Q-1- A person who get benefits as per a policy contract is known as
- Assurer
- Annuitant
- Beneficiary
- None
Option-3 A person who get policy benefit is known as Beneficiary.
Q-2- The purpose of ________is to hold the negligent party responsible for the loss and prevent the insured from collecting twice for the same loss.
- indemnity
- subrogation
- uberrima fides
- causa Proxima
Option-2 Subrogation prevents insured to take twice advantage of same loss and held responsible for negligent party.
Q-3- As per principle of _________, the cause of loss must be direct and an insured must be affected by that cause of loss in order to claim for compensation.
- indemnity
- subrogation
- causa proxima
- uberrima fides
Option-3 As per Principle of causa proxima, the loss must be direct and insured must be affected by that loss.
Q-4- The period for which an insurance policy provides coverage is known as
- Policy loan
- Policy term
- Policy mode
- None
Option-2 The period for which an insurance policy provides coverage is known as Policy term or Policy Period.
Q-5- Which was the first Insurance contract, entered into by European maritime nations in 1347 to accept insurance as a practice.
- Life
- Fire
- Vehicle
- Marine
Option-4 Marine Insurance is known as the oldest and first Insurance contract.
Q-6- The premium which remains unchanged through out the life of a policy is known as
- Level premium
- Gross premium
- Total premium
- Average premium
Option-1 Level Premium remains unchanged through out the life of a policy.
Q-7-First Fire Insurance company by Dr.Nicholas Barbon was set up in 1667, known as
- the fire office
- the fire company
- Nicolas company
- fire insurance company
Option-1 Aftermath of the Great Fire of London in September 1666, Dr. Nicholas Barbon set up “Insurance Office for Houses on the Back-Side of the Royal Exchange” in 1667, Known as “the Fire Office” (also known as “the Phoenix”)
Q-8- What was the First Fire Insurance company by Charles Povey was set up in 1710, known as ?
- the Sun
- Povey Insurance
- Charles Povey Insurance
- None of these
Option-1 1710 Charles Povey formed ‘the Sun’, the oldest insurance company in existence which still conducts business in its own name. It is the forerunner of the Royal & Sun Alliance Group.
Q-9- The oldest life insurance company that exists today is the society for the equitable assurance of lives and survivorship is also known as _________
- Old equitable
- Equitable insurance
- society for insurance
- none of these.
Option-1 Old Equitable
Q-10- Premium, which a policyholder pay towards any policy is known as
- Avg. premium
- Gross premium
- Partial premium
- All of these
Option-2 Gross Premium is known as policy premium.