McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
________ is a social device for eliminating or reducing the loss of society from certain risk. |
| A. | Premium |
| B. | Policy |
| C. | Insurance |
| D. | Contract |
| Answer» C. Insurance | |
| 2. |
Insurance provides security against ________ |
| A. | Risk |
| B. | Losses |
| C. | Both (a) & (b) |
| D. | None of them |
| Answer» C. Both (a) & (b) | |
| 3. |
The ________ is the party who agrees to compensate the other person against possible losses. |
| A. | Insured |
| B. | Insurer |
| C. | Assured |
| D. | None |
| Answer» B. Insurer | |
| 4. |
The ________ is the party who gets his life or property insured against risks. |
| A. | Insured |
| B. | Insurer |
| C. | Assurer |
| D. | None |
| Answer» A. Insured | |
| 5. |
The insurer agrees to compensate the insured in consideration of a sum of money is called |
| A. | Premium |
| B. | Policy |
| C. | Subject matter |
| D. | None |
| Answer» A. Premium | |
| 6. |
The things or property insured is called ________ of the insurance |
| A. | Subject matter |
| B. | Insurable interest |
| C. | Policy |
| D. | None |
| Answer» A. Subject matter | |
| 7. |
The document which lays down the terms of the contract of the insurance is called the ________ |
| A. | Policy |
| B. | Subject matter |
| C. | Premium |
| D. | Insurable interest |
| Answer» A. Policy | |
| 8. |
The interest which the insured has in the subject matter of insurance is called ________ |
| A. | Premium |
| B. | Insurance interest |
| C. | both (a) & (b) |
| D. | None |
| Answer» B. Insurance interest | |
| 9. |
A contract of insurance is a ________ agreement. |
| A. | Contingent |
| B. | Constant |
| C. | both |
| D. | None of these |
| Answer» A. Contingent | |
| 10. |
The Life Insurance Corporation of India (LIC) was formed in________ |
| A. | 1952 |
| B. | 1956 |
| C. | 1957 |
| D. | 1962 |
| Answer» B. 1956 | |
| 11. |
The Bombay Mutual Assurance Society Ltd. formed in________ |
| A. | 1870 |
| B. | 1970 |
| C. | 1960 |
| D. | 1865 |
| Answer» A. 1870 | |
| 12. |
________ was the first Indian Insurance Company |
| A. | Bombay Mutual Assurance Society Ltd. |
| B. | Bombay Insurance Society Ltd. |
| C. | Insurance Regulatory Development Authority |
| D. | General Insurance Corporation |
| Answer» A. Bombay Mutual Assurance Society Ltd. | |
| 13. |
________ is a valid contract between the insured on the one side and the insurer on the other |
| A. | Policy |
| B. | Insurance |
| C. | Warranties |
| D. | None |
| Answer» B. Insurance | |
| 14. |
Risk is evaluated on the basis of ________ theory |
| A. | Variability |
| B. | Contingency |
| C. | Probability |
| D. | All |
| Answer» C. Probability | |
| 15. |
From the following, which is not a type of risk? |
| A. | Speculative risks |
| B. | Dynamic risks |
| C. | Fundamental |
| D. | Quantitative |
| Answer» D. Quantitative | |
| 16. |
Insurance is a written agreement between the insurer and the________ |
| A. | People |
| B. | Individuals |
| C. | Institutions |
| D. | Insured |
| Answer» D. Insured | |
| 17. |
________ means to make good the actual loss and nothing more than the actual loss. |
| A. | Indemnity |
| B. | Subrogation |
| C. | Contribution |
| D. | None |
| Answer» A. Indemnity | |
| 18. |
Insurable interest means ________ interest |
| A. | Individual |
| B. | Social |
| C. | Monetary |
| D. | All of these |
| Answer» C. Monetary | |
| 19. |
Which of the following insurance contract is not based on the principle of indemnity. |
| A. | Fire insurance |
| B. | Marine insurance |
| C. | Life insurance |
| D. | None |
| Answer» C. Life insurance | |
| 20. |
Human life is the subject matter of a contract of ________ |
| A. | Life assurance |
| B. | Fire insurance |
| C. | Marine insurance |
| D. | None - Life insurance |
| Answer» A. Life assurance | |
| 21. |
Motor insurance provides insurance cover to ________ |
| A. | Private vehicles |
| B. | Commercial vehicles |
| C. | Motorcycles |
| D. | All of these |
| Answer» D. All of these | |
| 22. |
The Malhotra Committee submitted its report in ________ |
| A. | 1993 |
| B. | 1994 |
| C. | 1995 |
| D. | 1996 |
| Answer» B. 1994 | |
| 23. |
Expanded form of IRDA is ________ |
| A. | Insurance Regulatory Development Authority |
| B. | Insurance Reforms Development Act |
| C. | Insurance Restructure Development Act |
| D. | Indian Re-insurance Development Authority |
| Answer» A. Insurance Regulatory Development Authority | |
| 24. |
Employee's State Insurance Corporation was established in ________ |
| A. | 1968 |
| B. | 1958 |
| C. | 1948 |
| D. | 1988 |
| Answer» C. 1948 | |
| 25. |
IRDA is a ________ member team |
| A. | 10 |
| B. | 20 |
| C. | 15 |
| D. | 18 |
| Answer» A. 10 | |
| 26. |
The General Insurance business in India was nationalised in ________ |
| A. | 1962 |
| B. | 1972 |
| C. | 1982 |
| D. | 1992 |
| Answer» B. 1972 | |
| 27. |
LIC means ________ |
| A. | Life India Corporation |
| B. | Life Insurance Corporation of India |
| C. | Life Insurance Contract |
| D. | Non of these |
| Answer» B. Life Insurance Corporation of India | |
| 28. |
Export Risks Insurance Corporation was established to insure ________ |
| A. | Import Risks |
| B. | Exchange Risks |
| C. | Export Risks |
| D. | All of these |
| Answer» C. Export Risks | |
| 29. |
The Chairman of Malhotra Committee was ________ |
| A. | R.N. Malhotra |
| B. | R.K. Malhotra |
| C. | R.B. Malhotra |
| D. | R.S. Malhotra |
| Answer» A. R.N. Malhotra | |
| 30. |
The subject matter of insurance is ________ |
| A. | Risk |
| B. | Return |
| C. | Income |
| D. | Profit |
| Answer» A. Risk | |
| 31. |
In insurance the risk is ________ |
| A. | Certain |
| B. | Uncertain |
| C. | Both (a) & (b) |
| D. | None |
| Answer» B. Uncertain | |
| 32. |
Marine insurance may cover loss or damage to the ________ |
| A. | Ship |
| B. | Cargo |
| C. | Any other subject of Marine adventure |
| D. | All of these |
| Answer» D. All of these | |
| 33. |
From the following which is not a miscellaneous insurance? |
| A. | Motor insurance |
| B. | Third party insurance |
| C. | Social insurance |
| D. | Burglary insurance |
| Answer» C. Social insurance | |
| 34. |
________ insurance is not a contract of indemnity |
| A. | Fire |
| B. | Marine |
| C. | Health |
| D. | Life |
| Answer» D. Life | |
| 35. |
Marine insurance is for one year or for a specified ________ |
| A. | Voyage |
| B. | Year |
| C. | Loss |
| D. | None |
| Answer» A. Voyage | |
| 36. |
Burglary insurance policy covers the risks from burglary________ |
| A. | Theft |
| B. | Robbery |
| C. | Both (a) & (b) |
| D. | None |
| Answer» C. Both (a) & (b) | |
| 37. |
From the following which is the dilly or powers of IRDA. |
| A. | To regulate, promote and ensure orderly growth of the insurance business |
| B. | To exercise all powers and functions of the Controller of Insurance |
| C. | To promote and regulate professional organizations connected with insurance business |
| D. | All of these |
| Answer» D. All of these | |
| 38. |
__________ provides risks coverage to the life of person |
| A. | ( Life Insurance |
| B. | Health Insurance |
| C. | Death Insurance |
| D. | All of these |
| Answer» A. ( Life Insurance | |
| 39. |
From the following which is the importance of life Insurance? |
| A. | Encourage investments |
| B. | Credit work ness |
| C. | Tax benefit |
| D. | All of these |
| Answer» D. All of these | |
| 40. |
The Life Insurance contract is expressed in a document known as _________ |
| A. | Premium |
| B. | Policy |
| C. | Indemnity |
| D. | None of these |
| Answer» B. Policy | |
| 41. |
__________ refers to the right of an insurer to refuse admittance of the claim by the insured. |
| A. | Replication |
| B. | Repudiation |
| C. | Dufalication |
| D. | None |
| Answer» B. Repudiation | |
| 42. |
FPR Means ________ |
| A. | First Premium Receipt |
| B. | Fourth Premium Receipt |
| C. | First Policy Receipt |
| D. | First Police Record |
| Answer» A. First Premium Receipt | |
| 43. |
__________ is a voluntary termination of the contract by the policy holders. |
| A. | Report |
| B. | Surrender |
| C. | Prospectus |
| D. | Cover note |
| Answer» B. Surrender | |
| 44. |
________ means closure or writing off the policy before its actual maturity |
| A. | Fore closure |
| B. | Surrender |
| C. | Endorsement |
| D. | Cover note |
| Answer» A. Fore closure | |
| 45. |
If the insured dies before the expiry of the term of the policy, is known as ________ |
| A. | Policy |
| B. | Premium |
| C. | Death claim |
| D. | Death Policy |
| Answer» C. Death claim | |
| 46. |
If more than one person claim the policy money is called _______ |
| A. | Death claim |
| B. | Rival claim |
| C. | Both |
| D. | None |
| Answer» B. Rival claim | |
| 47. |
________ is concerned with overseas trade |
| A. | Life Insurance |
| B. | Non-life insurance |
| C. | Marine insurance |
| D. | Fire insurance |
| Answer» C. Marine insurance | |
| 48. |
A marine insurance is a contract of _________ |
| A. | Increment |
| B. | Indemnity |
| C. | Maturity |
| D. | None |
| Answer» B. Indemnity | |
| 49. |
Which is not a subject matter of marine insurance |
| A. | Hull insurance |
| B. | Cargo insurance |
| C. | Fright Insurance |
| D. | Fire insurance |
| Answer» D. Fire insurance | |
| 50. |
__________ means the body or frame of the ship or vessel and its machinery. |
| A. | Cargo |
| B. | Fright |
| C. | Hull |
| D. | Voyage |
| Answer» C. Hull | |
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