Insurance Management Set 7
On This Page
This set of Insurance Management Multiple Choice Questions & Answers (MCQs) focuses on Insurance Management Set 7
Q1 | __________ means insuring a risk with two or more insurers and the totalsum insured also exceeds the actual value of the subject matter.
- Reinsurance
- General Insurance
- Single insurance
- Double insurance
Q2 | _______ involves proportionate sharing of the insurance among more thanone insurer.
- Reinsurance
- Double Insurance
- Co-insurance
- None
Q3 | ________ means insuring again.
- General insurance
- Reinsurance
- Coinsurance
- Double insurance
Q4 | The proportion of the risk which the direct insurer holds on his ownaccount is called _________
- Cession
- Retention
- Retrocession
- Line
Q5 | Re-insurer is the insurer who grants a guarantee from the _______
- Ceding insurer
- Direct insurer
- Underwriter
- Line
Q6 | From the following which is not a non-proportional form of reinsurance?
- Excess of loss method
- Pools method of re insurance
- Treaty method of reinsurance
- Quata Method of reinsurance
Q7 | When the amount for which a subject matter is insured is more than itsactual value, it is called _________
- Reinsurance
- Double insurance
- Over insurance
- None
Q8 | ________ insurance means an alternative to purchasing insurance in acommercial market.
- External
- Internal
- Double
- Re insurance
Q9 | __________ Insurance is a contract to provide a measure of financialsupport to farmers in the event of a crop failure due to drought or flood.
- Cattle
- Crop
- Burglary
- Fire
Q10 | ________ means the transfer of all the rights and remedies available to theinsured in respect of the subject matter to the insurer after indemnity has been effected.
- Subrogation
- Indemnity
- Contribution
- None
Q11 | An unlooked mishap or an untoward event which is not expected ordesigned
- Risk
- Accident
- Loss
- None
Q12 | Property Insurance may not include ___________
- Burglary
- Fidelity
- Insolvency
- Sickness
Q13 | _________ is known as Rashtriya Krishi Bima Yojana
- Crop insurance
- Hut Insurance
- PropertyInsurance
- None
Q14 | Crop insurance scheme came into existence in India in ________
- 1998
- 1999
- 1997
- 2000
Q15 | Crop insurance covers the risks of __________
- Natural fire
- Storm
- Drought
- Allof these
Q16 | Public liability Insurance act established in _______
- 1990
- 1991
- 1992
- 1993
Q17 | From the following which is not a type of Public Liability Risk Insurance
- Industrial Risk Insurance
- Industrial All Risk Insurance
- Non - Industrial Risk Insurance
- Business premises Insurance
Q18 | _____________ Policy issued on the basis of the number of persons assured.
- Single life
- Level Premium
- Annuity
- Multiple life
Q19 | The danger of loss from the unforeseen circumstances in future refers to_________
- Perils
- Hazards
- Damage
- Risk
Q20 | _____________ Policy is granted only in respect of stocks of inventories ofthe insured under fire insurance business.
- Declaration
- Floating
- Replacement
- Valued
Q21 | The term 'Assurance' refers to ___________
- Life Insurance business
- Fire insurance business
- Motor Vehicle insurance
- Marine insurance
Q22 | __________ provides evidence of insurance to the police and RegistrationAuthorities under Motor Vehicle Act.
- Endorsement
- Policy Form
- Certificate of insurance
- Cover note
Q23 | Policy holders are expected to pay premium on due dates, a period of 15-30days is allowed as grace to make payment of premium from the due date is _____
- Days of grace
- Days of indemnity
- both
- None
Q24 | The main cause of loss or damage is _____________
- Proximate cause
- Indirect Loss
- Consequential loss
- All of these
Q25 | The cause of a possible loss, such as fire windstorm theft etc. is known as _____
- Peril
- Barratry
- both
- None