Question 1

............ policy in which the limits of the risks are determined by place of particular voyage&#10;A)valued&#10;B)time&#10;C)voyage&#10;D)unvalued

Accepted Answer

Voyage policy in insurance is a type of policy where the coverage is primarily based on the specific voyage or trip that the insured vessel is undertaking. The risks covered and the limits of the policy are determined by the particulars of the voyage, including its route, duration, and cargo.

Question 2

............. policy covers the risk during a particular voyage for a specific period&#10;A)valued&#10;B)time&#10;C)voyage&#10;D)mixed

Accepted Answer

mixed&#10;

Question 3

The term 'run off or Fully declared' refers to&#10;A)floating policy&#10;B)wagering policy&#10;C)builders risk policy&#10;D)open cover policy

Accepted Answer

floating policy&#10;

Question 4

Wagering policy also known as&#10;A)policy proof of interest&#10;B)open policy&#10;C)builders risk policy&#10;D)port risk policy

Accepted Answer

Wagering policy is also known as policy proof of interest. It refers to an insurance policy where the policyholder must have a provable interest in the insured item or event for the policy to be valid.

Question 5

Risk insured against death is a contract of.......&#10;A)assurance&#10;B)agreement&#10;C)indemnity&#10;D)all the above

Accepted Answer

A contract insuring against death is specifically known as a contract of assurance, reflecting the certainty of the event.

Question 6

Which of the following contract is not legally enforceable&#10;A)contract of insurance&#10;B)contract of guarantee&#10;C)wagering contract&#10;D)contract of indemnity

Accepted Answer

Wagering contracts, which are essentially agreements to pay money upon the outcome of an uncertain event, are not legally enforceable because they lack the element of insurable interest and are considered agreements without consideration, which is a requirement for a valid contract.

Question 7

................. is a document which provides evidence of the contract of insurance&#10;A)proposal form&#10;B)policy form&#10;C)cover note&#10;D)certificate of insurance

Accepted Answer

The answer of ................. is a document which provides evidence...

Question 8

General Insurance Corporation was established in the year&#10;A)1956&#10;B)1972&#10;C)1955&#10;D)1971

Accepted Answer

General Insurance Corporation was established in the year 1956.

Question 9

General insurance business was nationalised under&#10;A)gibn act.1971&#10;B)gibn act.1972&#10;C)gibn act.1973&#10;D)gibn act.1974

Accepted Answer

The general insurance business in India was nationalized under the General Insurance Business (Nationalisation) Act, 1972. This act nationalized the general insurance industry in India and established the General Insurance Corporation of India (GIC) and its subsidiaries.

Question 10

The head quarters of New India Assurance Co. Ltd is&#10;A)new delhi&#10;B)mumbai&#10;C)kolkata&#10;D)chennai

Accepted Answer

The headquarters of New India Assurance Co. Ltd is located in Mumbai.

Question 11

The Head quarters of Oriental Insurance Co.ltd is&#10;A)new delhi&#10;B)mumbai&#10;C)kolkata&#10;D)chennai

Accepted Answer

The answer of The Head quarters of Oriental Insurance Co.ltd...

Question 12

The Head office of National Insurance Co. Ltd is&#10;A)new delhi&#10;B)mumbai&#10;C)kolkata&#10;D)chennai

Accepted Answer

The answer of The Head office of National Insurance Co....

Question 13

The Head office of United India Insurance Co. Ltd is&#10;A)new delhi&#10;B)mumbai&#10;C)kolkata&#10;D)chennai

Accepted Answer

The answer of The Head office of United India Insurance...

Question 14

Life insurance in its present form came to India from&#10;A)uk&#10;B)usa&#10;C)canada&#10;D)germany

Accepted Answer

The answer of Life insurance in its present form came...

Question 15

LIC was set up in the year&#10;A)1824&#10;B)1823&#10;C)1822&#10;D)1821

Accepted Answer

The answer of LIC was set up in the year&#10;A)1824&#10;B)1823&#10;C)1822&#10;D)1821...

Question 16

LIC was nationalised in the year&#10;A)1951&#10;B)1952&#10;C)1954&#10;D)1956

Accepted Answer

The answer of LIC was nationalised in the year&#10;A)1951&#10;B)1952&#10;C)1954&#10;D)1956...

Question 17

The term &#34;Assurance' refers........&#10;A)life insurance&#10;B)fire insurance&#10;C)marine insurance&#10;D)none of these

Accepted Answer

The answer of The term &#34;Assurance' refers........&#10;A)life insurance&#10;B)fire insurance&#10;C)marine insurance&#10;D)none...

Question 18

The Oriental Life Insurance Company came to India during&#10;A)1919&#10;B)1818&#10;C)1899&#10;D)1888

Accepted Answer

The answer of The Oriental Life Insurance Company came to...

Question 19

The policies where the premium is payable throughout the life of the assured is called&#10;A)whole life policy&#10;B)renewable term policy&#10;C)sinking fund policy&#10;D)annuity policy

Accepted Answer

The answer of The policies where the premium is payable...

Question 20

With Profit policy is also known as.......&#10;A)multiple life policy&#10;B)participating policy&#10;C)level premium policy&#10;D)lump sum policy

Accepted Answer

The answer of With Profit policy is also known as.......&#10;A)multiple...

Question 21

A reinsurance of reinsurance known as............&#10;A)line&#10;B)retention&#10;C)retrocession&#10;D)cession

Accepted Answer

The answer of A reinsurance of reinsurance known as............&#10;A)line&#10;B)retention&#10;C)retrocession&#10;D)cession...

Question 22

Reinsurance is also termed as..............&#10;A)insurance of insurance&#10;B)retrocession&#10;C)double insurance&#10;D)all of these

Accepted Answer

The answer of Reinsurance is also termed as..............&#10;A)insurance of insurance&#10;B)retrocession&#10;C)double...

Question 23

When the same risk and subject matter is insured with more than one insurer is called............&#10;A)insurance of insurance&#10;B)retrocession&#10;C)double insurance&#10;D)none of these

Accepted Answer

The answer of When the same risk and subject matter...

Question 24

When the amount for which a subject matter is insured more than its actual value, it is called...............&#10;A)over insurance&#10;B)reinsurance&#10;C)double insurance&#10;D)extra insurance

Accepted Answer

The answer of When the amount for which a subject...

Question 25

IRDA refers to&#10;A)insurance regulatory development authority&#10;B)indian reinsurance development authority&#10;C)insurance regulation and department accreditation&#10;D)insurance regulatory development association

Accepted Answer

The answer of IRDA refers to&#10;A)insurance regulatory development authority&#10;B)indian reinsurance...

Deck 8: Insurance Policy Types and Companies in India