consequences of adverse situations
- All of the above
Option-4 Insurance helps to reduce financial consequences if adverse situations.
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