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This set of Basics of Banking and Insurance Multiple Choice Questions & Answers (MCQs) focuses on Basics Of Banking And Insurance Set 7
Q1 | Certain percentage of the sum assured is paid periodically according to..........policy
- term
- endowment
- money back
- group insurance
Q2 | The principle of indemnity does not apply to
- burglary insurance
- fire insurance
- marine insurance
- life and personal accident insurance
Q3 | Transfer of rights and remedies of the insured to the insurer after indemnity hasbeen effected is called
- insurable interest
- subrogation
- proximate cause
- mitigation of loss
Q4 | Guarantee for employer for the loss out of employees dishonest is
- burglary insurance
- fidelity insurance
- third party insurance
- guarantee insurance
Q5 | Motor insurance has its beginning in the
- usa
- ussr
- uk
- uae
Q6 | Fidelity guarantee insurance does not guarantee
- the death of the employer
- the death of the employee
- the employees honesty
- the employers honesty
Q7 | Insurance is based on the principle of
- co-operation
- democracy
- equality
- welfare
Q8 | This policy covers all risks to the ship and its cargo while the ship is at aparticular port.
- voyage policy
- floating policy
- time policy
- port risk policy
Q9 | Fire insurance can be taken in respect of
- movable properties only
- immovable properties only
- both a & b
- persons only
Q10 | The principle of indemnity applicable to...........
- life insurance
- personal accident insurance
- property insurance
- all of these
Q11 | Except life insurance the maximum term of other insurance is
- 12 months
- 24 months
- 6 months
- 36 months
Q12 | The person whose risk is insured is called
- insured
- assured
- insurer
- both a &b
Q13 | The person who agrees to compensate the loss arising from the risk is called the ........
- insurer
- underwriter
- assurer
- all of these
Q14 | ............ policy matures on the assureds’ death or on his attainment of particular agewhichever is earlier
- endowment policy
- money back policy
- joint life policy
- single premium policy
Q15 | In marine insurance, insurable interest is enough at the time of........
- claim
- loss
- maturity
- insurance
Q16 | In fire insurance, insurable interest is enough at the time of........
- effecting the policy
- loss
- maturity
- both a & b
Q17 | ......... is an agreement whereby the insurer agrees to indemnify the insured againstlosses due to sea and port perils
- fire insurance
- marine insurance
- life insurance
- all the above
Q18 | ....... are those terms, which are written on the policy
- express warranties
- implied warranties
- memorandum clause
- valuation clause
Q19 | When the subject matter insured is destroyed wholly refers to.........
- partial total loss
- actual total loss
- constructive total loss
- none of these
Q20 | ------- policy issued on the basis of the number of persons assured
- annuity policy
- multiple life policy
- single life policy
- level premium policy
Q21 | Process of transferring right in respect of a policy from one person to another is
- blank transfer
- surrender
- assignment
- endorsement
Q22 | ......... means a wilful and intentional act on part of self destroyer
- death
- suicide
- murder
- accident
Q23 | The central office of LIC is located at
- new delhi
- kolkata
- mumbai
- chennai
Q24 | A person employed to act for another or to represent another while dealing withthird party is
- principal
- trustee
- agent
- servant
Q25 | Maritime perils are also called..........
- perils of the sea
- moral hazards
- morale hazards
- none of these