Question 1

&#8230;&#8230;&#8230;..principle in insurance mention the cause of loss must be direct and an insured one in order to claim for compensation.&#10;A)subrogation&#10;B)causa proxima&#10;C)indemnity&#10;D)uberrima fides

Accepted Answer

The principle of "causa proxima" in insurance refers to the "nearest cause" or the direct cause of the loss. According to this principle, the cause of the loss must be a covered peril under the insurance policy for the claim to be valid. This principle is used to determine which peril is actually responsible for the loss when there are multiple causes.

Question 2

&#8230;&#8230;&#8230;&#8230; principle in insurance mention the assured must have insurable interest in the life or property insured.&#10;A)subrogation&#10;B)causa proxima&#10;C)indemnity&#10;D)insurable interest.

Accepted Answer

The principle of "insurable interest" in insurance states that the person getting the insurance policy must have a legitimate interest in the preservation of the life or property insured. This means they would suffer a financial loss or certain kinds of losses if the insured event occurs.

Question 3

The first insurance contract was entered into by European maritime nations in 1347 to accept &#8230;&#8230;..insurance as a practice.&#10;A)life&#10;B)vehicle&#10;C)marine&#10;D)fire

Accepted Answer

The first insurance contract was entered into by European maritime nations in 1347 to accept marine insurance as a practice, which was essential for protecting the ships and cargo from the perils of sea voyages.

Question 4

Dr.Nicholas Barbon set up in 1967 the first fire insurance company known as the &#8230;&#8230;&#8230;..&#10;A)Nicolas company&#10;B)fire company&#10;C)fire insurance company&#10;D)fire office

Accepted Answer

Dr. Nicholas Barbon established the first fire insurance company in 1667, known as the "Fire Office."

Question 5

The oldest life insurance company in existence today is the society for the equitable assurance of lives and survivorship, known as &#8230;&#8230;&#8230;&#10;A)Eqitable insurance&#10;B)Old equitable&#10;C)socity for insurance&#10;D)none of these.

Accepted Answer

The answer of The oldest life insurance company in existence...

Question 6

The &#8230;&#8230;&#8230;&#8230;&#8230;discovered by Jakob Bernoulls around 1700 forms the basis of modern insurance.&#10;A)law of insurance&#10;B)law of large numbers&#10;C)law of modern insurance.&#10;D)none of these

Accepted Answer

The Law of Large Numbers, discovered by Jakob Bernoulli, is fundamental to the field of probability and forms the basis of modern insurance by predicting the outcome of a large number of similar events.

Question 7

The Sanskrit term &#8230;&#8230;&#8230;&#8230;..,the name of LIC of India corporate headquarters,is found in Rig Veda.&#10;A)Yogaraksha&#10;B)Yogakarma&#10;C)Yogakshema&#10;D)all of these.

Accepted Answer

The term "Yogakshema," found in the Rig Veda, is the name of the Life Insurance Corporation of India's corporate headquarters.

Question 8

The &#8230;&#8230;&#8230;&#8230;..company was the first insurance company to be set up in India to help the widows of the Europian community.&#10;A)Life insurance corporation of India.&#10;B)Oriental Life Insurance Company&#10;C)National insurance company&#10;D)Bajaj insurance

Accepted Answer

The Oriental Life Insurance Company, established in 1818 in Calcutta, was the first insurance company in India, specifically set up to cater to the needs of the European community.

Question 9

&#8230;&#8230;&#8230;..is the first comprehensive legislation governed both life and non-life branches of insurance was enacted to provide strict state control over the insurance business in India.&#10;A)Insurance Act-1938&#10;B)Insurance Act-1939&#10;C)Insurance Act-1940&#10;D)Insurance Act-1941

Accepted Answer

The Insurance Act of 1938 is the first comprehensive legislation in India that governed both life and non-life branches of insurance, enacting strict state control over the insurance business.

Question 10

The LIC of India was set up in &#8230;&#8230;..to take over 245 life companies.&#10;A)1955&#10;B)1956&#10;C)1957&#10;D)1958

Accepted Answer

The Life Insurance Corporation of India (LIC) was established in 1956 to nationalize and take over 245 life insurance companies then operating in India.

Question 11

&#8230;&#8230;&#8230;&#8230;.committee suggested the re-opening up of the insurance sector to private players.&#10;A)K.N.Malhotra&#10;B)R.N.Malhothra&#10;C)Nrasimham&#10;D)Goyal

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;.committee suggested the re-opening up of the...

Question 12

The insurance industry till august 2000 had only two nationalised players ,LIC and &#8230;.&#10;A)NI&#10;B)GIC&#10;C)IRDA&#10;D)none of these

Accepted Answer

The answer of The insurance industry till august 2000 had...

Question 13

The &#8230;&#8230;&#8230;&#8230;.,has allowed cooperative societies to carry on insurance business.&#10;A)Insurance (amendment)Act,2000&#10;B)Insurance (amendment)Act,2001&#10;C)Insurance (amendment)Act,2002&#10;D)Insurance (amendment)Act,2003

Accepted Answer

The answer of The &#8230;&#8230;&#8230;&#8230;.,has allowed cooperative societies to carry...

Question 14

&#8230;&#8230;&#8230;.. was constituted as an autonomous body to regulate and develop the business of insurance and reinsurance in India.&#10;A)LIC&#10;B)GIC&#10;C)IRDA&#10;D)NBFC

Accepted Answer

The answer of &#8230;&#8230;&#8230;.. was constituted as an autonomous body...

Question 15

Objective of IRDA includes&#10;A)policy holder protection&#10;B)healthy growth of the insurance market&#10;C)both a and b&#10;D)only a

Accepted Answer

The answer of Objective of IRDA includes&#10;A)policy holder protection&#10;B)healthy growth...

Question 16

IAIS stands for&#8230;&#8230;&#10;A)Internal Association of Insurance Supervisors&#10;B)International Association of Insurance Supervisors&#10;C)International Academy of Insurance Supervisors&#10;D)International Association of Insurance Surveyors

Accepted Answer

The answer of IAIS stands for&#8230;&#8230;&#10;A)Internal Association of Insurance Supervisors&#10;B)International...

Question 17

To provide the insured a speedy and inexpensive grievance redressal system ,the Govt.of India promulgated&#8230;&#8230;&#8230;&#8230;&#10;A)Redressel of public grievance Rule 1987&#10;B)Redressel of public grievance Rule 1988&#10;C)Redressel of public grievance Rule 1989&#10;D)Redressel of public grievance Rule 1990

Accepted Answer

The answer of To provide the insured a speedy and...

Question 18

RPG rule 1988 set up an institution for building the confidence of the policy holders in insurance.&#10;A)management&#10;B)ombudsman&#10;C)council&#10;D)committee

Accepted Answer

The answer of RPG rule 1988 set up an institution...

Question 19

An ombudsman is entrusted with&#8230;&#8230;&#8230;..functions&#10;A)managing & concilling&#10;B)conciliation and award making&#10;C)agency and principal&#10;D)none of the above

Accepted Answer

The answer of An ombudsman is entrusted with&#8230;&#8230;&#8230;..functions&#10;A)managing & concilling&#10;B)conciliation...

Question 20

The &#8230;&#8230;&#8230;.associated with the insurance business are agents, surveyors, loss assessors, brokers, third party administrators and banks.&#10;A)management&#10;B)organisation&#10;C)intermediaries&#10;D)regulators

Accepted Answer

The answer of The &#8230;&#8230;&#8230;.associated with the insurance business are...

Question 21

&#8230;&#8230;&#8230;&#8230;..in the insurance are just like the retailers of any consumer product who help in selling and distributing the product.&#10;A)surveyors&#10;B)loss assessors&#10;C)agents&#10;D)banks

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;..in the insurance are just like the...

Question 22

&#8230;&#8230;&#8230;&#8230;are independent professionals appointed by an insurance company to assess the loss or damage when a claim is notifed under a policy issued by them.&#10;A)surveyors&#10;B)loss assessors&#10;C)agents&#10;D)both a and b

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;are independent professionals appointed by an insurance...

Question 23

&#8230;&#8230;&#8230;&#8230;are agents but they can sell policies of several life and non-life insurance companies at a time.&#10;A)surveyors&#10;B)loss assessors&#10;C)brokers&#10;D)banks

Accepted Answer

The answer of &#8230;&#8230;&#8230;&#8230;are agents but they can sell policies...

Deck 4: Insurance Principles and Regulations