McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
| 151. |
Certain percentage of the sum assured is paid periodically according to.......... policy |
| A. | term |
| B. | endowment |
| C. | money back |
| D. | group insurance |
| Answer» C. money back | |
| 152. |
The principle of indemnity does not apply to |
| A. | burglary insurance |
| B. | fire insurance |
| C. | marine insurance |
| D. | life and personal accident insurance |
| Answer» D. life and personal accident insurance | |
| 153. |
Transfer of rights and remedies of the insured to the insurer after indemnity has been effected is called |
| A. | insurable interest |
| B. | subrogation |
| C. | proximate cause |
| D. | mitigation of loss |
| Answer» B. subrogation | |
| 154. |
Guarantee for employer for the loss out of employees dishonest is |
| A. | burglary insurance |
| B. | fidelity insurance |
| C. | third party insurance |
| D. | guarantee insurance |
| Answer» B. fidelity insurance | |
| 155. |
Motor insurance has its beginning in the |
| A. | usa |
| B. | ussr |
| C. | uk |
| D. | uae |
| Answer» C. uk | |
| 156. |
Fidelity guarantee insurance does not guarantee |
| A. | the death of the employer |
| B. | the death of the employee |
| C. | the employees honesty |
| D. | the employers honesty |
| Answer» C. the employees honesty | |
| 157. |
Insurance is based on the principle of |
| A. | co-operation |
| B. | democracy |
| C. | equality |
| D. | welfare |
| Answer» A. co-operation | |
| 158. |
This policy covers all risks to the ship and its cargo while the ship is at a particular port. |
| A. | voyage policy |
| B. | floating policy |
| C. | time policy |
| D. | port risk policy |
| Answer» D. port risk policy | |
| 159. |
Fire insurance can be taken in respect of |
| A. | movable properties only |
| B. | immovable properties only |
| C. | both a & b |
| D. | persons only |
| Answer» C. both a & b | |
| 160. |
The principle of indemnity applicable to........... |
| A. | life insurance |
| B. | personal accident insurance |
| C. | property insurance |
| D. | all of these |
| Answer» D. all of these | |
| 161. |
Except life insurance the maximum term of other insurance is |
| A. | 12 months |
| B. | 24 months |
| C. | 6 months |
| D. | 36 months |
| Answer» A. 12 months | |
| 162. |
The person whose risk is insured is called |
| A. | insured |
| B. | assured |
| C. | insurer |
| D. | both a &b |
| Answer» D. both a &b | |
| 163. |
The person who agrees to compensate the loss arising from the risk is called the ........ |
| A. | insurer |
| B. | underwriter |
| C. | assurer |
| D. | all of these |
| Answer» D. all of these | |
| 164. |
............ policy matures on the assureds’ death or on his attainment of particular age whichever is earlier |
| A. | endowment policy |
| B. | money back policy |
| C. | joint life policy |
| D. | single premium policy |
| Answer» A. endowment policy | |
| 165. |
In marine insurance, insurable interest is enough at the time of........ |
| A. | claim |
| B. | loss |
| C. | maturity |
| D. | insurance |
| Answer» B. loss | |
| 166. |
In fire insurance, insurable interest is enough at the time of........ |
| A. | effecting the policy |
| B. | loss |
| C. | maturity |
| D. | both a & b |
| Answer» D. both a & b | |
| 167. |
......... is an agreement whereby the insurer agrees to indemnify the insured against losses due to sea and port perils |
| A. | fire insurance |
| B. | marine insurance |
| C. | life insurance |
| D. | all the above |
| Answer» B. marine insurance | |
| 168. |
....... are those terms, which are written on the policy |
| A. | express warranties |
| B. | implied warranties |
| C. | memorandum clause |
| D. | valuation clause |
| Answer» A. express warranties | |
| 169. |
When the subject matter insured is destroyed wholly refers to......... |
| A. | partial total loss |
| B. | actual total loss |
| C. | constructive total loss |
| D. | none of these |
| Answer» B. actual total loss | |
| 170. |
------- policy issued on the basis of the number of persons assured |
| A. | annuity policy |
| B. | multiple life policy |
| C. | single life policy |
| D. | level premium policy |
| Answer» B. multiple life policy | |
| 171. |
Process of transferring right in respect of a policy from one person to another is |
| A. | blank transfer |
| B. | surrender |
| C. | assignment |
| D. | endorsement |
| Answer» C. assignment | |
| 172. |
......... means a wilful and intentional act on part of self destroyer |
| A. | death |
| B. | suicide |
| C. | murder |
| D. | accident |
| Answer» B. suicide | |
| 173. |
The central office of LIC is located at |
| A. | new delhi |
| B. | kolkata |
| C. | mumbai |
| D. | chennai |
| Answer» C. mumbai | |
| 174. |
A person employed to act for another or to represent another while dealing with third party is |
| A. | principal |
| B. | trustee |
| C. | agent |
| D. | servant |
| Answer» C. agent | |
| 175. |
Maritime perils are also called.......... |
| A. | perils of the sea |
| B. | moral hazards |
| C. | morale hazards |
| D. | none of these |
| Answer» A. perils of the sea | |
| 176. |
............ policy in which the limits of the risks are determined by place of particular voyage |
| A. | valued |
| B. | time |
| C. | voyage |
| D. | unvalued |
| Answer» C. voyage | |
| 177. |
............. policy covers the risk during a particular voyage for a specific period |
| A. | valued |
| B. | time |
| C. | voyage |
| D. | mixed |
| Answer» D. mixed | |
| 178. |
The term ‘run off or Fully declared’ refers to |
| A. | floating policy |
| B. | wagering policy |
| C. | builders risk policy |
| D. | open cover policy |
| Answer» A. floating policy | |
| 179. |
Wagering policy also known as |
| A. | policy proof of interest |
| B. | open policy |
| C. | builders risk policy |
| D. | port risk policy |
| Answer» A. policy proof of interest | |
| 180. |
Risk insured against death is a contract of....... |
| A. | assurance |
| B. | agreement |
| C. | indemnity |
| D. | all the above |
| Answer» A. assurance | |
| 181. |
Which of the following contract is not legally enforceable |
| A. | contract of insurance |
| B. | contract of guarantee |
| C. | wagering contract |
| D. | contract of indemnity |
| Answer» C. wagering contract | |
| 182. |
................. is a document which provides evidence of the contract of insurance |
| A. | proposal form |
| B. | policy form |
| C. | cover note |
| D. | certificate of insurance |
| Answer» A. proposal form | |
| 183. |
General Insurance Corporation was established in the year |
| A. | 1956 |
| B. | 1972 |
| C. | 1955 |
| D. | 1971 |
| Answer» A. 1956 | |
| 184. |
General insurance business was nationalised under |
| A. | gibn act.1971 |
| B. | gibn act.1972 |
| C. | gibn act.1973 |
| D. | gibn act.1974 |
| Answer» B. gibn act.1972 | |
| 185. |
The head quarters of New India Assurance Co. Ltd is |
| A. | new delhi |
| B. | mumbai |
| C. | kolkata |
| D. | chennai |
| Answer» B. mumbai | |
| 186. |
The Head quarters of Oriental Insurance Co.ltd is |
| A. | new delhi |
| B. | mumbai |
| C. | kolkata |
| D. | chennai |
| Answer» A. new delhi | |
| 187. |
The Head office of National Insurance Co. Ltd is |
| A. | new delhi |
| B. | mumbai |
| C. | kolkata |
| D. | chennai |
| Answer» C. kolkata | |
| 188. |
The Head office of United India Insurance Co. Ltd is |
| A. | new delhi |
| B. | mumbai |
| C. | kolkata |
| D. | chennai |
| Answer» D. chennai | |
| 189. |
Life insurance in its present form came to India from |
| A. | uk |
| B. | usa |
| C. | canada |
| D. | germany |
| Answer» A. uk | |
| 190. |
LIC was set up in the year |
| A. | 1824 |
| B. | 1823 |
| C. | 1822 |
| D. | 1821 |
| Answer» B. 1823 | |
| 191. |
LIC was nationalised in the year |
| A. | 1951 |
| B. | 1952 |
| C. | 1954 |
| D. | 1956 |
| Answer» D. 1956 | |
| 192. |
The term “Assurance’ refers........ |
| A. | life insurance |
| B. | fire insurance |
| C. | marine insurance |
| D. | none of these |
| Answer» A. life insurance | |
| 193. |
The Oriental Life Insurance Company came to India during |
| A. | 1919 |
| B. | 1818 |
| C. | 1899 |
| D. | 1888 |
| Answer» B. 1818 | |
| 194. |
The policies where the premium is payable throughout the life of the assured is called |
| A. | whole life policy |
| B. | renewable term policy |
| C. | sinking fund policy |
| D. | annuity policy |
| Answer» A. whole life policy | |
| 195. |
With Profit policy is also known as....... |
| A. | multiple life policy |
| B. | participating policy |
| C. | level premium policy |
| D. | lump sum policy |
| Answer» B. participating policy | |
| 196. |
A reinsurance of reinsurance known as............ |
| A. | line |
| B. | retention |
| C. | retrocession |
| D. | cession |
| Answer» C. retrocession | |
| 197. |
Reinsurance is also termed as.............. |
| A. | insurance of insurance |
| B. | retrocession |
| C. | double insurance |
| D. | all of these |
| Answer» A. insurance of insurance | |
| 198. |
When the same risk and subject matter is insured with more than one insurer is called............ |
| A. | insurance of insurance |
| B. | retrocession |
| C. | double insurance |
| D. | none of these |
| Answer» C. double insurance | |
| 199. |
When the amount for which a subject matter is insured more than its actual value, it is called............... |
| A. | over insurance |
| B. | reinsurance |
| C. | double insurance |
| D. | extra insurance |
| Answer» A. over insurance | |
| 200. |
IRDA refers to |
| A. | insurance regulatory development authority |
| B. | indian reinsurance development authority |
| C. | insurance regulation and department accreditation |
| D. | insurance regulatory development association |
| Answer» A. insurance regulatory development authority | |
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