Deck 9: Insurance Sector Reforms and Policies

Question 1

Committee of Reforms in Insurance sectors during 1993 headed by...........

A)rn malhotra
B)s narasimham
C)manmohansingh
D)p chidambaram

Answer 1

rn malhotra

Question 2

The danger of loss from the unforeseen circumstances in future refers to

A)risk
B)perils
C)hazard
D)damage

Answer 2

risk

Question 3

The principle of 'prevention is better than cure' refers to

A)avoiding of risk
B)reduction of risk
C)transferring risk
D)shifting of risk

Answer 3

avoiding of risk

Question 4

When the subject is partially lost by a peril insured against, it is called..........

A)general average loss
B)constructive total loss
C)actual total loss
D)particular average loss

Question 5

Cargo ship caught by fire is an example of

A)general average loss
B)constructive total loss
C)actual total loss
D)particular average loss

Question 6

Under fire insurance, loss of profit policy is also called

A)average policy
B)consequential loss policy
C)specific policy
D)adjustable policy

Question 7

Rashtriya Krishi Yojana of crop insurance scheme introduced in India in the year

A)1999
B)1888
C)1988
D)1977

Question 8

Motor vehicle insurance is compulsory under Motor Vehicle Act, which was enacted in...

A)1988
B)1998
C)1939
D)1978

Question 9

Motor vehicle Insurance had its beginning in

A)uk
B)usa
C)india
D)canada

Question 10

Organisation structure of LIC is

A)two tier
B)three tier
C)four tier
D)five tier

Question 11

IRDA shall consist of note more than...........

A)10 members
B)7 members
C)9 members
D)8 members

Question 12

"Uberrimae Fidei" means

A)indemnity
B)insurable interest
C)good faith
D)mitigation of loss

Question 13

........... is the oldest insurance

A)fire insurance
B)life insurance
C)marine insurance
D)social insurance

Question 14

Boiler insurance policy coming under

A)fire insurance
B)life insurance
C)engineering insurance
D)marine insurance

Question 15

In life insurance, instalment policy is also known as

A)annuity policy
B)endowment policy
C)whole life policy
D)lump sum policy

Question 16

In insurance, "Causa Proxima" means

A)utmost good faith
B)contribution
C)prevent the causes of loss
D)closely connected perils

Question 17

Which of the following is not a life insurance policy of LIC

A)bima nivesh
B)jeevan aadhar
C)komal jeevan
D)sun life

Question 18

In India Insurance business are regulated by

A)irbi
B)rbi
C)irda
D)irdp

Question 19

In insurance, NAIS stands for

A)national association of insurance service
B)non assured individual section
C)national agricultural insurance scheme
D)new agricultural insurance scheme

Question 20

NAIS launched in 1999 is being implemented through

A)gic
B)lic
C)rrb
D)nabard

Question 21

There are........ associated companies of GIC

A)3
B)2
C)6
D)4

Question 22

Crop insurance Scheme was introduced by Government of India in the tear

A)1970
B)1972
C)1975
D)1985

Question 23

........... is document issued to the insured in advance of the policy

A)premium receipt
B)cover note
C)certificate of insurance
D)all of these

Question 24

............... is the amount which the insurer is prepared to pay before the date of maturity of policy.

A)paid up value
B)surrender value
C)both a & b
D)none of the above

Question 25

Risks are not suited to treatment by insurance refers to

A)static risk
B)property risk
C)dynamic risk
D)liability risk