Deck 7: Insurance Policy Types and Terms

Question 1

________means closure or writing off the policy before its actual maturity

A)Fore closure
B)Surrender
C)Endorsement
D)Cover not

Answer 1

Fore closure

Question 2

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 2

Death claim

Question 3

If more than one person claim the policy Money is called_______________________

A)Death claim
B)Rival claim
C)Both
D)None

Answer 3

Rival claim

Question 4

A marine insurance is a contract of___________________

A)Increment
B)Indemnity
C)Maturity
D)None

Question 5

_________means as complete loss or destruction of the subject matter in the policy

A)Partial loss
B)Total loss
C)Actual loss
D)None

Question 6

_________policy is issued to cover the risks involved when ship is anchored in the post

A)Cargo
B)Port risk
C)Currency
D)Fleet

Question 7

___________________policy is taken to cover different risks for a single shipment

A)Blanket
B)Named
C)Specific cover
D)Block

Question 8

FPR means_________________

A)First Premium Receipt
B)Fourth premium receipt
C)First policy receipt
D)First policy record

Question 9

___________ is a policy in which the limits of the risks are determined by the place of particular voyage

A)Time policy
B)Valued policy
C)Voyage policy
D)Floating policy

Question 10

Life insurance policies are issued for __________years duration

A)15-20
B)5-10
C)10-15
D)10-20

Question 11

A fire policy containing an average clause is___________________

A)Valued policy
B)Average policy
C)Specific policy
D)Floating policy

Question 12

A policy causes loss on goods which are laying in different places

A)Specific
B)Declaration
C)Replacement
D)Floating

Question 13

Property insurance may not include_______________

A)Burglary
B)Fidelity
C)Insolvency
D)Sickness

Question 14

_______is a contract against injury or death resulting from accident

A)Property insurance
B)Liability Insurance
C)Personal accident insurance
D)None of these

Question 15

Motor vehicle insurance begin in ________________

A)UK
B)USA
C)India
D)Japan

Question 16

The person whose risk is insured is called ________________

A)Assured
B)Insured
C)Under writer
D)Both A & B

Question 17

In marine insurance insurable interest is enough at the time of_______________

A)Maturity
B)Insurance
C)Loss
D)Claim

Question 18

______ is an agreement whereby the insurer agreed to indemnity the insured against marine losses

A)Fire insurance
B)Marine Insurance
C)Life Insurance
D)Property Insurance

Question 19

The term Assurance refers to______________

A)Life insurance business
B)Fire insurance business
C)Motor vehicle Insurance
D)Marine Insurance

Question 20

Marine peril is also called as______________

A)Morale hazards
B)Moral hazards
C)Peril of the sea
D)None

Question 21

Medical expense insurance is also known as__________________

A)Personal insurance
B)Liability insurance
C)Medi claim
D)Fidelity

Question 22

The constitution of the IRDA consists of not more than ___________ members

A)8
B)9
C)10
D)11

Question 23

____________ is also termed as group risk

A)Fundamental risk
B)Static risk
C)Property risk
D)Liability risk

Question 24

Life insurance company was set up in______________

A)1823
B)1832
C)1822
D)1821

Question 25

The principle of indemnity does not apply to

A)Life insurance
B)Personal accident insurance
C)Both a & b
D)None