question_answer 1)
Which of the following types of companies/ organisations issue ULIP?
A)
Insurance companies done
clear
B)
Banks done
clear
C)
NABARD done
clear
D)
RBI done
clear
E)
All of these done
clear
View Solution play_arrow
question_answer 2)
If an insurance policy holder is not satisfied with the award of the insurance ombudsman, he / she can approach to_?
A)
Courts of law done
clear
B)
Consumer forums done
clear
C)
Either a or b done
clear
D)
The award of insurance ombudsman cannot be challenged done
clear
E)
Govt done
clear
View Solution play_arrow
question_answer 3)
Which one of the following is the example of Insurance depositories?
A)
Central Insurance Repository Limited (CIRL) done
clear
B)
Karvy Insurance repository Limited done
clear
C)
NSDL Database Management Limited done
clear
D)
All of these done
clear
E)
None of these done
clear
View Solution play_arrow
question_answer 4)
Which of the following is correct full form of IGMS with reference to insurance sector?
A)
Integrated Grievance Management System done
clear
B)
Internal Grievance Management System done
clear
C)
Important Grievance Management System done
clear
D)
Integral Grievance Management System done
clear
E)
Insurance Grievance Management System done
clear
View Solution play_arrow
question_answer 5)
Which Insurance policy gives holder the benefits of both Insurance and Investment?
A)
Term Insurance Policies done
clear
B)
Money-back Policies done
clear
C)
Unit-linked Investment Policies done
clear
D)
Pension Policies done
clear
E)
Reinsurance Policies done
clear
View Solution play_arrow
question_answer 6)
Which of the following cannot be ensured?
A)
Property (both movable and immovable) done
clear
B)
Result of any competition done
clear
C)
liability towards others done
clear
D)
dishonesty done
clear
E)
cash done
clear
View Solution play_arrow
question_answer 7)
Select the correct statement from the following: (1) Premium is the fixed amount of sum paid ova the period by the insured to the insurance company to take insurance policy and to complete the contract of insurance. (2) Underwriting is the consideration of material fact to asses the risk and to take the decision whether to accept the risk for insurance contract and if so at what rate of premium. (3) Reinsurance is an arrangement by which insurance companies spread their risk with other underwriters or reinsurance companies called Reinsurance. (4) Deductible is the amount, which the insured has to bear in all cases and this amount is first, deducted from the total assessed payable claims amount before determining insurance company's liability.
A)
1, 2 & 3 done
clear
B)
1, 2 & 4 done
clear
C)
1, 3 & 4 done
clear
D)
2, 3 & 4 done
clear
E)
All are correct done
clear
View Solution play_arrow
question_answer 8)
FPR stands for:
A)
Final Proposal Report done
clear
B)
First Proposal Report done
clear
C)
First Premium Receipt done
clear
D)
Final Premium Receipt done
clear
E)
None of the above done
clear
View Solution play_arrow
question_answer 9)
Who is responsible to bear the cost of Medical Checkups when the person for whom the policy have been applied?
A)
Insurance Company done
clear
B)
the person for whom the policy have been applied done
clear
C)
Proposer done
clear
D)
The Sales Officer done
clear
E)
any of the above done
clear
View Solution play_arrow
question_answer 10)
Select the correct statement in respect to Marine Insurance: (1) It coveres the goods in transit from one place to another through Sea (2) It coveres the goods in transit from one place to another through Rail & Road (3) It coveres the goods in transit from one place to another through Air (4) It does not covere the goods in transit from one place to another through a any possible combination of Sea, Rail, Road and Air.
A)
1, 2 & 3 done
clear
B)
1, 2 & 4 done
clear
C)
1, 3 & 4 done
clear
D)
2, 3 & 4 done
clear
E)
All arc correct done
clear
View Solution play_arrow
question_answer 11)
Which of the following works as Re-Insurer in India?
A)
National Insurance Co. Ltd. done
clear
B)
The Oriental Insurance Co. Ltd. done
clear
C)
General Insurance Corporation of India done
clear
D)
Export Credit Guarantee Corporation of India Ltd. done
clear
E)
The New India Assurance Co. Ltd. done
clear
View Solution play_arrow
question_answer 12)
IRDAI was incorporated as a statutory body on -
A)
06 January 2000 done
clear
B)
01 April 1999 done
clear
C)
19 April 1999 done
clear
D)
01 April 2000 done
clear
E)
19 April 2000 done
clear
View Solution play_arrow
question_answer 13)
Insurance works on the principal of Indemnity it means:
A)
Under this insurance contract both the parties should have faith over each other. As a client it is the duty of the insured to disclose all the facts to the insurance company. Any fraud or misrepresentation of facts can result into cancellation of the contract. done
clear
B)
That an insured may not be compensated by the insurance company in an amount exceeding the insured's economic loss. done
clear
C)
Under this principle of insurance, the insured must have interest in the subject matter of the insurance. Absence of interest makes the contract null and void. done
clear
D)
It enables the insured to claim the amount from the third party responsible for the loss. It allows the insurer to pursue legal methods to recover the amount of loss. done
clear
E)
None of the above done
clear
View Solution play_arrow
question_answer 14)
Which of the following is covered under General Insurance:
A)
Term Plans done
clear
B)
ULIPs done
clear
C)
Mediclaim Policies done
clear
D)
b and c both done
clear
E)
None of the above done
clear
View Solution play_arrow
question_answer 15)
Select the wrong statement from the following:
A)
Insurance follow the 'Law of Large Numbers' done
clear
B)
Principal of 'Probability' is required to followed. done
clear
C)
The Principal of Subrogation is applicable to Life Insurance only. done
clear
D)
General Insurance has wider scope and penetration in India as compared to Life Insurance. done
clear
E)
Actuarial science is used to decide the rate of premium for both Life and Non- Life insurance. done
clear
View Solution play_arrow
question_answer 16)
The concept of indemnity is based on the key principle that policyholders should be prevented from.
A)
Making false insurance claims. done
clear
B)
Insuring existing losses. done
clear
C)
Paying excessively for insurance cover. done
clear
D)
Profiting from insurance done
clear
E)
None of these done
clear
View Solution play_arrow
question_answer 17)
Which among the following is a non-traditional life insurance product?
A)
Endowment insurance done
clear
B)
General insurance done
clear
C)
Whole life insurance done
clear
D)
Term assurance done
clear
E)
None of these done
clear
View Solution play_arrow
question_answer 18)
Under what circumstances would the policyholder need to appoint an appointee?
A)
Policyholder is a Politician done
clear
B)
Insured is minor done
clear
C)
Nominee is a minor done
clear
D)
Policyholder is in Army done
clear
E)
None of these done
clear
View Solution play_arrow
question_answer 19)
IRDAI stands for ______.
A)
Issuance Regulatory & Development Authority of India. done
clear
B)
International Regulatory & Development Authority of India. done
clear
C)
Indian Regulatory & Development Authority of India. done
clear
D)
Income Regulatory & Development Authority of India. done
clear
E)
Insurance Regulatory & Development Authority of India. done
clear
View Solution play_arrow
question_answer 20)
Which of the below party is not eligible to enter into a life insurance contract?
A)
Business owner done
clear
B)
House wife done
clear
C)
Government employee done
clear
D)
Private employee done
clear
E)
Minor done
clear
View Solution play_arrow