Question 1

________ is a package policy which provides protection against a number of separate points.&#10;A)Single peril policy&#10;B)Group peril policy&#10;C)Multiperil policy&#10;D)None

Accepted Answer

Multiperil policy is designed to offer coverage for multiple perils or risks, providing a broader protection under a single policy.

Question 2

________ is the property saved from loss&#10;A)Profit&#10;B)Salvage&#10;C)Stand&#10;D)Jettison

Accepted Answer

Salvage refers to the property saved from loss, especially in a maritime context where it pertains to the rescue of a ship or its cargo from peril.

Question 3

When a company reinsures its liability with another, then it ________ business&#10;A)Cession&#10;B)Cedes&#10;C)Ceding&#10;D)None

Accepted Answer

When a company reinsures its liability with another, it is said to "cede" business, making option B the correct choice.

Question 4

The scope of protection provided under the contract of insurance is ______&#10;A)Condition&#10;B)Coverage&#10;C)Contribution&#10;D)None

Accepted Answer

Coverage is the correct term that describes the scope of protection provided under a contract of insurance. It specifies the risks that are covered and the limits of the insurer's liability.

Question 5

The risk of individuals and families are cored under ________&#10;A)Personal insurance&#10;B)Property insurance&#10;C)Liability insurance&#10;D)All

Accepted Answer

Personal insurance is specifically designed to cover risks associated with individuals and their families, such as life, health, and accident insurance.

Question 6

Final accounts of Life Insurance Companies include&#10;A)Revenue account&#10;B)Profit and loss account&#10;C)Receipt and payment account&#10;D)All of these

Accepted Answer

Final accounts of Life Insurance Companies include Revenue account, Profit and loss account, and Receipt and payment account.

Question 7

From the following, which is a type of reserve in insurance business&#10;A)Unearned Premium Reserve&#10;B)Un-expired Risk Reserve&#10;C)Outstanding Claims Reserve&#10;D)All of these

Accepted Answer

All of these options are types of reserves in the insurance business. Unearned Premium Reserve is for premiums received but not yet earned, Un-expired Risk Reserve is for risks not yet expired, and Outstanding Claims Reserve is for claims that have been reported but not yet settled.

Question 8

________ is also known as all risk policy&#10;A)Comprehensive policy&#10;B)Excess policy&#10;C)Floating policy&#10;D)Adjustable policy

Accepted Answer

Comprehensive policy is often referred to as an all-risk policy because it typically covers a wide range of perils and risks, offering broad protection beyond the basic coverage.

Question 9

A health insurance should be&#10;A)Affordable&#10;B)Continuous&#10;C)Universal&#10;D)All of those

Accepted Answer

A health insurance should be affordable so that it is accessible to as many people as possible, continuous to ensure ongoing coverage and support, and universal to cover all individuals, making "All of those" the correct answer.

Question 10

________ is a plan designed for businessmen and professionals as money is available periodically.&#10;A)Jeevan Surabhi&#10;B)Jeevan Saathi&#10;C)Jeevan Kishore&#10;D)Jeevan Sukanya

Accepted Answer

Jeevan Surabhi is a money-back plan offered by the Life Insurance Corporation of India (LIC), designed to provide periodic payments to the policyholder, which is suitable for businessmen and professionals who prefer receiving money at regular intervals.

Question 11

From the following which is a character of Life Insurance Services&#10;A)Intangibility&#10;B)Heterogeneity&#10;C)Inseparability&#10;D)All of these

Accepted Answer

The answer of From the following which is a character...

Question 12

LIC Housing Finance Ltd. was incorporated on ________&#10;A)1984&#10;B)1989&#10;C)1969&#10;D)1993

Accepted Answer

The answer of LIC Housing Finance Ltd. was incorporated on...

Question 13

An international code of ________ rules applied to Marine losses&#10;A)York Antwerp rule&#10;B)York Antiperil rule&#10;C)Both (a) and (b)&#10;D)None

Accepted Answer

The answer of An international code of ________ rules applied...

Question 14

________ are extra benefits under the policy&#10;A)Riders&#10;B)Loans&#10;C)both (a) and (b)&#10;D)None

Accepted Answer

The answer of ________ are extra benefits under the policy&#10;A)Riders&#10;B)Loans&#10;C)both...

Question 15

Insurable interest must be present in an ________ insurance contract at the time of contract and at the time of loss.&#10;A)Fire&#10;B)Marine&#10;C)Property&#10;D)Life

Accepted Answer

The answer of Insurable interest must be present in an...

Question 16

The transit risk caused by fire is covered under ________ policy&#10;A)Excess policy&#10;B)Floating policy&#10;C)All risk policy&#10;D)transit policy

Accepted Answer

The answer of The transit risk caused by fire is...

Deck 6: Insurance and Risk Management: Part B