Insurance MCQ Daily-26

Insurance MCQ daily proved very useful to all Insurance aspirants or insurance savvy who regularly seek insurance knowledge.   

These 20 Insurance MCQ’s is all about the different sections of Life and General insurance.

Insurance MCQ daily questions proving support to all those who are doing preparation for various competitive examinations like LIC, GIC of Public sector Insurance companies.

Apart from students, these questions are also helpful for those who want to have a basic idea of the Insurance industry, and the practice of these daily MCQs make you more aware and alert of the Insurance sector.

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Q-1- ________ is a social device for eliminating or reducing the loss of society from certain risk.

  1. Policy
  2. Contract
  3. Premium
  4. Insurance

Option 4 Insurance is a social device for eliminating or reducing the loss of society from certain risk.

Q-2- A contract of Insurance is a ________ agreement.

  1. constant
  2. contingent
  3. both
  4. none of these

Option-1 A contract of Insurance is a constant agreement

Q-3- The interest which the insured has in the subject matter of insured is called _____________

  1. Premium
  2. Insurance Interest
  3. both
  4. none of above

Option-2 is called Insurance interest.

Q-4- The things or property insured is called __________ of the insurance.

  1. Policy
  2. Subject matter
  3. Insurable interest
  4. None

Option-2 The things or poperty is called as ‘subject matter’, which is insured.

Q-5- The insurer agrees to compensate the insured in consideration of a sum of money is called ___________.

  1. Policy
  2. Premium
  3. Subject matter
  4. None

Option-2 It is called as Premium.

Q-6- The ________ is a party who gets his life or property insured against risks.

  1. Assurer
  2. Insurer
  3. Insured
  4. None

Option-3 The insured is a party who gets his life or property insured against risks.

Q-7- Insurance provides secuirty against ________.

  1. Risk
  2. Losses
  3. both
  4. none of above

Option-3 Insurance provides security against both Risk and Losses.

Q-8- The _________ is the party who agrees to compensate the person against possible losses.

  1. Insurer
  2. Insured
  3. Assured
  4. None

Option-1 Insurer is the party who agrees to compensate the person against possible losses.

Q-9- _______ is the most famoust tool of Risk management.

  1. Transfer
  2. Insurance
  3. Risk hedging
  4. Loss prevention

Option-2 Insurance is the famous tool of Risk Management.

Q-10- __________ is still the most leading channel in India for distributing insurance products.

  1. Banks
  2. Broker
  3. Agency
  4. Insurance Market

Option-3 Agency is the still most leading channel of distributing insurance products.

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