Insurance MCQ Daily-13

Insurance MCQ daily is very useful to all Insurance aspirants who want to make Insurance a successful career.   

Insurance Daily MCQ is very helpful to all those who are preparing for various competitive exams. This MCQ will certainly add value to their Insurance learning. Practice it daily with us and get a competitive advantage over your competitors.

These 20 Insurance MCQ’s covering across all branches of Insurance to provide more awareness to all Insurance aspirants.

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Q-1- An international code of rules applied to Marine losses is called

  1. York Antwerp rule
  2. York Antiperil rule
  3. Both (a) and (b)
  4. None

Option-1 The York Antwerp Rules are a set of model internal maritime rules concerning the rights and obligations of vessel and cargo owners when cargo aboard a vessel must be jettisoned.

Q-2- Extra benefits under a policy is called _________

  1. Riders
  2. Add on covers
  3. Both above
  4. None of above

Option-3 Riders and add on covers both are extra benefits under a policy.

Q-3- An insurance policy will be valid only if ________ is paid

  1. Policy
  2. Premium
  3. Document
  4. None

Option-2 An Insurance policy will be paid only if premium is paid.

Q-4- The risk which arises because of change in major economic. Social, cultural and political factors are

  1. Dynamic Risk
  2. Particular Risk
  3. Speculative Risk
  4. Fundamental Risk

Option-4 Fundamental Risk

Q-5- To promote digital transactions, Life Insurance Corporation waive off the convenience fee on all payments to the national insurer, effective from

  1. 1st April 2020
  2. 1st March 2020
  3. 1st December 2019
  4. 31st December 2019

Option-3 1st December 2019

Q-6- From below which of the Principle means that the insured is not entitled to make a profit on his loss

  1. Indemnity
  2. Subrogation
  3. Contribution
  4. Insurable interest

Option-1 Principle of Indemnity define characteristic of insurance, providing that a loss payment will replace what is lost, putting the insured back to where it was financially prior to the loss without rewarding or penalizing the insured for its loss.

Q-7- The purpose of ______is to hold the negligent person responsible for the loss and prevent the insured from collecting twice for the same loss

  1. Indemnity
  2. Contribution
  3. Subrogation
  4. Insurable interest

Option-3 Subrogation

Q-8- Which committee suggested the re-opening up of the insurance sector to private players?

  1. V S Vyas Committee
  2. Rangarajan Committee
  3. Narasimhan Committee
  4. R.N. Malhotra Committee

Option-4 R N Malhotra committee suggested for re-opening of Insurance sector to private players.

Q-9- Who are independent professionals appointed by an insurance company to assess the loss or damage when a claim is notified under a policy issued by them.

  1. Agents
  2. Brokers
  3. Surveyors
  4. Loss assessors

Option-4 Loss Assessors

Q-10- The things or property insured is called ________ of the insurance

  1. Policy
  2. Cover note
  3. Subject matter
  4. Insurable interest

Option-3 Subject Matter is thing or property insured.

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