McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Business Administration (BBA) , Bachelor of Commerce (B Com) .
| 351. |
Role and importance of insurance includes: |
| A. | Insurance provides security and safety |
| B. | Re-adjustments needs |
| C. | Key Man Indemnification |
| D. | All of the above |
| Answer» D. All of the above | |
| 352. |
The valid contract, according to Section 10 of Indian Contract Act 1872, must have the following essentialities |
| A. | Agreement |
| B. | Legal consideration |
| C. | Legal object |
| D. | All of the above |
| Answer» D. All of the above | |
| 353. |
For regulation and development of the insurance sector of the country the Government has formed: |
| A. | SEBI |
| B. | Reserve Bank of India |
| C. | Insurance Regulatory and development Authority |
| D. | General Insurance Corporation. |
| Answer» C. Insurance Regulatory and development Authority | |
| 354. |
When was Life Insurance sector nationalised? |
| A. | 1947 |
| B. | 1951 |
| C. | 1956 |
| D. | 1959 |
| Answer» C. 1956 | |
| 355. |
When was Oriental Life Insurance Company established? |
| A. | 1818 |
| B. | 1821 |
| C. | 1833 |
| D. | 1815 |
| Answer» A. 1818 | |
| 356. |
The term „ Risk‟ includes: |
| A. | Damage to machinery and property |
| B. | Impact on the health of life of a person |
| C. | Leakage of toxic products in the atmosphere |
| D. | All of the above |
| Answer» D. All of the above | |
| 357. |
IRDA was constituted by which of the following committee‟s recommendations |
| A. | Singh Committee |
| B. | Malhotra Committee |
| C. | Sahota Committee |
| D. | None of these |
| Answer» B. Malhotra Committee | |
| 358. |
The following are the types of life insurance products: |
| A. | Term Insurance |
| B. | Whole life Insurance |
| C. | Endowment policy |
| D. | All of the Above |
| Answer» D. All of the Above | |
| 359. |
Insurance which provides cover for losses or damages that could occur to goods in transit on sea, rail, road or air is known as |
| A. | Cargo Insurance |
| B. | Hull Insurance |
| C. | Rail Insurance |
| D. | Marine Insurance |
| Answer» A. Cargo Insurance | |
| 360. |
An insurance which is concern with the carrier of goods |
| A. | Cargo Insurance |
| B. | Hull Insurance |
| C. | Road Insurance |
| D. | Marine Insurance |
| Answer» B. Hull Insurance | |
| 361. |
For the purpose of insurance, motor vehicle are classified into ___Categories |
| A. | Two |
| B. | Three |
| C. | Four |
| D. | Five |
| Answer» B. Three | |
| 362. |
Third party claims are covered under Section ____ of the Motor Vehicle Act, which empowers the State Government to set up a Tribunal to adjudicate on the third party claims |
| A. | Sec 165 |
| B. | Sec 175 |
| C. | Sec 185 |
| D. | Sec 187 |
| Answer» A. Sec 165 | |
| 363. |
Which one is not feature of the contract of fire Insurance? |
| A. | It is personal in nature |
| B. | Cause of fire is immaterial |
| C. | Covers losses as a whole |
| D. | None of the Above |
| Answer» D. None of the Above | |
| 364. |
Life Insurance Corporation (LIC) of India is a |
| A. | Public sector company |
| B. | Private sector company |
| C. | Partnership Company |
| D. | Joint venture |
| Answer» A. Public sector company | |
| 365. |
The policy which cover against bodily injury resulting in death or disablement arising from an accident that has been caused by external violent and visible means is: |
| A. | Personal accident insurance |
| B. | Burglary Insurance |
| C. | Burglary and house breaking insurance |
| D. | None of the above |
| Answer» A. Personal accident insurance | |
| 366. |
As per the Insurance Act, every insurance has to prepare at the end of financial year? |
| A. | Balance sheet |
| B. | P/L account |
| C. | Revenue A/c for each class of Insurance business |
| D. | All of these |
| Answer» D. All of these | |
| 367. |
Freight insurance is under |
| A. | Life insurance |
| B. | Marine |
| C. | Fire |
| D. | Motor |
| Answer» B. Marine | |
| 368. |
The minimum sum insured under Fire insurance is |
| A. | Rs. 1 crore |
| B. | Rs. 2 crore |
| C. | Rs. 3 crore |
| D. | Rs. 4 crore |
| Answer» A. Rs. 1 crore | |
| 369. |
General Insurance does not include: |
| A. | Travel Insurance |
| B. | Health Insurance |
| C. | Home insurance |
| D. | None of the above |
| Answer» D. None of the above | |
| 370. |
Life Insurance underwriting is mainly concerned with |
| A. | Age |
| B. | Health history |
| C. | Mortality |
| D. | Marital status |
| Answer» C. Mortality | |
| 371. |
____________caters specifically to the transportation of goods or merchandise packed or in bulk and shipped either by sea, air or land. |
| A. | Hull insurance |
| B. | Cargo insurance |
| C. | Liability insurance |
| D. | Business insurance |
| Answer» B. Cargo insurance | |
| 372. |
Motor insurance provides insurance cover to |
| A. | Private vehicles |
| B. | Commercial Vehicles |
| C. | Motor cycles |
| D. | All of these |
| Answer» D. All of these | |
| 373. |
In insurance the risk is |
| A. | certain |
| B. | uncertain |
| C. | Both a and b |
| D. | None |
| Answer» B. uncertain | |
| 374. |
Which one of the following statements is correct? |
| A. | A life insurance policy is a contract, enforceable in a court of law |
| B. | A life insurance policy is not required to be stamped |
| C. | Both the statements are correct |
| D. | Both the statements are wrong |
| Answer» A. A life insurance policy is a contract, enforceable in a court of law | |
| 375. |
Which one of the following statements is correct? |
| A. | The principle of utmost good faith applies only to life insurance |
| B. | The principle of utmost good faith applies only to non-medical cases |
| C. | The principal of utmost good faith is operative only for two years |
| D. | All the above statements are incorrect |
| Answer» D. All the above statements are incorrect | |
| 376. |
The principle of utmost good faith is meant to protect the interest of |
| A. | The insurer |
| B. | The community of policyholders |
| C. | The shareholders |
| D. | None of the above |
| Answer» B. The community of policyholders | |
| 377. |
The principle of utmost good faith is important to ensure |
| A. | That the premium charged is correct |
| B. | That no one gets an undue advantage |
| C. | That there is no adverse selection |
| D. | All the three factors mentioned above |
| Answer» D. All the three factors mentioned above | |
| 378. |
Which of the following risks are insurable? |
| A. | Speculative |
| B. | Economic |
| C. | Sure to happen |
| D. | All the above |
| Answer» B. Economic | |
| 379. |
Insurable interest is |
| A. | Defined in the Insurance Act |
| B. | Defined in the Contract Act |
| C. | Defined by IRDA |
| D. | Not defined in any written law |
| Answer» D. Not defined in any written law | |
| 380. |
In case of life insurance, insurable interest should exist |
| A. | At the inception of policy |
| B. | At the time of claim |
| C. | At the time of every renewal of premium payment |
| D. | All the above occasions |
| Answer» A. At the inception of policy | |
| 381. |
In the case of life insurance, the principle of insurable interest operates |
| A. | In the same way as in marine insurance |
| B. | In the same way as fire insurance |
| C. | In the same way as in motor insurance |
| D. | Differently than in other forms of insurances. |
| Answer» D. Differently than in other forms of insurances. | |
| 382. |
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 | |
| 383. |
The central office of LIC of India is located at ________ |
| A. | Mumbai |
| B. | New Delhi |
| C. | Bangalore |
| D. | Chennai |
| Answer» A. Mumbai | |
| 384. |
Under ________ insurance, loss of profit policy is called as consequential loss policy |
| A. | Marine |
| B. | Property |
| C. | Fire |
| D. | Life |
| Answer» C. Fire | |
| 385. |
Health insurance can be availed by people aged between ______ and ______ |
| A. | 10 and 100 |
| B. | 7 and 75 |
| C. | 5 and 75 |
| D. | 10 and 70 |
| Answer» C. 5 and 75 | |
| 386. |
________ 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. | |
| 387. |
Which of the following insurance contract is not based on the principle of indemnity. |
| A. | Fire insurance |
| B. | Marine insurance |
| C. | Life insurance |
| D. | All |
| Answer» C. Life insurance | |
| 388. |
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 | |
| 389. |
When a banker collects cheques, dividend warrants, bills or other services on behalf of the customer, the banker the banker acts as an__________ |
| A. | Principal |
| B. | Agent |
| C. | Bailor |
| D. | Bailee |
| Answer» B. Agent | |
| 390. |
Motor insurance provides insurance cover to |
| A. | Private Vehicles |
| B. | Commercial Vehicles |
| C. | Motorcycles |
| D. | All of these |
| Answer» D. All of these | |
| 391. |
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 | |
| 392. |
Hull insurance is a type of |
| A. | Motor insurance |
| B. | Fire insurance |
| C. | Marine insurance |
| D. | Miscellaneous insurance |
| Answer» C. Marine insurance | |
| 393. |
Freight insurance is under |
| A. | Life insurance |
| B. | Marine insurance |
| C. | Fire insurance |
| D. | Other miscellaneous insurance |
| Answer» B. Marine insurance | |
| 394. |
A marine insurance is a contract of |
| A. | Increment |
| B. | Indemnity |
| C. | Maturity |
| D. | None |
| Answer» B. Indemnity | |
| 395. |
Fire insurance came into existence after the Great Fire of London in |
| A. | 1666 |
| B. | 1866 |
| C. | 1686 |
| D. | 1687 |
| Answer» A. 1666 | |
| 396. |
Property insurance may not include |
| A. | Burglary |
| B. | Fidelity |
| C. | Insolvency |
| D. | Sickness |
| Answer» D. Sickness | |
| 397. |
Crop insurance covers the risks of |
| A. | Natural fire |
| B. | Storm |
| C. | Drought |
| D. | All of these |
| Answer» D. All of these | |
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