McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 201. |
From the following which is not a type of Public Liability Risk Insurance |
| A. | Industrial Risk Insurance |
| B. | Industrial All Risk Insurance |
| C. | Non - Industrial Risk Insurance |
| D. | Business premises Insurance |
| Answer» D. Business premises Insurance | |
| 202. |
The person whose risk is insured is called ________ |
| A. | Assured |
| B. | Insured |
| C. | Underwriter |
| D. | Both |
| Answer» D. Both | |
| 203. |
In Marine Insurance, insurable interest is enough at the time of _______ |
| A. | Maturity |
| B. | Insurance |
| C. | Loss |
| D. | Claim |
| Answer» C. Loss | |
| 204. |
Risk insured against death is a contract of _______- |
| A. | Agreement |
| B. | Indemnity |
| C. | Assurance |
| D. | None |
| Answer» C. Assurance | |
| 205. |
_____________ Policy issued on the basis of the number of persons assured. |
| A. | Single life |
| B. | Level Premium |
| C. | Annuity |
| D. | Multiple life |
| Answer» D. Multiple life | |
| 206. |
_________ is an agreement where by the insurer agrees to indemnity the insured against marine losses. |
| A. | Fire Insurance |
| B. | Marine Insurance |
| C. | Life Insurance |
| D. | Property insurance. |
| Answer» C. Life Insurance | |
| 207. |
The danger of loss from the unforeseen circumstances in future refers to _________ |
| A. | Perils |
| B. | Hazards |
| C. | Damage |
| D. | Risk |
| Answer» D. Risk | |
| 208. |
_____________ Policy is granted only in respect of stocks of inventories of the insured under fire insurance business. |
| A. | Declaration |
| B. | Floating |
| C. | Replacement |
| D. | Valued |
| Answer» A. Declaration | |
| 209. |
The term 'Assurance' refers to ___________ |
| A. | Life Insurance business |
| B. | Fire insurance business |
| C. | Motor Vehicle insurance |
| D. | Marine insurance |
| Answer» A. Life Insurance business | |
| 210. |
__________ provides evidence of insurance to the police and Registration Authorities under Motor Vehicle Act. |
| A. | Endorsement |
| B. | Policy Form |
| C. | Certificate of insurance |
| D. | Cover note |
| Answer» C. Certificate of insurance | |
| 211. |
__________ is an age which a person or insured has attained in relation to a given date. |
| A. | Attained age |
| B. | Attainable age |
| C. | Maturity age |
| D. | None |
| Answer» A. Attained age | |
| 212. |
Policy holders are expected to pay premium on due dates, a period of 15-30 days is allowed as grace to make payment of premium from the due date is _________ |
| A. | Days of grace |
| B. | Days of indemnity |
| C. | both |
| D. | None |
| Answer» A. Days of grace | |
| 213. |
A schedule of prices, fees and fares is known as _________ |
| A. | Mortgage |
| B. | Underwriting |
| C. | Tariff |
| D. | None |
| Answer» C. Tariff | |
| 214. |
The main cause of loss or damage is _____________ |
| A. | Proximate cause |
| B. | Indirect Loss |
| C. | Consequential loss |
| D. | All of these |
| Answer» A. Proximate cause | |
| 215. |
_________ is a theft committed by breaking or out of the premises. |
| A. | Burglary |
| B. | Blanket |
| C. | Fire |
| D. | None |
| Answer» A. Burglary | |
| 216. |
The cause of a possible loss, such as fire windstorm theft etc. is known as ___________ |
| A. | Peril |
| B. | Barratry |
| C. | both |
| D. | None |
| Answer» A. Peril | |
| 217. |
Martine Peril is also called as _________ |
| A. | Moral hazards |
| B. | Morale hazards |
| C. | Peril of the sea |
| D. | None |
| Answer» C. Peril of the sea | |
| 218. |
________ is a package policy which provides protection against a number of separate points. |
| A. | Single peril policy |
| B. | Group peril policy |
| C. | Multiperil policy |
| D. | None |
| Answer» C. Multiperil policy | |
| 219. |
________ is the property saved from loss |
| A. | Profit |
| B. | Salvage |
| C. | Stand |
| D. | Jettison |
| Answer» B. Salvage | |
| 220. |
________ are the rules formed to help in solving the cases of General Average Losses in foreign courts. |
| A. | York - Antwerp rules |
| B. | General Average rules |
| C. | Both (a) and (b) |
| D. | None |
| Answer» A. York - Antwerp rules | |
| 221. |
When a company reinsures its liability with another, then it ________ business |
| A. | Cession |
| B. | Cedes |
| C. | Ceding |
| D. | None |
| Answer» B. Cedes | |
| 222. |
The percentage of losses incurred to premiums earned ________ ratio |
| A. | Incurred Loss |
| B. | Expense |
| C. | Loss event |
| D. | None |
| Answer» A. Incurred Loss | |
| 223. |
The scope of protection provided under the contract of insurance is ________ |
| A. | Condition |
| B. | Coverage |
| C. | Contribution |
| D. | None |
| Answer» B. Coverage | |
| 224. |
Medical expense insurance is also known as ________ |
| A. | Personal insurance |
| B. | Liability insurance |
| C. | Medi claim |
| D. | Fidelity |
| Answer» C. Medi claim | |
| 225. |
The risk of individuals and families are cored under ________ |
| A. | Personal insurance |
| B. | Property insurance |
| C. | Liability insurance |
| D. | All |
| Answer» A. Personal insurance | |
| 226. |
The organization structure of ________ is four tier structures. |
| A. | IRDA |
| B. | LIC |
| C. | GIC |
| D. | All |
| Answer» B. LIC | |
| 227. |
The central office of LIC of India is located at ________ |
| A. | Mumbai |
| B. | New Delhi |
| C. | Bangalore |
| D. | Chennai |
| Answer» A. Mumbai | |
| 228. |
The constitution of the IRDA consists of not more than ________ members. |
| A. | 8 members |
| B. | 9 members |
| C. | 10 members |
| D. | 11 members |
| Answer» B. 9 members | |
| 229. |
Under ________ insurance, loss of profit policy is called as consequential loss policy |
| A. | Marine |
| B. | Property |
| C. | Fire |
| D. | Life |
| Answer» C. Fire | |
| 230. |
From the following which is not an example of fundamental risk? |
| A. | War |
| B. | Unemployment |
| C. | Inflation |
| D. | Burning of a house |
| Answer» D. Burning of a house | |
| 231. |
________ is also termed as group risk |
| A. | Fundamental risk |
| B. | Static risk |
| C. | Property risk |
| D. | Liability risk |
| Answer» A. Fundamental risk | |
| 232. |
________ is based on the principle of co-operation |
| A. | Indemnity |
| B. | Insurance |
| C. | Claim |
| D. | None |
| Answer» B. Insurance | |
| 233. |
________ means a willful and intentional act on part of the self destroyer |
| A. | Murder |
| B. | Death |
| C. | Accident |
| D. | Suicide |
| Answer» B. Death | |
| 234. |
Life Insurance Company was set up in ________ |
| A. | 1823 |
| B. | 1832 |
| C. | 1822 |
| D. | 1821 |
| Answer» A. 1823 | |
| 235. |
Risks are not suited to treatment by insurance are ________ |
| A. | Static risk |
| B. | Particular risk |
| C. | Dynamic risk |
| D. | Property risk |
| Answer» C. Dynamic risk | |
| 236. |
IRDA refers to ________ |
| A. | Indian Regulatory Development Authority |
| B. | Insurance Regulatory Development Association |
| C. | Institute of Regulation Development Association |
| D. | Insurance Regulatory Development Authority |
| Answer» D. Insurance Regulatory Development Authority | |
| 237. |
The principle of indemnity does not apply to |
| A. | Life Insurance |
| B. | Personal accident insurance |
| C. | Both (a) and (b) |
| D. | None |
| Answer» C. Both (a) and (b) | |
| 238. |
From the following which is not a life insurance |
| A. | Fire insurance |
| B. | Marine insurance |
| C. | Vehicle insurance |
| D. | Cattle insurance |
| Answer» D. Cattle insurance | |
| 239. |
Final accounts of Life Insurance Companies include |
| A. | Revenue account |
| B. | Profit and loss account |
| C. | Receipt and payment account |
| D. | All of these |
| Answer» D. All of these | |
| 240. |
The concept of ________ is very important for an insurance company in deciding the methods financing. |
| A. | Capital |
| B. | Cost of capital |
| C. | Capital structure |
| D. | None |
| Answer» B. Cost of capital | |
| 241. |
Single revenue account is prepared in ________ insurance |
| A. | Life |
| B. | Accident |
| C. | Property |
| D. | Marine |
| Answer» A. Life | |
| 242. |
In ________ separate revenue accounts are prepared for each type of business. |
| A. | Life insurance |
| B. | General insurance |
| C. | Crop insurance |
| D. | All of these |
| Answer» B. General insurance | |
| 243. |
From the following, which is a type of reserve in insurance business |
| A. | Unearned Premium Reserve |
| B. | Un-expired Risk Reserve |
| C. | Outstanding Claims Reserve |
| D. | All of these |
| Answer» D. All of these | |
| 244. |
Equity capital refers |
| A. | Borrowed capital |
| B. | Cost of capital |
| C. | Debenture capital |
| D. | Own capital |
| Answer» D. Own capital | |
| 245. |
The current ratio measures the ________ position of an insurance policy |
| A. | Solvency |
| B. | Liquidity |
| C. | Profitability |
| D. | Activity |
| Answer» B. Liquidity | |
| 246. |
The books maintained on the basis of magnitude of the business are |
| A. | Subsidiary books |
| B. | Register of claims |
| C. | Register of policies |
| D. | Statutory books |
| Answer» A. Subsidiary books | |
| 247. |
Fire insurance contract is a contract of |
| A. | Guarantee |
| B. | Validity |
| C. | Contribution |
| D. | Indemnity |
| Answer» D. Indemnity | |
| 248. |
The normal period of a ________ insurance contract is one year |
| A. | Life |
| B. | Marine |
| C. | Fire |
| D. | Property |
| Answer» C. Fire | |
| 249. |
________ is also known as all risk policy |
| A. | Comprehensive policy |
| B. | Excess policy |
| C. | Floating policy |
| D. | Adjustable policy |
| Answer» A. Comprehensive policy | |
| 250. |
Re-instatement policy is also known as |
| A. | Replacement policy |
| B. | Replacement policy |
| C. | Both (a) and (b) |
| D. | None |
| Answer» C. Both (a) and (b) | |
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