Q-11- An Open Cover is ________ an enforceable contract of Marine insurance.
- not
- always
- mandatorily
- none of above
Option-1 An Open Cover is always an enforceable contract of Marine insurance.
Q-12- Which is correct from below statements?
- Risk averter normally frightened by risk and uncertainities
- Risk preferer welcomes the existence of risk and uncertainity
- Both above are correct
- Both above are wrong
Option-3 Both above statements are correct.
Q-13- Under which of the following risk attitude category is a person willing to take a chance of gain against the odds posed by risks?
- Risk averter
- Risk neutral
- Risk preferer
- All of above
Option-3 Risk preferer is a person who is willing to take chance of gain against the odds posed by risks.
Q-14- Wear and Tear on other vehicle is an example of
- Direct cost
- Indirect cost
- Third Party cost
- None of above
Option-2 Wear and Tear on other vehicle is an example of Indirect cost.
Q-15- An example of Direct cost is
A- Repairs to a damaged vehicle
B- Time lost by other drivers attending the scene of the accident
- Only I above, not II
- Only II above, not I
- Both above
- None of above
Option-1 Only I is correct from above.
Q-16- WHich costs are necessarily incurred by an individual or firm engaged in a particular activity?
- Social costs
- Direct costs
- Social costs
- Private costs
Option-4 Private costs are those costs necessarily incurred by the individual or firm engaging in a particular activity.
Q-17- Static risk is associated with changes in human wants and imrovements in machinery and technology.
- True
- False
- Can’t say
- Dynamic risk
Option-4 Dynamic risk is associated with changes in human wants and imrovements in machinery and technology.
Q-18- Dynamic risk is connected with losses caused by irregular actioon of forces of nature or mistakes and misdeeds of human beings.
- True
- False
- Static risk
- Can’t say
Option-3 Static risk is connected with losses caused by irregular actioon of forces of nature or mistakes and misdeeds of human beings.
Q-19- As per Oxford dictionary, risk is defined as __________
- Exposure of mischance
- Chance of loss or injury
- The degree ofo probability of loss
- The degree of uncertainity on objectives
Option-1 As per Oxford dictionary, risk is defined as hazard,chance of bad consequence, loss etc.i.e exposure to mischance.
Q-20- Which risks arise from “confiscation, expropriation, nationalisation and deprivation” of private property by Governments(CEND)?
- Social risks
- Natural risks
- Political risks
- Speculative risks
Option-3 Political risks arise from “confiscation, expropriation, nationalisation and deprivation” of private property by governments(CEND).
These Insurance GK questions are based on Reinsurance and Insurance development in form of an Insurance quiz and answers.