Deck 8: Insurance Terminology and Concepts

Question 1

The normal period of a ____________ insurance contract is one year

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

Answer 1

Fire

Question 2

Marine insurance protect against_______________

A)Fire perils
B)Marine perils
C)Both a and B
D)None

Answer 2

Marine perils

Question 3

Motor vehicle act was established in______________

A)1888
B)1988
C)1998
D)1978

Answer 3

1988

Question 4

_________ enable to regroup the losses suffered by people consequent on burglary or hour breaking

A)Burglary insurance
B)Fire insurance
C)Both A and B
D)None

Question 5

The term________ is referred only life insurance business

A)Warranties
B)Almost good faith
C)Assurance
D)None

Question 6

From the following which is a loss due to fire

A)Loss of asset
B)Loss of profit
C)Both a and b
D)None

Question 7

In which year insurance began in India

A)1870
B)1818
C)1897
D)1896

Question 8

An insurance policy will be only if ___________is paid

A)Policy
B)Premium
C)Document
D)None

Question 9

___________ is the total premium that a policy holder pays

A)Gross premium
B)Average premium
C)Total premium
D)Level premium

Question 10

The time frame for which an insurance policy provides coverage is known as___________________

A)Policy term
B)Policy loan
C)Policy mode
D)None

Question 11

Intimation of death is the information of death to the________________

A)Beneficiary
B)Insurer
C)Both A&B
D)None

Question 12

_________ is a form of health insurance against loss by a accidental bodily injury

A)Property insurance
B)Marine insurance
C)Personal insurance
D)Accident Insurance

Question 13

Which is not a subject matter of marine insurance

A)Hull insurance
B)Cargo Insurance
C)Fright Insurance
D)Fire insurance

Question 14

Form the following which is not a content of the letter of intimation

A)Name of the life assured
B)Date of death
C)Cause of death
D)Date of birth

Question 15

Life insurance policy are issued for_______ years of duration

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

Question 16

__________ is known as Rashtriya Krishi Bima Yojana

A)Crop Insurance
B)Hut Insurance
C)Property Insurance
D)None

Question 17

Risk insured against death is a contract of________

A)Agreement
B)Indemnity
C)Assurance
D)None

Question 18

___________ policy issued on the basis of the number of persons assured

A)Single life
B)Level Premium
C)Annuity
D)Multiple life

Question 19

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

A)Perils
B)Hazards
C)Damage
D)Risk

Question 20

Policy holders are expected to pay premium on due dates a period of 15-30 days is allowed as grace to make payment of premium from the due date is

A)Day of grace
B)Days of indemnity
C)Both
D)None

Question 21

_______ is a theft committed by breaking out of the premises

A)Burglary
B)Blanket
C)Fire
D)None

Question 22

The central office of LIC of India is located at-----------.

A)Mumbai
B)New Delhi
C)Bangalore
D)Chennai

Question 23

From the following which is not an example of fundamental risk.

A)War
B)Unemployment
C)Inflation
D)Burning of a house

Question 24

----------is based on the principle of co-operation

A)Indemnity
B)Insurance
C)Claim
D)None

Question 25

Fire insurance contract is a contract of --------.

A)Guarantee
B)Validity
C)Contribution
D)Indemnity