Multiple Choice
Insurance benefits replace
A) All physical losses in full
B) All physical losses partially
C) The monetary losses in full
D) The monetary losses, but only to some extent.
Correct Answer:
Verified
Correct Answer:
Verified
Q9: Insurance is necessary because<br>A)Assets depreciate over time
Q10: The IRDA stands for<br>A)Insurance Regulatory and Development
Q11: Risk may be:<br>A)objective<br>B)subjective<br>C)Both (a) and (b)<br>D)None of
Q12: Insurance compensate losses<br>A)By replacing the original asset<br>B)To
Q13: Insurance works on the principle of<br>A)Sharing<br>B)Probabilities<br>C)Large numbers<br>D)All
Q15: The General Insurance Business Nationalization Act was
Q16: The amount of insurance depends on<br>A)Peril<br>B)The risk<br>C)Neither
Q17: The principle of _ensures that an insured
Q18: Insurance principle does not include<br>A)principle of indemnity<br>B)principle
Q19: Insurance works on the principle of<br>A)Trust<br>B)Sharing<br>C)Randomness<br>D)All the