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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 8
Q1 | ............ policy in which the limits of the risks are determined by place ofparticular voyage
- valued
- time
- voyage
- unvalued
Q2 | ............. policy covers the risk during a particular voyage for a specific period
- valued
- time
- voyage
- mixed
Q3 | The term ‘run off or Fully declared’ refers to
- floating policy
- wagering policy
- builders risk policy
- open cover policy
Q4 | Wagering policy also known as
- policy proof of interest
- open policy
- builders risk policy
- port risk policy
Q5 | Risk insured against death is a contract of.......
- assurance
- agreement
- indemnity
- all the above
Q6 | Which of the following contract is not legally enforceable
- contract of insurance
- contract of guarantee
- wagering contract
- contract of indemnity
Q7 | ................. is a document which provides evidence of the contract of insurance
- proposal form
- policy form
- cover note
- certificate of insurance
Q8 | General Insurance Corporation was established in the year
- 1956
- 1972
- 1955
- 1971
Q9 | General insurance business was nationalised under
- gibn act.1971
- gibn act.1972
- gibn act.1973
- gibn act.1974
Q10 | The head quarters of New India Assurance Co. Ltd is
- new delhi
- mumbai
- kolkata
- chennai
Q11 | The Head quarters of Oriental Insurance Co.ltd is
- new delhi
- mumbai
- kolkata
- chennai
Q12 | The Head office of National Insurance Co. Ltd is
- new delhi
- mumbai
- kolkata
- chennai
Q13 | The Head office of United India Insurance Co. Ltd is
- new delhi
- mumbai
- kolkata
- chennai
Q14 | Life insurance in its present form came to India from
- uk
- usa
- canada
- germany
Q15 | LIC was set up in the year
- 1824
- 1823
- 1822
- 1821
Q16 | LIC was nationalised in the year
- 1951
- 1952
- 1954
- 1956
Q17 | The term “Assurance’ refers........
- life insurance
- fire insurance
- marine insurance
- none of these
Q18 | The Oriental Life Insurance Company came to India during
- 1919
- 1818
- 1899
- 1888
Q19 | The policies where the premium is payable throughout the life of the assured is called
- whole life policy
- renewable term policy
- sinking fund policy
- annuity policy
Q20 | With Profit policy is also known as.......
- multiple life policy
- participating policy
- level premium policy
- lump sum policy
Q21 | A reinsurance of reinsurance known as............
- line
- retention
- retrocession
- cession
Q22 | Reinsurance is also termed as..............
- insurance of insurance
- retrocession
- double insurance
- all of these
Q23 | When the same risk and subject matter is insured with more than one insurer iscalled............
- insurance of insurance
- retrocession
- double insurance
- none of these
Q24 | When the amount for which a subject matter is insured more than its actualvalue, it is called...............
- over insurance
- reinsurance
- double insurance
- extra insurance
Q25 | IRDA refers to
- insurance regulatory development authority
- indian reinsurance development authority
- insurance regulation and department accreditation
- insurance regulatory development association