Insurance Management Set 1
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This set of Insurance Management Multiple Choice Questions & Answers (MCQs) focuses on Insurance Management Set 1
Q1 | Insurance is a cooperative form of distributing a certain__________over a group of personswho are exposed to it.
- Uncertainty
- Risk
- Peril
- Hazards
Q2 | In legal sense, Insurance is a
- Contract
- Activity
- Gambling
- Publicity
Q3 | The principle of indemnity is not applicable to
- Fire Insurance
- Marine Insurance
- Life Insurance
- Property Insurance
Q4 | LIC was nationalised in
- 1956
- 1955
- 1957
- 1948
Q5 | The policy for which the premium is payable throughout the life of the assured is known as
- Annuity Policy
- Whole Life Policy
- Term Policy
- Endowment
Q6 | When the same risk and subject matter is insured with more than one insurer is known as
- Reinsurance
- Double Insurance
- Under Insurance
- Over Insurance
Q7 | The chance of loss from the unforeseen circumstances in future refers to ______.
- Perils
- Damage
- Risk
- Hazards.
Q8 | Master policy is issued for ___________.
- Group Insurance
- Term Insurance
- Marine Insurance
- Individual Policy
Q9 | The organisation structure of LIC refers to ___________.
- Three Tier
- Four Tier
- Five Tier
- Six Tier
Q10 | ________ can be done by mere endorsement on the policy or by a separate duly stamped deed.
- Assignment
- Nomination
- Renewal
- Revival
Q11 | The document which contains the terms and conditions of the life insurance contract is termed as the
- Agreement
- Life Insurance Policy
- Cover Note
- Proposal Form
Q12 | What is a proposal?
- A request for an insurance cover
- An offer to enter into a contract
- Both a and b
- None of the above
Q13 | Which of these persons will not be given a license to work as an insurance agent?
- A person with criminal record
- A corporate insurance executive.
- An employee of an insurance company
- All the three mentioned here.
Q14 | A memorandum added to a policy embodying some alterations to the terms of policy is known as
- Surrender
- Endorsement
- Nomination
- Breach of Contract
Q15 | Which of the following is an evidence of insurance contract?
- Policy Document
- payment of premium.
- cover note
- acceptance of proposal
Q16 | The person responsible for evaluation and acceptance / rejection of risks and computation ofpremium in insurance is called
- Insured
- Assurer
- Agent
- Underwriter
Q17 | Insurance prices are called
- Commissions
- Allowances
- Premiums
- Discounts
Q18 | A person employed to do any act for another or to represent another in dealing with a third person refers to
- Agent
- Principal
- Development Officer
- Surveyor
Q19 | The IRDA was set up in
- 1919
- 1991
- 2001
- 2000
Q20 | ______________ in the insurance are just like the retailers of any consumer product who help in selling and distributing the product.
- Underwriters
- Surveyors
- Agents
- Banker
Q21 | The agents who are selling policies of several life and non life insurance companies at a time are known as
- Brokers
- Surveyors
- Underwriters
- banks
Q22 | _____________ are independent professionals appointed by an insurance company to assess the loss or damage on a claim under a policy.
- Surveyors
- Loss Assessors
- Both a and b
- Agents
Q23 | Insurance contract is sort of contract which is approved by
- The Indian Contract Act
- Indian Factory Act
- Indian Companies Act
- The Indian Finance Act
Q24 | General Insurance Corporation was established during the year
- 1971
- 1986
- 1956
- 1972
Q25 | The term Assurance refers to ________.
- Marine Insurance Business
- Life Insurance Business
- Fire Insurance Business
- Motor Vehicle Business