Deck 6: Insurance and Risk Management: Part B

Question 1

________ is a package policy which provides protection against a number of separate points.

A)Single peril policy
B)Group peril policy
C)Multiperil policy
D)None

Answer 1

Multiperil policy

Question 2

________ is the property saved from loss

A)Profit
B)Salvage
C)Stand
D)Jettison

Answer 2

Salvage

Question 3

When a company reinsures its liability with another, then it ________ business

A)Cession
B)Cedes
C)Ceding
D)None

Answer 3

Cedes

Question 4

The scope of protection provided under the contract of insurance is ______

A)Condition
B)Coverage
C)Contribution
D)None

Question 5

The risk of individuals and families are cored under ________

A)Personal insurance
B)Property insurance
C)Liability insurance
D)All

Question 6

Final accounts of Life Insurance Companies include

A)Revenue account
B)Profit and loss account
C)Receipt and payment account
D)All of these

Question 7

From the following, which is a type of reserve in insurance business

A)Unearned Premium Reserve
B)Un-expired Risk Reserve
C)Outstanding Claims Reserve
D)All of these

Question 8

________ is also known as all risk policy

A)Comprehensive policy
B)Excess policy
C)Floating policy
D)Adjustable policy

Question 9

A health insurance should be

A)Affordable
B)Continuous
C)Universal
D)All of those

Question 10

________ is a plan designed for businessmen and professionals as money is available periodically.

A)Jeevan Surabhi
B)Jeevan Saathi
C)Jeevan Kishore
D)Jeevan Sukanya

Question 11

From the following which is a character of Life Insurance Services

A)Intangibility
B)Heterogeneity
C)Inseparability
D)All of these

Question 12

LIC Housing Finance Ltd. was incorporated on ________

A)1984
B)1989
C)1969
D)1993

Question 13

An international code of ________ rules applied to Marine losses

A)York Antwerp rule
B)York Antiperil rule
C)Both (a) and (b)
D)None

Question 14

________ are extra benefits under the policy

A)Riders
B)Loans
C)both (a) and (b)
D)None

Question 15

Insurable interest must be present in an ________ insurance contract at the time of contract and at the time of loss.

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

Question 16

The transit risk caused by fire is covered under ________ policy

A)Excess policy
B)Floating policy
C)All risk policy
D)transit policy