Question 1

An international code of York Antwerp Rules applied to__________

Accepted Answer

A)  marine losses.
B)  losses of fire.
C)  losses of crop.
D)  losses of human life. A

Question 2

One of the fundamental principles of life insurance is ______

Accepted Answer

A)  there is an insurer and policy holder
B)  utmost good faith
C)  insurable interest
D)  Both (b)  and (c D

Question 3

_______ policy is which covers the risk during all situations.

Accepted Answer

A)  Floating .
B)  Wagering.
C)  Valu
D)  Mixed D

Question 4

The proportion of the risk which the direct insurer holds on his own account refers to ___________

Accepted Answer

A)  Line.
B)  Retention.
C)  Retrocession.
D)  Ceding insurer.

Question 5

Facts which need to be disclosed is ____

Accepted Answer

A)  facts of common knowledge
B)  facts which lessen the risks
C)  facts which every one is supposed to know in general
D)  family history

Question 6

Insurance business is based on ___________

Accepted Answer

A)  Parkinson's law.
B)  Newton's law.
C)  The theory of probability and law of large numbers.
D)  Boyle's law.

Question 7

State which one of the following statement is correct?

Accepted Answer

A)  A trade union can take out a group insurance policy
B)  The cover for an employee can be equal to his age multiplied by a fixed number
C)  Both the statements above are correct
D)  Both the statements above are wrong

Question 8

Which one of the following statement is correct?

Accepted Answer

A)  Group insurance covers a large number of persons in the policy
B)  Group insurance is relatively cheaper than individual insurances
C)  Both the statements above are correct
D)  Both statements above are wrong

Question 9

___________ policy is granted only in respect of stock of inventories of the insured under fire insurance business.

Accepted Answer

A)  Floating.
B)  Declarations.
C)  Replacement.
D)  Valued.

Question 10

Which one of the following statement is correct?

Accepted Answer

A)  A master policy is issued in a group insurance policy.
B)  Each member in a group policy pays the premium directly to the insurer
C)  Both statements above are correct
D)  Both the statements above are wrong

Question 11

Which one of the following is true for a group policy?

Accepted Answer

A)  Copies of the master policy are given to all members by the insurer.
B)  The group has to be formed exclusively for the purpose of insurance
C)  Entry into the scheme and exit out of it, is at the option of the members.
D)  The amount of the cover is determined by the scheme

Exam 6: Insurance Policy Types and Terms

An international code of York Antwerp Rules applied to__________

One of the fundamental principles of life insurance is ______

_______ policy is which covers the risk during all situations.

The proportion of the risk which the direct insurer holds on his own account refers to ___________

Facts which need to be disclosed is ____

Insurance business is based on ___________

State which one of the following statement is correct?

Which one of the following statement is correct?

___________ policy is granted only in respect of stock of inventories of the insured under fire insurance business.

Which one of the following statement is correct?

Which one of the following is true for a group policy?