Question 1

&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.in a social device for eliminating or reducing the loss of society from certain risk.&#10;A)Premium&#10;B)Policy&#10;C)Insurance&#10;D)Contract

Accepted Answer

Insurance is the social device designed to reduce or eliminate the loss of society from certain risks by distributing the risk among many individuals or entities.

Question 2

Insurance provides security against &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Risk&#10;B)Losses&#10;C)Both (a) and (b)&#10;D)None of these

Accepted Answer

Insurance is designed to provide security against both risks and losses. Risk refers to the possibility of something happening that could cause harm or loss, while losses are the actual harm or financial loss incurred. Insurance policies are created to mitigate both these aspects by providing financial compensation or support in the event of specified risks leading to losses.

Question 3

&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.is the party who agrees to compensate the other person against possible losses&#10;A)Insured&#10;B)Insurer&#10;C)Assured&#10;D)None

Accepted Answer

The insurer is the party in an insurance contract who agrees to compensate the other party (the insured or assured) for losses under the terms of the insurance policy.

Question 4

&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.is the party who gets his life of property insured against risk&#10;A)Insured&#10;B)Insurer&#10;C)Assurer&#10;D)None

Accepted Answer

The insured is the person or entity who obtains insurance coverage for their life or property, seeking protection against various risks.

Question 5

The insurer agrees to compensate the insurer in consideration of a sum of money is called&#10;A)Premium&#10;B)Policy&#10;C)Subject matter&#10;D)None

Accepted Answer

The sum of money that the insured agrees to pay the insurer in exchange for compensation in the event of a loss is called a premium.

Question 6

The things are property insured is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.of the insurance&#10;A)Subject matter&#10;B)Insurable interest&#10;C)Policy&#10;D)None

Accepted Answer

The subject matter of the insurance refers to the physical item or entity that is being insured, such as a car, house, or life in the case of life insurance.

Question 7

The document which lays down the terms of the contract of the insurance is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Policy&#10;B)Subject matter&#10;C)Premium&#10;D)Insurable Interest

Accepted Answer

The document that lays down the terms of the contract of insurance is called a Policy. It outlines the terms and conditions under which the insurance company agrees to insure the policyholder.

Question 8

The interest which insured has in the subject matter of the insurance is called &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)Premium&#10;B)Insurance Interest&#10;C)Both A and B&#10;D)None

Accepted Answer

Insurance interest refers to the legitimate interest an insured person must have in the subject matter of the insurance policy, such as property or life, to enter into an insurance contract.

Question 9

A contract of insurance is a &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.agreement&#10;A)contingent&#10;B)Constant&#10;C)Both A and B&#10;D)None

Accepted Answer

A contract of insurance is a contingent agreement because it depends on the occurrence of an uncertain future event (such as death, accident, fire, etc.) for its operation.

Question 10

LIC was formed in &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.&#10;A)1952&#10;B)1956&#10;C)1957&#10;D)1962

Accepted Answer

LIC (Life Insurance Corporation of India) was formed in 1956 when the Indian government nationalized the private insurance industry through the Life Insurance of India Act.

Question 11

Risk is evaluated on the basis of &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.theory&#10;A)Variability&#10;B)Contingency&#10;C)Probability&#10;D)All

Accepted Answer

The answer of Risk is evaluated on the basis of...

Question 12

Insurance is a written agreement between the insurer and the &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#10;A)People&#10;B)Individuals&#10;C)Institutions&#10;D)Insured

Accepted Answer

The answer of Insurance is a written agreement between the...

Question 13

Insurable interest means &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.interest&#10;A)Individuals&#10;B)Social&#10;C)Monitoring&#10;D)All of this

Accepted Answer

The answer of Insurable interest means &#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;&#8230;.interest&#10;A)Individuals&#10;B)Social&#10;C)Monitoring&#10;D)All of this...

Question 14

Human life is the subject matter of a contract of_______________&#10;A)Life insurance&#10;B)Fire insurance&#10;C)Marine Insurance&#10;D)None-life insurance

Accepted Answer

The answer of Human life is the subject matter of...

Question 15

Motor insurance provides insurance cover to _____________________&#10;A)Private vehicles&#10;B)Commercial&#10;C)Motor cycles&#10;D)All of these

Accepted Answer

The answer of Motor insurance provides insurance cover to _____________________&#10;A)Private...

Question 16

Expanded form of IRDA is_________________________&#10;A)Insurance Regulatory Development Authority&#10;B)Insurance reforms development Act&#10;C)Insurance Restructure Development Authority&#10;D)Indian RE- insurance Development Authority

Accepted Answer

The answer of Expanded form of IRDA is_________________________&#10;A)Insurance Regulatory Development...

Question 17

IRDA is a ------------ member team&#10;A)10&#10;B)20&#10;C)15&#10;D)18

Accepted Answer

The answer of IRDA is a ------------ member team&#10;A)10&#10;B)20&#10;C)15&#10;D)18...

Question 18

The subject matter of insurance is ___________&#10;A)Risk&#10;B)Return&#10;C)Income&#10;D)Profit

Accepted Answer

The answer of The subject matter of insurance is ___________&#10;A)Risk&#10;B)Return&#10;C)Income&#10;D)Profit...

Question 19

Marine insurance may cover loss or damage to the ___________&#10;A)Ship&#10;B)Cargo&#10;C)Any other subject of marine adventure&#10;D)All of these

Accepted Answer

The answer of Marine insurance may cover loss or damage...

Question 20

_________ insurance is a not a contract of indemnity&#10;A)Fire&#10;B)Marine&#10;C)Health&#10;D)Life

Accepted Answer

The answer of _________ insurance is a not a contract...

Question 21

Risk is evaluated on the basis of ___________ theory&#10;A)Variability&#10;B)Contingency&#10;C)Probability&#10;D)All

Accepted Answer

The answer of Risk is evaluated on the basis of...

Question 22

Insurance is a written agreement between the insured and the__________&#10;A)People&#10;B)Individuals&#10;C)Institutions&#10;D)Insured

Accepted Answer

The answer of Insurance is a written agreement between the...

Question 23

Insurable interest means___________ interest&#10;A)Individual&#10;B)Social&#10;C)Monetary&#10;D)All of these

Accepted Answer

The answer of Insurable interest means___________ interest&#10;A)Individual&#10;B)Social&#10;C)Monetary&#10;D)All of these...

Question 24

Which of the following insurance contract is not based on the principle of indemnity&#10;A)File Insurance&#10;B)Marine Insurance&#10;C)Life insurance&#10;D)None

Accepted Answer

The answer of Which of the following insurance contract is...

Deck 6: Understanding Insurance and Its Components